RELATED – Why Demand for Golden Passports and Visas is Soaring
The Abu Dhabi Residents Office (ADRO), a division of the emirate’s Department of Economic Development, has partnered with companies from various sectors to offer exclusive business benefits to Golden Visa holders.
ADRO has partnered with leading brands in automotive, real estate, healthcare, hospitality, health insurance and banking to roll out special benefits for Golden Visa holders , according to a statement from the agency on Thursday.
The move aims to bolster ADRO’s efforts to accelerate the assimilation of Golden Visa holders into Abu Dhabi’s business community and further encourage investment in the emirate’s economic development, the statement said.
“We are taking all necessary steps to ensure that our vital sectors have an uninterrupted supply of world-class talent,” said Hareb Al Mheiri, Acting Executive Director of ADRO.
“We have a responsibility to support Golden Visa holders with the services and benefits that would facilitate a comfortable life in Abu Dhabi and contribute to the success of their businesses and investments.”
Golden visas, valid for up to 10 years, were introduced to encourage “outstanding workers and foreign investors” to put down more roots in the UAE.
The Abu Dhabi Golden Visa offers long-term residency to talented and specialized individuals for five or 10 years, ADRO said.
This includes professionals and researchers in the fields of science and knowledge, such as doctors, scientists and inventors. The program is also open to talented creatives and athletes, as well as companies, start-ups and property investors in the emirate.
The Golden Visa is also available to high performing university and high school students in Abu Dhabi, and will cover their parents and dependent siblings, according to the ADRO website.
The global residency-by-investment citizenship industry is currently valued at $21.4 billion per year, according to 2019 statistics by Investment migration insider, an industry-focused publication. By 2025, the magazine predicts the market could generate $100 billion in revenue.
The price for a second citizenship (commonly known as a “golden passport”) or permanent residency (“golden visa”) ranges from $100,000 to $2.5 million, according to the International Monetary Fund.
These programs date back at least to the 1980s, when tax havens in the Pacific and Caribbean began to attract wealthy foreigners.
As part of the ADRO Business Partnerships, Abu Dhabi Golden Visa holders will be entitled to discounts on selected properties from developer Imkan Properties.
Banks, including Abu Dhabi Commercial Bank and First Abu Dhabi Bank, will offer Golden Visa property investors reduced fixed mortgage interest rates and non-property investors attractive rates on savings accounts, the ADRO website said. .
Golden visa holders will also be eligible for price reductions on cars and receive priority booking for new releases, in addition to special payment facilities, maintenance offers and licensing services, according to the press release.
They will also benefit from special offers for meals, spa treatments, gyms and stays at selected hospitality destinations in Abu Dhabi.
Benefits will also include reduced premiums on annual health insurance plans for families and individuals, with diverse network coverage and a benefit package both inside and outside the UAE, ADRO said.
The agency is working to expand benefits and promotions to include other visa holders, Mr Al Mheiri said.
Foreign residents in Dubai who have a golden visa and driving license from their home country can now take a UAE test without needing any additional courses, the government said in January this year. If they have a license from one of the 32 approved countries, they are automatically eligible for a UAE license.
Approved countries are USA, UK, Australia, Italy, Saudi Arabia, South Africa, Spain, New Zealand, Qatar, Kuwait and Ireland.
A center in the Masdar City Free Zone in Abu Dhabi accepts and processes golden visas for eligible applicants and their families.
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