Passport Legacy Shares Immigration Insights For Q3, Outlook For Q4

The UAE, with all its benefits, has become the top destination for high-net-worth individuals (HWNIs).  Favorable advantages like tax-free incentives predict a net inflow of 4,000 HNWIs for the UAE in 2022. Passport Legacy, a leading and globally trusted government-authorized entity that facilitates residency-by-investment (RBI) and citizenship-by-investment (CBI) programs, shares its analysis of how the UAE achieved this and how the country’s future outlook fares among recent developments.

Geopolitical volatility has caused huge shifts across all sectors around the world, and in particular, the immigration industry has seen notable changes including an influx of European investors. This has resulted in the UAE experiencing great success in attracting the largest number of high-net-worth individuals, globally, through its implementation of investor-friendly policies and attractive immigration incentives such as the country’s Golden Visa program.

The UAE Golden Visa program was first introduced in 2019 and has enabled expatriates to live, work, and study in the country without the need for a national sponsor. Expats who avail of the country’s RBI incentive are also eligible to maintain 100% ownership of their businesses in the UAE’s mainland free zone. Toward the tail-end of Q2 and top of Q3 of 2022, the UAE widened the criteria for its RBI program. This has contributed to well over 65,000 individuals successfully securing the 10-year-long residency permit.

The UAE’s widened criteria for its ten-year visa now includes the likes of scientists and property investors. Requirements to be eligible for this include proof of UAE employment, an occupational level recognized by the Ministry of Human Resources & Emiratisation (MOHRE), a Bachelor’s degree or equivalent, and a minimum monthly income of AED 30,000 or the equivalent of USD 8,174. This month, a new addition to the program will allow investors to acquire the country’s Golden Visa with a minimum real estate investment of AED 2 million.

Five-year Green Residence Visas will also be introduced this month in the UAE to recognize skilled employees, exceptional talent, investors, freelancers, and entrepreneurs. Foreign nationals who intend to invest, freelance, or run their business from the UAE will stand to benefit from this initiative, while requirements of eligibility will vary based on the specific field. This marks a significant step away from the country’s long-standing model of sponsorship, and recent alternatives of Virtual Working Visas and Freelance Visas.

Jeffrey Henseler, Founder and Managing Partner of Passport Legacy, UAE HQ, commented on this: “The benefits of both RBI and CBI vary on a case-to-case basis, and the country, but a plethora of similarities can exist across both immigration incentives such as visa-free travel, tax benefits, and educational opportunities. The UAE’s determination to achieve new success has seen countless individuals benefit from its Golden Visa program and this has led to its leading global position in the immigration sector and appeal as a top destination overall. The introduction of the Green Visa will only elevate the UAE’s stature to help the country maintain its allure through the year.”

The UAE’s success can be attributed to its willingness to accommodate via the Golden Visa, while now also innovating via the Green Residence Visa. As global economics continue to fluctuate and instability persists, the UAE’s display of resilience has seen the world take notice and the country’s upward trajectory is poised to hold steady.