UAE Shuts Down Reports of ‘Lifetime Visas'
The UAE government has shut down reports that the country is offering lifetime visas and allowing offices overseas to process golden visa applications from outside the UAE.
The clarification came shortly after visa and immigration services company, VFS Global, released a statement on July 7 stating that it had opened UAE golden visa 'advisory offices' in Bangladesh and India, in partnership with another immigration services company called Rayad Group.
The release linked to a website for applying to its services from India and Bangladesh, which has since been removed. Skift could not reach anyone on the helpline number provided for the service.
Rayad Group and VFS Global did not immediately respond to a request for comment.
The UAE's Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) issued a statement via the UAE's state news saying no overseas office can be used to obtain a golden visa.
'All Golden Visa applications are handled exclusively through official government channels within the UAE, and that no internal or external consultancy entity is recognised as an authorised party in the application process,' said the authority.
The authority added that the UAE has no lifetime visa in place, a rumor which stemmed from a July 6 story by the Press Trust of India claiming citizens from India and Bangladesh could be nominated for a golden visa and, upon paying 100,000 Emirati Dirham (approximately $27,000), receive a lifetime residency for themselves and their families. PTI reported that Rayad Group and VFS had been chosen to vet the applicants for these lifetime visas and then forward them to the UAE authorities.
'[The authority] has denied the accuracy of rumours circulated by some local and international media outlets and websites regarding the United Arab Emirates granting lifetime Golden Visas to certain nationalities,' said the ICP.
Who Can Get a Golden Visa?
Golden visas are issued for five or 10 years and are renewable. For those without golden visas, residency in the UAE is typically tied to employers: If you were to lose your job, you need to find a new one or leave the country.
Golden visas are available for a range of individuals with a range of professions, including inventors, doctorate holders, and specialists in science and engineering. However, the most common path remains financial: a minimum investment of 2 million Emirati Dirhams (approximately $545,000) in real estate or business.
According to Henley & Partners' Private Wealth Migration Report 2025, the UAE is set to bring in 9,800 new millionaires this year — the most of any country. Combined, they're expected to bring in $63 billion in wealth.
Dubai Wants Wealthy Travelers to Relocate
Earlier this year, the UAE renamed its Ministry of Economy to the Ministry of Economy and Tourism.
Tourism remains at the heart of the UAE's growth engine. In 2024, the sector contributed 257.3 billion Emirati Dirhams (around $70 billion) to the economy and supported 898,600 jobs, according to the World Travel & Tourism Council. That's nearly one in eight jobs nationwide.
In 2023, Dubai Tourism announced its new plan to convert tourists into residents.
Speaking at a city briefing held at Dubai World Trade Centre in June that year, Dubai Tourism CEO Issam Kazim said, 'Today we have two new KPIs. We want to make sure Dubai continues to be one of the best cities to work in, and more importantly, one of the best cities in the world to live in.'
Around a quarter of all Dubai tourists return within a year. Kazim said convincing those people to make Dubai a permanent home is key.
'Once you bring them in, you'd hope they spend more money next time and stay for longer. Eventually, they would consider living in Dubai, and we have all the visas to facilitate that. We'd like them to work here, live here and retire here. It's all about closing the loop,' Kazim said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
Hydroleap Secures USD 4.75 million in Latest Funding Round to Accelerate Sustainable Water Technologies in APAC
SINGAPORE, July 30, 2025 /PRNewswire/ -- Hydroleap, a pioneering company in sustainable water treatment technologies, has successfully raised an additional USD 4.75 million in its latest funding round from strategic investors including EDBI, which operates under SG Growth Capital – the investment platform of the Singapore Economic Development Board (EDB) and Enterprise Singapore, Antares Ventures and Woh Hup, bringing its total funding to nearly USD 12 million till date. This helps extend Hydroleap's solutions to more hyperscale data centres in the Asia-Pacific region and build teams in key markets. This also supports the company's continued development and deployment of advanced water treatment solutions for surging industries, including pharmaceutical, semiconductor and agrifood, where sustainable water management technologies are critical for operational efficiency and environmental impact. This investment rallies strategic partners who recognise the economic and environmental potential of Hydroleap's technologies. EDBI, Antares Ventures and Woh Hup back Hydroleap's electrochemical solutions that enable industrial customers to become chemical-free, recycle their wastewater and reduce their energy consumption by 10%. "This funding round, particularly with the backing of strategic and institutional investors, underscores strong confidence in Hydroleap's technologies," said Dr. Mohammad Sherafatmand, Founder and CEO of Hydroleap. "Critical infrastructure such as data centres, semiconductor and pharmaceutical facilities urgently require smarter, more sustainable water and energy management. This is where Hydroleap delivers solutions that drive both financial efficiency and environmental impact." "Hydroleap delivers what industries across Asia Growth Markets increasingly need: efficient, scalable water treatment that's both commercially viable and sustainable," said Michael Gryseels, Founder and Managing Partner of Antares Ventures. "As demand grows across sectors like AI, semiconductors, and sustainable agrifood systems, their solution helps cities and infrastructures reduce resource use without compromising performance. AI isn't just about chips and software. It drives up needs for efficient energy and water-cooling management, and Hydroleap tackles that challenge head-on. Through our deep connectivity in the region, Hydroleap has been able to access critical industries in Asia and turn innovation into real-world results. We're proud to continue standing with them as long-term partners, alongside leading institutional investors committed to Asia's sustainable future." "Investing in companies that drive sustainability is not only beneficial for the environment and financially compelling but also aligns with Woh Hup's commitment to pioneering innovative solutions in the built environment sector where our business primarily operates." said Austyn Yong, Director of Woh Hup. "Hydroleap has delivered promising results in enhancing energy and water efficiency across a range of asset types — particularly data centres — and we are proud to support them as they continue to expand across Asia." About Hydroleap Hydroleap, a Singapore-headquartered company, pioneers sustainable water and wastewater treatment through its proprietary electrochemical technologies. By redefining how industries manage water, energy, and chemical consumption, Hydroleap delivers innovative, scalable, and cost-efficient solutions that enhance operational performance while supporting environmental sustainability. Visit our website here. For more information, please contact:Zachary LohHydroleap Pte +65 8282 7242 View original content to download multimedia: SOURCE Hydroleap Pte Ltd Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
3 hours ago
- CNBC
Asia markets set to fall as U.S. trade talks with China hang in the balance
Asia-Pacific markets are expected to fall as U.S. Commerce Secretary Howard Lutnick affirmed that President Donald Trump's upcoming Friday deadline to impose major tariffs on a slew of trading partners will not be delayed further. However, Lutnick noted that trade negotiations with China are progressing on a separate timeline, he said on CNBC's "Squawk Box." Happy mid-week from Singapore. Asia markets are poised for a lower open. Futures for Hong Kong's Hang Seng Index stood at 25,344, pointing to a weaker open compared with the HSI's last close of 25,524.45 Similarly, Australia's S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,662, compared with its last close of 8,704.6. Japan's benchmark Nikkei 225 was set to open lower, with the futures contract in Osaka last traded at 40,650 against the index's last close of 40,674.55. — Lee Ying Shan Stocks closed lower on Tuesday, as investors turn their attention to the Federal Reserve's interest rate decision. The S&P 500 slipped 0.30% to close at 6,370.86, while the Nasdaq Composite lost 0.38% to 21,098.29. The Dow Jones Industrial Average slipped 204.57 points, or 0.46%, to finish the session at 44,632.99. — Brian Evans Investors should remain vigilant and not look past the potential risks of tariffs, according to UBS. "The impact of tariffs can't be overlooked even though recent deals have provided greater clarity. While the 15% tariff rate on most EU and Japanese goods was lower than earlier threats from the U.S., the higher levies will still create headwinds for growth," said Ulrike Hoffmann-Burchardi, chief investment officer for the Americas and global head of equities at UBS Global Wealth Management. "While our base case is that the resilience of the US consumer should help the U.S. economy avoid recession, a larger-than-expected impact on inflation or more severe hit to corporate margins could quickly change the current optimistic market narrative," she added. — Brian Evans
Yahoo
6 hours ago
- Yahoo
PayPal Stock Crashes Nearly 10%--Even After Beating Wall Street Expectations
Shares of PayPal (NASDAQ:PYPL) dropped nearly 10% this morning todaythe sharpest slide in nearly six monthsafter the company reported a slowdown in branded checkout volume and flagged weaker U.S. retail spending tied to tariff pressures. CFO Jamie Miller pointed to a slight deceleration in consumer demand, especially for goods sourced from China. CEO Alex Chriss echoed those concerns, saying spending was softer at businesses most exposed to Asia-based supply chains. Checkout volume rose just 5% in the quarter, down from 6% in Q1, underscoring the impact of uneven macro conditions. Warning! GuruFocus has detected 4 Warning Sign with PYPL. Still, PayPal raised its full-year outlook, leaning on stronger margin performance and growth in key products like Venmo. Adjusted EPS is now projected to hit $5.15$5.30 this year, up from the prior $4.95$5.10 range. Transaction margin dollars rose 7% year-over-year to $3.84 billion, prompting an upgrade to the company's full-year profitability forecast. Net income climbed 10% to $1.37 billion, with EPS of $1.40 beating Wall Street estimates. Chriss called it another quarter of profitable growth, driven by his broader effort to unify and streamline the business. Venmo revenue jumped 20% in Q2, and total payment volume hit $443.5 billion, beating consensus estimates. PayPal is also leaning into global and in-person expansion: a new platform now supports cross-border payments via local digital wallets, and the company recently added a credit card to strengthen physical checkout. Businesses using PayPal can now accept over 100 cryptocurrencies. While near-term spending trends remain patchy, management is positioning the company to capitalize on long-term shifts in digital commerce and payment infrastructure. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
