Passport Legacy shares its insights on the appeal of the Golden Visa programs for the UAE and Portugal. The Portuguese Golden Visa was first introduced in 2012 and the UAE’s Golden Visa was initiated in 2019 but both programs have rapidly increased in popularity and with proven investment potential.

Nearly 90% of the UAE’s population is expatriates who require valid visas to stay in the country. Incepted three years ago, the UAE Golden Visa is a Residency-by-Investment (RBI) program with a validity of 10 years that has provided greater stability for more than 65,000 people and counting. More recently, the program has progressively expanded to accept applicants from industries including entrepreneurship, science, and healthcare, among many others. Foreign talent who successfully secure this RBI program can live, work, and study in the UAE while enjoying the exclusive benefits that the country has to offer.

Perks of the renewable long-term residency visa include the ability to stay outside of the UAE for more than the usual restriction of six months to keep one’s residence visa valid, a self-sponsored visa that eliminates the need for an employment sponsor, the ability to sponsor family members and domestic helpers, and dependents being allowed to stay in the UAE until the permit expires in the unfortunate event that the primary holder of the Golden Visa passes away. Moreover, a government issued Esaad card which was previously only available to select government employees can be used to avail access to offers and discounts across thousands of businesses in the UAE and 92 other countries.

Established 10 years ago, the Portuguese Golden Visa has seen over AED 23 (approx.. USD 6.26) billion in investment over the last decade. It has become a highly favored RBI program due to multiple investment options, low stay requirements, and its profitable nature. In particular, digital nomads, frequent travellers, and families have primarily pursued Portugal’s Golden Visa. Chinese, Brazilian, and Turkish investors have been the main source of applicants; South Africans and Russians have also shown notable interest. In total, 10,903 investors and 17,956 family members have secured the RBI incentive.

Similar to the UAE’s RBI scheme, the Portuguese Golden Visa grants recipients the right to live, work, and study in Portugal. However, Portugal’s program only lasts for five years while the UAE’s program lasts for ten. Portuguese incentives include free travel around Europe’s Schengen area, a low physical presence requirement of seven days each year of residence which can also count towards citizenship eligibility after five years, and high quality of life with access to excellent education, healthcare, security, and culture.

Jeffrey Henseler, founder and managing partner of Passport Legacy, UAE HQ, said: “Though the UAE’s Golden Visa is still relatively new, it has made tremendous strides in competing with the likes of Portugal and other leading RBI programs around the globe. The launch of a Green Visa this month will help the UAE secure more investment interest to further boost the economy and simultaneously grow its RBI offering to remain among global leaders in this space. Portugal’s Golden Visa is maintaining its leading position as it has already raised more investment, and approved more applicants, in the first nine months of this year than it did in the entirety of 2021. The growing popularity of immigration by investment around the world, and the ongoing rebound from the effects of the pandemic, will see forward-thinking countries such as Portugal and the UAE have highly sought-after RBI programs for the years to come.”

The investment migration market is currently worth around USD 30 billion and is projected to reach USD 100 billion by 2025. With this growth trajectory, the approximate 5,000 people who secure dual citizenship through a CBI program each year are poised to follow suit and also rise higher. Countries such as the UAE and Portugal, as well as investors who pursue their programs, will both stand to continue benefiting for the foreseeable future. Passport Legacy has seen a strong increase in interest in CBI programs with over 300 applicants in 2021 alone, and the boutique firm is actively seeking opportunities to facilitate a more secure future for all.