When the UAE launched the golden visa residency programme in 2019, it gave hope to many residents, who consider the country their home.
Three years later, several families who received the ten-year and five-year visas have spoken about the sense of security and permanency they enjoy from the long-term residency.
It allows them to stay in the country regardless of their employment status.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced the launch of the initiative in May 2019 to give foreign workers and investors the opportunity to establish deeper roots in the country and allow the nation to benefit from their expertise.
Celebrities, researchers, businessmen, medical professionals, artists, as well as high-achieving students and their families have benefitted from the initiative.
Dubai has awarded more than 150,000 golden visas since the launch of the programme.
'I feel safer now'
Hani Al Hendi, 40, from Syria told The National that he enjoyed a deep sense of security after he received a golden visa in March 2022.
“I feel safer now. It makes me feel like I belong to this country,” he said.
Mr Al Hendi, an electronic engineer, works as a sales manager at a Dubai-based information technology company.
He became eligible for the 10-year visa in the “talented individuals” category.
His wife Rana Shehady, a marketing manager with a pharmaceutical company, and their daughter, Emily, 2, also received the 10-year visa.
Mr Al Hendi said he always worried that he would have no place to return if he lost his job.
“I have never gone back to Syria since 2013,” he said.
“When the government started offering golden visas to experts and talented individuals, I immediately applied online. I got the approval in March this year. I cannot begin to tell you how happy and relieved I was.”
Mr Al Hendi came to the UAE in 2013 when what began as a peaceful uprising against Syrian President Bashar Al Assad flared into a full-scale civil war in his home country.
“People were fleeing their homes and going to Europe as refugees. My parents and two sisters went to France. But I decided to come to the UAE on a visit visa instead,” he said.
“I was 30, single and did not have any money. But I was confident that the UAE would not close its doors to people from any nationality if they are talented and willing to work hard.
“I knew I would have economic opportunities I would not find anywhere else.”
Nine years later, with a golden visa on his passport, Mr Al Hendi said he had no regrets.
“I met my wife here and got married. My daughter is growing up in the UAE, and this is her home. This is where our future is,” he said.
'UAE gave me everything'
Come March 2023, Indian businessman Suresh Basantani will complete 50 years in the UAE. He had a golden visa stamped in his passport before celebrating his 70th birthday this August.
“I am a UAE citizen at heart. I have lived here long enough to belong here,” Mr Basantani, who owns Yugoslavian Furniture, a company with branches in Dubai, Abu Dhabi and Sharjah, told The National.
“Getting a golden visa is an honour. It makes me happy that the UAE recognises our contribution to this country.”
Mr Basantani's rise from a small spice vendor to a millionaire businessman is one among many rags-to-riches stories in the UAE.
He said he was only 20 when he borrowed Rs400 (Dh18) from friends and boarded a ship from Mumbai to Dubai on March 14, 1973, hoping to make it big.
“I had a huge can of ghee [clarified butter] and some packets of cardamom in my luggage, which I hoped to sell in Dubai,” he said.
Recalling his early life in Dubai, Mr Basantani said it was hard to imagine in those days that the UAE would become a global destination.
“There were no paved roads, cars or even electricity,” he said.
“We slept outdoors when the temperature became unbearable. I used to walk to the post office to check if I had mail from India. We had to wait for weeks to get an occasional trunk call to speak to family back home.”
After a rough start, Mr Basantani ventured into the furniture business, and his fortunes soared.
His wife Koushi Basantani also joined him in Dubai, and he built a family in the UAE.
“I never had to look back. Five decades have passed, and this country has given me everything,” he said.
The UAE is home to three generations of Basantanis now.
His two daughters, Sarika and Sonam, are married and reside in the UAE. Sarika’s children Ranveer, 12, and Naisa, 9, go to school in Abu Dhabi.
“It is their home. This is the only home they know,” he said.
Mr Basantani said it was the Arab hospitality that had made the family stay.
“You are always treated with respect. I have more friends here than I have back in Mumbai. Nobody even knows me in India,” he said.
“Now, there is a new sense of belonging as I don’t have to keep renewing my visa every three years. That is a great feeling.”
Talent is the best investment
Kiran Nair received his golden visa last year in the “talented individuals” category.
Currently, an associate professor at the Abu Dhabi School of Management, Mr Nair told The National that receiving a golden visa meant an official stamp of approval that he was a talent worth retaining.
“Personally, it was a huge recognition for me. It means prestige,” he said.
“I started my career as a sales executive and worked with multinational companies in leadership positions up until 2016 when I made a huge career change and joined the Abu Dhabi School of Management,” said Mr Nair from Kerala, India.
His wife Lakshmi and daughter Krishna, 15, and son Arnav, 9, also have golden visas.
Having a 10-year visa that is not linked to his job gives him “huge comfort and confidence”, allowing him to plan for a future in the UAE, Mr Nair said.
“I know many friends who have migrated to Canada or Australia for permanent residency. I never considered it as I wanted to be closer to India where my parents live. The quality of life we get here is great,” he said.
“Having a golden visa removes the worry about visa renewals and the insecurity of having to return in the event of a job loss.
“A 10-year visa in my passport makes me feel I have a long-term future in the country that offers plenty of opportunities to grow and enjoy a safe and comfortable life.”
Stars who received UAE's golden visa — in pictures
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
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15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Company%20Profile
%3Cp%3ECompany%20name%3A%20EduPloyment%3Cbr%3EDate%20started%3A%20March%202020%3Cbr%3ECo-Founders%3A%20Mazen%20Omair%20and%20Rana%20Batterjee%3Cbr%3EBase%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Recruitment%3Cbr%3ESize%3A%2030%20employees%3Cbr%3EInvestment%20stage%3A%20Pre-Seed%3Cbr%3EInvestors%3A%20Angel%20investors%20(investment%20amount%20undisclosed)%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
Killing of Qassem Suleimani
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Mohammed bin Zayed Majlis
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
West Asia rugby, season 2017/18 - Roll of Honour
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
UAE Premiership - Winners: Dubai Exiles; Runners up: Abu Dhabi Harlequins
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
A meeting of young minds
The 3,494 entries for the 2019 Sharjah Children Biennial come from:
435 – UAE
2,000 – China
808 – United Kingdom
165 – Argentina
38 – Lebanon
16 – Saudi Arabia
16 – Bangladesh
6 – Ireland
3 – Egypt
3 – France
2 – Sudan
1 – Kuwait
1 – Australia
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
More from Rashmee Roshan Lall
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Killing of Qassem Suleimani
