The Emirates has broadened its popular Golden Visa Programme, shifting the focus from only attracting foreign investment to supporting long-term economic development. Now, the nation will focus on providing this visa opportunity to those who can create lasting value in the local economy.
Guarav Keswani, founder and MD of JSB, a Dubai-based company formation and visa advisory firm, expressed his thoughts on it and said entrepreneurs, tech founders, and investors are now being assessed based on the positive impact they can make in the UAE’s business ecosystem and not just based on their investment amount.
In an interview, Keswani said that after the unfortunate COVID-19 pandemic, the Emirati government’s main goal was to attract capital into the nation. That is why, during the initial phase in 2022-23, most Gold Visas were issued to real estate investors.
But from 2023-24 onwards, which means the second phase of the programme, the government gave various departments the task to identify expats from worldwide who could make the Emirates their second home and make positive long-term contributions to the economy.
Golden Visa Now Welcomes AI, Climate & Tech Experts
Keswani mainly highlighted that the UAE Golden Visa Programme is no longer just focused on capital inflow, but now it is being issued for people with specialised skills. He added that they are observing candidates from sectors like AI, IoT, cloud computing, and wealth management are given priority now. This is because the government’s goal is to bring in skilled professionals or entrepreneurs who can make a meaningful contribution to the economy.
The Emirates introduced a long-term residency programme in 2019 to draw in foreign investors. Based on the latest reports, over 158,000 expats have secured Golden Visas in Dubai alone in 2023. 40% among them were investors, and 60% were professionals from various sectors, including 22% from banking, non-banking, AI, and climate change sectors. Keswani noted that the nation’s government has made major investments in these sectors and is now aiming to attract talent aligned with them.
Even though the initial phase of the Golden Visa Programme was based on capital inflow, its approach has evolved. In recent years, eight of the top 20 global investment funds have started their operations in the UAE, bringing nearly $48 billion. This large capital inflow has increased the demand for top-tier professionals, including CTOs, CEOs, and other industry specialists, who can effectively manage and enhance the value of that investment. This is why the government’s focus is not only on capital but also on bringing in professionals with the right expertise.
Golden Visa Eligibility to Grow with Focus on Emerging Tech
Currently, the UAE’s Golden Visa offers a 10-year residency to expats, including brilliant students, graduates from globally recognized universities, scientists, highly qualified professionals, and others. According to Keswani, whose company has helped over 250 applicants to secure Golden Visas in the past six months, the list of eligible categories for this visa will soon expand.
He said it is certain that areas like AI, climate tech, IoT, and cloud computing will be added. He added that his company has observed a notable increase in the number of private bankers, AI consultants, and cloud experts securing Golden Visas. This is because they are leading large-scale projects or are working with major investors.
Shaping a Future of Independence for Global Professionals
JSB’s founder, Keswani, also highlighted the UAE’s Golden Visa Programme flexibility. He said the long-term residency offers professionals the freedom to change employers or even leave their jobs to start their own startups while continuing to live in the UAE. This has led to many success stories, and in some cases, even the best startup story from expats building innovative ventures right in the Emirates. He added that the government has shown excellent efforts by attracting talent from the Asia-Pacific region. Moreover, high-earning professionals like CEOs and CTOs can also invest in real estate, secure long-term residency, and manage their assets independently.
He further highlighted the major benefit of this programme and said residency and investment are legally independent, which means even if someone chooses to shift from one asset to another, their residency remains unaffected. This structure offers global professionals more freedom and long-term stability assurance.
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