News & Updates

New Health Insurance Scheme for Workers in the Northern Emirates This new scheme will ensure that 100% of private sector workers in the UAE are covered by insurance. Overview of the Basic Health Insurance Package The UAE has announced a basic health insurance package for private sector employees and domestic workers in the Northern Emirates, starting from as low as Dh320 per year. Eligibility Criteria for Coverage Under the basic insurance package, there will be no waiting period for workers suffering from chronic illnesses. It covers individuals aged 1 to 64, while those over this age must complete a medical disclosure form and attach recent medical reports. Extension of Coverage to the Northern Emirates The health insurance scheme will extend coverage to private sector workers in Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, and Fujairah starting from January 1, 2025. The system is already mandatory in Abu Dhabi and Dubai. Ensuring 100% Coverage for Workers in the UAE This will ensure that 100 per cent of workers in the UAE are covered by insurance.   Also read: Free Zone Visa Dubai: A Step-By-Step Guide 2024 Co-payment Structure for Inpatient Care The package covers treatment expenses with a 20 per cent co-payment for inpatient care if patients are hospitalised for medical treatment or surgeries. The insured pays a maximum of Dh500 per visit with an annual cap of Dh1,000, including medications. Beyond these limits, the insurance company covers 100 per cent of treatment costs. Co-payment Structure for Outpatient Care As for outpatient care patients who require medical visits, diagnostic tests, or minor procedures that do not necessitate a hospital stay, the co-payment is 25 per cent, where the insured pays a maximum of Dh100 per visit. No co-payment is required for follow-up visits for the same condition within seven days, while co-payments for medications are capped at 30 per cent, with an annual cap of Dh1,500, said the Ministry of Human Resources and Emiratisation (MoHRE). Insurance Network and Benefits for Dependents The basic plan network includes seven hospitals, 46 clinics and medical centres, and 45 pharmacies. Dependents from the worker’s family can access the same benefits and pricing as specified in the insurance policy. How Employers Can Purchase the Insurance Package Starting January 1, 2025, employers can purchase the new insurance package via the DubaiCare Network or any other product from accredited insurance companies through various channels, including the Insurance Pool website and smart application, as well as business service centres across the country. The UAE’s Commitment to Workers’ Health and Well-being “The health insurance scheme reflects the UAE’s commitment to extending the comprehensive protection system to all workers across the labour market, ensuring a decent life for all by providing access to high-quality healthcare services for private sector employees and domestic workers,” said Khalil Al Khoori, undersecretary of labour market and Emiratisation operations at Mohre. Source: Khaleej Times

New Health Insurance Mandate for Employers in Northern Emirates Starting January 1, 2025 Employers in the Northern Emirates must purchase new health insurance policies starting January 1, 2025, in order to issue or renew visas, said the Ministry of Human Resources and Emiratisation (MoHRE) on Monday. It said that employers in Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, and Fujairah are required to purchase the new health insurance policy as a prerequisite for issuing or renewing residency permits. Exemption for Employees with Valid Work Permits Issued Before January 1, 2024 However, the mandate does not apply to employees with valid work permits issued before January 1, 2024, and will only become mandatory when their residency permits are due for renewal. Reinforcing UAE’s Social Protection Vision Khalil Al Khoori, undersecretary of labour market and Emiratisation operations at Mohre, said the initiative represents another major milestone in the series of accomplishments across the UAE labour market. “It forms part of a comprehensive vision to expand the integrated social protection umbrella, which includes the Worker Protection Programme, Unemployment Insurance Scheme, and the voluntary alternative end-of-service benefits system known as the ‘Savings Scheme’. These efforts reinforce the commitment to providing a secure, healthy work environment and improving quality of life for all workers.” Impact on UAE’s Labour Market Competitiveness and Worker Welfare The new basic health insurance plan starts from as low as Dh320 per year, which is much lower than Abu Dhabi and Dubai. “The new Health Insurance Scheme in the UAE is poised to have a notable positive impact on the competitiveness of the country’s labour market, improving performance on key indicators related to quality of life, protection of rights, and social and healthcare security,” Al Khoori noted. “It is also expected to benefit workers and employers by reducing the financial costs associated with medical treatment and unpaid sick leave uninsured workers typically need to take.” UAE’s Vision for Universal Healthcare and Worker Protection Major General Saeed Salem Balhas Al Shamsi, acting director-general of Identity and Foreigners Affairs at the Federal Authority for Identity, Citizenship, Customs, and Port Security, said the new basic Health Insurance Scheme for private sector employees and domestic workers is a critical step towards completing the UAE’s health insurance framework and providing healthcare to all groups. Also Read: Free Zone Visa Dubai: A Step-By-Step Guide 2024 “This essential step aligns with the wise leadership’s vision to enhance the community’s quality of life, uphold human rights, and ensure healthcare access for all. It is set to boost productivity and support sustainable development while advancing the UAE’s leadership and global competitiveness across international indicators,” he added. Collaboration with Strategic Partners for Seamless Implementation “The Federal Authority for Identity and Citizenship, Customs, and Ports Security is pleased to be playing its part in this plan to enhance the competitiveness and attractiveness of the UAE labour market, by establishing an electronic link with our strategic partners, including Ministries, government entities, and private sector institutions – particularly in the insurance industry,” Al Shamsi added. “The Authority’s role is to verify that workers in the private and business sectors, as well as domestic workers, are covered by insurance before issuing residencies, in an effort to protect workers’ rights and ensure they receive healthcare. This is one of their basic rights, mandated by laws regulating the UAE labour market.” Strengthening UAE’s Health Ecosystem and Worker Rights “The new scheme will strengthen the health ecosystem, expand the scope of its services to include all groups, and establish a more stable and advanced environment,” said Dr Mohammed Salim Al Olama, Undersecretary at the Ministry of Health and Prevention. Dr Al Olama added that it will also enhance early disease detection mechanisms, improve preparedness for health emergencies, and support chronic disease prevention. Source: Khaleej Times

The United Arab Emirates (UAE) has always been a magnet for global talent, thanks to its thriving economy, luxurious lifestyle, and strategic location. Recently, a noticeable trend has emerged: a growing number of young, affluent individuals from the UK and France are relocating to the UAE. Studies indicate that 21% of this demographic now favors the UAE as their new home. This blog explores the various factors driving this migration, focusing on the country’s tax advantages, business opportunities, quality of life, and the significant impact of the Golden Visa program.    The Appeal of the UAE for the Young and Wealthy  Tax Incentives  One of the primary attractions for wealthy expatriates from the UK and France is the UAE’s tax-free income policy. In stark contrast to the high tax rates in Europe, where top earners in the UK face up to 45% in income taxes and in France up to 49%, the UAE imposes no personal income tax. This allows residents to retain and grow their wealth more effectively.  Moreover, the absence of capital gains tax and the relatively low corporate tax rates make the UAE a compelling destination for entrepreneurs and investors. The ability to reinvest earnings into businesses or personal ventures without significant tax burdens is a key reason for the influx of young, wealthy individuals from Europe.  Business Environment  The UAE’s business-friendly environment is another significant draw for this demographic. With a robust legal framework, ease of business setup, and supportive government policies, the UAE provides an ideal platform for entrepreneurs looking to establish or expand their businesses.  Dubai, the country’s business epicenter, offers numerous free zones where 100% foreign ownership is permitted, and companies benefit from profit repatriation and tax exemptions. These conditions are particularly appealing to young entrepreneurs from the UK and France, who seek to capitalize on the UAE’s growing market and its strategic position as a global trade hub.  Additionally, the UAE’s strategic location between Europe, Asia, and Africa enhances its attractiveness as a base for international business operations. Dubai International Airport, one of the busiest in the world, ensures seamless global connectivity, making it easier for expatriates to maintain business and personal ties across continents.  Luxury Lifestyle  The luxurious lifestyle offered by the UAE is another powerful magnet for the young and wealthy. The country is known for its high-end real estate, top-tier dining, and exclusive leisure activities. Dubai, in particular, is renowned for its luxury real estate market, offering everything from ultra-modern apartments to palatial villas in premium locations.  In addition to high-end living, the UAE offers a vibrant social scene, including beach clubs, nightlife, and outdoor adventures. This lifestyle, combined with the country’s focus on safety and security, makes it an attractive destination for young professionals and families alike.    Strategic Location  The UAE’s location at the crossroads of Europe, Asia, and Africa provides strategic advantages for both business and travel. The country’s central position allows for easy access to major global markets, making it an ideal base for international business operations. Dubai International Airport offers direct flights to over 240 destinations, ensuring seamless connectivity for business and leisure travelers.  The UAE’s time zone also facilitates smooth coordination of business activities across different regions, further enhancing its appeal as a global business hub.    Quality of Life  Safety and Stability  The UAE is recognized for its political stability, safety, and low crime rates, making it an attractive destination for those seeking a secure environment. Strict laws and regulations ensure a safe and orderly society, which is particularly appealing to families looking to raise their children in a stable environment.  Cultural Diversity  With over 200 nationalities living in the UAE, the country is a melting pot of cultures. This diversity fosters an inclusive environment that appeals to expatriates from around the world. The UAE’s commitment to tolerance and coexistence is evident in its policies and societal norms, making it a welcoming place for people of all backgrounds.  World-Class Infrastructure  The UAE has invested heavily in developing world-class infrastructure, including healthcare, education, and transportation. The country’s healthcare system is renowned for its quality, with advanced medical care available in both public and private hospitals. Similarly, the education system offers a range of international schools and universities that provide top-tier education.  In terms of transportation, the UAE boasts modern road networks, efficient public transport systems, and state-of-the-art airports, ensuring convenience and ease of movement.    The Rise of the Golden Visa and Its Impact  One of the most significant factors influencing the migration of young, wealthy individuals to the UAE is the introduction of the Golden Visa program. Launched in 2019, this long-term residency visa allows expatriates to live, work, and study in the UAE without the need for a national sponsor. The visa is available to investors, entrepreneurs, skilled professionals, and even students, providing them with a stable and secure environment to pursue their ambitions.  The Golden Visa offers a sense of permanence that was previously unavailable to expatriates, who often had to renew their visas frequently. This stability is particularly attractive to young professionals and entrepreneurs from the UK and France, who can now plan long-term investments and business strategies without the uncertainty of visa renewals.  Furthermore, the Golden Visa is a symbol of the UAE’s commitment to attracting and retaining top talent from around the world. By offering this pathway to long-term residency, the UAE is positioning itself as a global hub for innovation, entrepreneurship, and wealth creation, further cementing its appeal to the young and wealthy.    The Future of Young Wealth in the UAE  Investment Opportunities  The UAE’s investment landscape continues to evolve, with opportunities in various sectors such as real estate, technology, and renewable energy. The government’s focus on innovation and sustainability has led to the development of new industries, creating a fertile ground for young entrepreneurs and investors.  Real estate remains a popular investment choice, with a stable market and high demand for luxury properties. Additionally, the UAE’s push towards a knowledge-based economy has opened

  Properties with a value of Dh2 million continue to see significant demand in 2024 from investors and end-users looking for the 10-year Golden Visa. Property investors looking for long-term residency in the UAE are required to buy assets worth Dh2 million or more. To qualify for the Golden Visa in Dubai, investors can either buy a single property valued at Dh2 million or multiple with a combined worth of at least Dh2 million. Significant Increase in Property Transactions Above Dh2 Million in 2024 To be eligible for a Golden Visa, one must purchase a property worth Dh2 million or more. While various factors, including Dubai’s global socio-economic status, have contributed to the increase in transaction activity, property transactions above Dh2 million saw a 30 per cent year-on-year increase in the first half of 2024 compared to the first half of 2023, highlighting that Golden Visas continue to be a significant driver of demand,” said Prathyusha Gurrapu, head of research and consulting at Cushman & Wakefield Core. In this thriving market, Mr. Golden Visa, a leading figure in the UAE residency and property investment sector, has emerged as a key facilitator for investors seeking the coveted 10-year Golden Visa. Through his comprehensive services, Mr. Golden Visa provides expert guidance to investors on acquiring properties that meet the eligibility criteria for the Golden Visa, ensuring a smooth and efficient process. His expertise has made him a go-to resource for both local and international clients, significantly contributing to the increased demand in the Dh2 million and above property segments. Dubai’s Golden Visa Program: A Boost for the Real Estate Market In 2023, Dubai issued 158,000 Golden Visas to property buyers, students, scientists, professionals, and others. According to Property Monitor’s latest report for July, properties with Dh1.5 to Dh2 million price tag saw their share growing at the fastest pace, rising 3.5 per cent to 14.5 per cent – thanks to new project launches of high-quality category apartments at Palace Residences in Dubai Hills and Arlo in Dubai Creek Harbour where sales prices averaged Dh2,421 and Dh2,601 per sqft, respectively. Market Trends: Properties Priced Between Dh1 Million and Dh3 Million Dominate Similarly, properties priced from Dh2 million to Dh3 million also experienced notable growth, growing by 2 per cent. Growth in this segment can be attributed to the same projects as well as off-plan sales for luxury-priced apartments at Bayz 101 in Business Bay, and high-category townhouses at Park Greens in Damac Hills 2 where the price per square foot values averaged at Dh3,002 and Dh1,136 respectively, said Property Monitor, a part of Cavendish Maxwell. Also Read: Free Zone Visa Dubai: A Step-By-Step Guide 2024 High-Net-Worth Individuals and the Growing Demand for the Golden Visa Data showed that properties priced between Dh1 and Dh3 million accounted for the largest share of the market at 48.5 per cent, up by 4.2 per cent. The low-price tiers with property values under Dh1 million now represent 29.6 per cent of the market, down by 1.0 per cent month-on-month, while properties over Dh3 million now represent 21.9 per cent of the market, down by 3.2 per cent month-on-month. The Impact of New Property Launches on Dubai’s Real Estate Market Meanwhile, the biggest market share loser was the Dh5-Dh10 million tier, which decreased by 2.4 per cent, falling to 5.5 per cent month-on-month. In addition to property buyers, there’s also strong demand for the Golden Visa among high-net-worth individuals. To qualify for this much sought-after residency, they need to deposit Dh2 million into a bank account. Source: Khaleej times

The UAE Government has recently implemented a Federal Decree-Law designed to regulate employment relationships more stringently, with fines ranging from AED 100,000 to AED 1 million for those found in violation. This new legislation emphasizes the importance of compliance within the labour market and imposes significant penalties on those who breach its regulations.   Violations under this law include: Employing workers without the necessary work permits or bringing workers into the country without providing them with legitimate employment. Closing down a business without properly settling the rights and entitlements of its employees, leaving workers without the compensation they are owed. Engaging in activities that circumvent the labour market regulations, including fictitious employment or any form of manipulation designed to exploit the system. Employing minors in contravention of legal requirements, putting them to work in violation of the established laws.   This comprehensive legal framework reflects the UAE’s dedication to maintaining a transparent, fair, and well-regulated labour market, ensuring that all workers’ rights are protected and that businesses operate within the boundaries of the law. The severity of the penalties underscores the UAE’s commitment to upholding these standards and deterring any unlawful practices within the employment sector.   Source: Lovin Dubai

In 2019, the UAE government introduced the Golden Visa program to attract and retain international investors and highly skilled professionals. A report from Henley & Partners, an international investment migration consultancy, indicated that around 4,300 Indian millionaires were expected to leave India in 2024. Many of these wealthy individuals have identified the United Arab Emirates (UAE) as their top destination. The UAE’s flexible visa policies are a significant draw for the ultra-wealthy looking to relocate. Why the UAE Golden Visa is a Magnet for India’s Richest The UAE Golden Visa is particularly appealing to those seeking stability, freedom, and growth opportunities. Holders of the Golden Visa can live, work, and invest across the UAE’s seven emirates—Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah, and Umm Al Quwain—without needing a local sponsor. Key Benefits of the UAE Golden Visa Extended Residency: This visa offers long-term residency, allowing individuals to live in the UAE without the requirement of a local sponsor. Ease of Travel: Golden Visa holders enjoy the convenience of entering and exiting the UAE without restrictions, making international travel seamless. Professional Flexibility: The visa supports an environment conducive to professional and entrepreneurial success, permitting full business ownership and freedom to choose employers. Family and Domestic Worker Sponsorship: Golden Visa holders can also sponsor family members and domestic workers, ensuring a smooth transition for their loved ones.   Eligibility Criteria for the UAE Golden Visa The Golden Visa is available to various professionals, each with specific eligibility requirements: Physicians and Scientists: Must obtain approval from relevant scientific committees or the Ministry of Health. Creative Professionals: Need clearance from the Department of Culture and Arts. Executive Directors: Required to have a degree, at least five years of experience, and a minimum salary of AED 50,000 (approximately ₹11,42,808). Investors: Must own a business, deposit at least AED 2 million, and pay AED 250,000 in taxes. Entrepreneurs: Must have a project valued at a minimum of AED 500,000 and acquire the necessary approvals. Decisive Zone and Golden Visa’s There are 5 types of golden visas: Investor: If you invest 2 Million Dirhams Salary: If you are a high salaried professional and if your salary is more than 30,000 Dirhams High-Skilled: If you are a highly skilled professional such as Doctors, Scientists and Engineers Globally recognised: If you are a globally recognised face like a celebrity or an influencer Talents: If you are an exceptionally talented student Decisive Zone offers step by step aid when applying for a Golden Visa where every document is lined out for you. To find out more details, refer to our blog on How to Get a Golden Visa.   The UAE’s Golden Visa program remains a powerful magnet for India’s wealthiest individuals, providing them with exceptional opportunities for personal and professional growth. This program not only offers long-term residency but also creates a secure and stable environment, ideal for both business and family life. The ability to live, work, and invest freely across the seven emirates grants these high-net-worth individuals a unique level of freedom and flexibility. The Golden Visa enhances their access to a world-class lifestyle, featuring top-tier healthcare, education, and infrastructure, all within a globally connected hub that serves as a gateway to international markets. This combination of benefits makes the UAE an increasingly attractive destination for India’s affluent, enabling them to thrive in one of the world’s most dynamic and prosperous regions.   Source: NDTV World

UAE Set to Retain Top Spot for Wealth Migration The United Arab Emirates is on track to be the world’s top wealth magnet for the third consecutive year, according to the Henley Private Wealth Migration Report. With a growing influx of high-net-worth individuals (HNWIs) choosing Dubai as their preferred destination, the UAE has established itself as the leading global hub for migrating millionaires. UK Millionaire Population Expected to Decline At the same time, the U.K. – a significant source of expatriates to the UAE – is projected to see its millionaire population drop by 17% by 2028, as per a report from Swiss bank UBS. The rising costs and taxes in the U.K. are pushing wealthy individuals to seek more favorable environments abroad, with Dubai’s tax-free incentives proving highly attractive. Push and Pull Factors for Millionaires The trend of millionaires migrating to Dubai is driven by both “push” and “pull” factors. Push factors include the prospect of higher taxes under the U.K.’s Labour government, including a proposed 20% VAT on private school tuition. Meanwhile, pull factors highlight Dubai’s appeal: its reputation for safety, attractive visa reforms, and the city’s luxury lifestyle. Karim Jetha, a regional investor who moved to the UAE from the U.K. during the pandemic, discussed these factors, noting that Dubai’s tax-free environment and recent visa reforms are key reasons for this influx. Record Influx of Millionaires Expected by 2024 According to the Henley report, the UAE is set to see a record net inflow of 6,700 millionaires by the end of 2024. This influx is nearly double that of the U.S., which is expected to attract 3,800 millionaires in the same period. With its zero income tax, golden visas, luxury living options, and strategic location, the UAE continues to attract wealthy individuals from around the globe. The Golden Visa and Wealth-Friendly Ecosystem The UAE’s Golden Visa program, which provides long-term residence options for foreign nationals, is a significant factor contributing to the country’s rise as a wealth hub. The program offers foreign residents the ability to live, work, or study in the UAE while enjoying the benefits of a tax-free lifestyle. Additionally, the UAE’s evolving “wealth management ecosystem,” including innovative solutions to protect, preserve, and enhance wealth, has made it increasingly attractive for HNWIs. Sunita Singh-Dalal, partner at Hourani Private Wealth & Family Offices in Dubai, highlights the country’s robust regulatory framework as one of the key drivers of this trend. The UAE’s modern infrastructure, low crime rates, geographical connectivity, and robust international school system further cement its position as a prime destination for the wealthy. Increased Migration from the U.K. and Europe While millionaires migrating to the UAE most commonly come from India, Russia, Africa, and the Middle East, the report forecasts a growing influx from the U.K. and other European countries. As taxes increase and policies change in their home countries, many are opting to relocate to Dubai for a better financial and lifestyle environment. UK’s Millionaire Exodus and Tax Changes The U.K. is projected to see its millionaire population drop from 3,061,553 in 2023 to 2,542,464 by 2028, according to UBS’s Global Wealth Report. The country’s millionaire population, which is the third-highest in the world, includes many foreign residents. However, the UK government’s decision to phase out its “non-dom” status – which allowed wealthy foreign residents to avoid paying British taxes on overseas income – is expected to accelerate this outflow. Hannah White, director of the Institute for Government in London, points out that the policy changes in the U.K., including the phased elimination of the non-dom status and higher estate taxes, are likely to further encourage wealthy individuals to relocate abroad. Impact of VAT on Private School Fees An additional push factor for the wealthy in the U.K. is Labour’s proposal to remove the exemption from the 20% VAT charge on private school tuition fees. This policy is set to increase the cost of sending children to elite private schools, which is a significant concern for many wealthy families. The U.K.’s higher taxes and the economic instability triggered by political changes are likely to contribute to the outflow of millionaires. Conclusion: Dubai’s Continued Appeal for the Wealthy The UAE’s combination of tax incentives, strategic location, safety, and modern infrastructure has made it the top destination for millionaires seeking a better quality of life. As the U.K. faces economic and political uncertainty, the trend of high-net-worth individuals relocating to Dubai is expected to continue growing, solidifying the UAE’s position as the world’s leading wealth magnet. Source: CNBC News