Abu Dhabi has launched of a new Golden Visa scheme, but it comes with a catch. It specifically targets private luxury yacht owners and their families.
The Golden Quay to Abu Dhabi programme is a partnership between the Department of Culture and Tourism, the Abu Dhabi Investment Office and Yas Marina.
Private yacht owners with vessels measuring 40m and above will be eligible for the 10-year UAE Golden Visa, giving them access to a life of luxury and long-term residency in the United Arab Emirates.
Saleh Mohamed Al Geziry, director general for Tourism, Department of Culture and Tourism – Abu Dhabi, said, “We continue to support the growth of the luxury sector by creating innovative pathways that attract investment and high-profile visitors to the emirate, in line with our Tourism Strategy 2030.”
Golden Visas are nothing new. Many countries offer them in one guise or another. They allow foreign nationals to gain a permanent residence and/or citizenship in exchange for making a substantial investment in that country, most commonly in the form of real estate.
Almost all Golden Visa programmes offer family inclusion options. Some countries even allow for grandparents and parents-in-law to be included.
Other benefits can include visa-free travel, residency rights and healthcare access.
If you fancy island living around the Mediterranean, both Malta and Cyprus have attractive Golden Visa investment schemes, while Caribbean islands in the sun such as St Lucia, Antigua, and St Kitts and Nevis are also keen to take your money.
In Asia, Indonesia launched a long-term visa scheme to attract foreign investment in July last year, although the scheme has been slow to take off. Less than 500 individuals had signed up in the six months to December.
Individuals not looking to set up a company in Indonesia must commit US$350,000 and US$700,000 to gain a 5-year and 10-year permit. The investment can be in Indonesian government bonds, public company stocks, or bank deposits.
If the investment is made in the new capital city of Nusantara, currently being built in Borneo, US$5 million will gain investors a 5-year visa and $10 million will be rewarded with a 10-year visa.
Thailand’s Elite Visa programme is geared toward retirees, digital nomads, high income earners, and their families. Elite Visa holders can remain in Thailand for between five and 20-plus years depending on their membership programme.
Several countries offer similar investment visa schemes, but others, including Canada, and Singapore, have axed such schemes as governments believe they do not create jobs and could be a means to park speculative money.