The UAE Golden Visa program has generated quite a stir among specific groups of expats with ambitions to secure permanent resident status in the United Arab Emirates since its inauguration in 2019. Foreign nationals can live, work, do business, & study in the UAE without the need for a national sponsor under the Golden Visa system. Foreign entrepreneurs and investors are also permitted to own 100% of their businesses in the UAE. Visa will be valid for five or ten years and will be renewed automatically.
Here is all you need to understand regarding the Golden Visa UAE, including present regulations, benefits, and the application procedure.
What Exactly Does The Golden Visa Entail?
The Golden Visa system essentially grants people who fall into the following categories long-term residency (5 to 10 years): shareholders, entrepreneurs, individuals with exceptional talents such as researchers, medical professionals, and those in the scientific as well as knowledge fields, and exceptional students. The golden visa is especially important for Masdar City, which is the region’s center for survival innovation and technology research and development.
The Dubai General Directorate of Residency & Foreigners Affairs (GDRFA) has started implementing the previously announced 24-hour “You are Special” program. Golden Visa users, among others, will benefit from the service.
The major benefit would most likely be security; the UAE government has made it apparent that they are devoted to providing expats, investors, and essentially anyone wishing to make the UAE their home that extra cause to feel secure regarding their future with the issuing of the Golden Visa.
What Are The Golden Visa’s Requirements?
The requirements differ by category, but they all depend on the individuals’ compliance with the Golden Visa’s rules and conditions.
Requirements For Obtaining A 10-Year Visa
Individuals can apply for just a 10-year Golden Visa even without a sponsor if they invest at least AED 2 million in the UAE. These could take the form of:
An investor’s commercial or industrial license, where the memorandum of their legal entity states that the paid-up capital aforementioned company is no less than the AED 2 million. Or an investor’s commercial or industrial license, where the paid-up capital aforementioned company is no less than the AED 2 million;
if the investor has a firm in the UAE and pays the Federal Tax Authority a minimum of AED 250,000 in annual tax.
- Having a minimum public investment of AED 10 million, in either form of an equity fund or a firm.
- At least 60% of the investment amount must be in non-real estate assets.
- The cash invested cannot be borrowed, and investors should assume full ownership of assets.
- The donor must be able to maintain the money for at least three years.
- This 10-year visa can be extended to also include business partners if each of them pays AED 10 million.
- The holder’s spouse and children, and also 1 executive director and first advisor, are all eligible for the long-term visa. This visa is also renewable.
Without a sponsor, senior workers such as the executive director or an advisor selected by a public investment investor can apply for a Golden Visa.
2. Individuals With Specific Skills
Doctors, researchers, scientists, investors, and artists are among those included under the specialized talents category. Following accreditation from their various department and fields, these persons may be awarded a 10-year visa. Their surviving spouses are also eligible for the visa.
The UAE would provide long-term residency to physicians, the first step in protecting, in “honor of their work and sacrifices.” From July 2021 and September 2022, all doctors licensed by UAE health regulatory organizations can apply again for Golden Visa via the website.
In their various fields of practice, doctors and therapists must fulfill at least two requirements:
- A doctorate from one of the world’s top 500 universities.
- A PhD degree and ten years of proven experience in the individual’s specialty are required.
- An honorary award in the applicant’s field of endeavor.
- Major scientific research contribution
- In prestigious publications, papers or scientific books have been published.
- Participation in a field-related organization.
- Specialization in key areas for the UAE.
For doctors that wish to apply for visas in person, seven centers associated with the Federal Authority for Identification and Citizen have been created across the UAE.
Coders of all ethnicities and nationalities can apply again for UAE Golden Visa through the UAE Government’s Office of Artificial Intelligence or the Federal Authority for Identification and Citizenship, regardless of if they are UAE residents or non-residents.
The following are eligible to apply:
- Known specialists and talents who have excelled in various aspects of coding.
- Some work for cutting-edge worldwide tech companies.
- Software engineers, computer scientists, hardware engineers, information technology professionals, artificial intelligence experts, data scientists, big data analysts, and electrical engineers.
- Google, Microsoft, LinkedIn, Amazon, IBM, HPE, Cisco, Nvidia, and Facebook have all joined together to establish the program.
This category has grown significantly to entice qualified workers with educational expertise and professional expertise in a wide range of fields, such as healthcare, science or engineering, technology, commercial business and administration, training, law, culture, and sociology.
The applicants must have a valid UAE work contract and be classified as first or second occupational level by the Ministry of Human Resources and Emiratization. Minimum educational requirements include a bachelor’s degree or equivalent, as well as a monthly salary of AED 30,000.
Based on a proposal from the UAE Scientists Council, Scientists UAE will give the Golden Visa to all scientists and researchers having high competency, accomplishments, and impact in their profession.
They must hold a PhD or master’s degree in engineering, technology, biological sciences, or natural sciences from one of the world’s top universities. They must also have significant research accomplishments.
Requirements For Obtaining A 5-Year Visa
Anyone with a property valued at least AED 2 million in the UAE can apply for a 5 years Golden Visa. The properties, however, must not have any outstanding loans.
Retired foreigners aged 55 and up who do not meet the criteria for investors or business people can apply when they have an investment of AED 1 million or a monthly income of AED 15,000.
1. Investors In Real Estate
When purchasing a house valued at least AED 2 million, property investors can qualify for a Golden Residence.
The entrepreneur must own or be a participant in a startup that is established in the country as a small or medium firm and earns at least AED 1 million in yearly revenue. An entrepreneur will be eligible for Golden Residence if he or she was a founder (or one of the owners) of a prior entrepreneurial endeavor that was sold for at least AED 7 million.
Entrepreneurs are granted a six-month multi-entry visa that can be renewed for yet another six months. The spouse and kids, a partnership, and three executives are all included in the long-term visa.
3. Students Who Excel
In the UAE, exceptional graduate and undergraduate students can apply for a 5-year resident visa. Students from top schools in the nation (a minimum grade of 95%) and students with a GPA of 3.75 or above after graduation from specific colleges. The family of excellent students is also eligible for a long-term visa.
4. The Golden Visa for Business
Aside from the aforementioned, international nationals interested in establishing a business in the UAE can apply for residency (5 years) under the Golden Business Visa program. To apply, simply visit the aforementioned electronic portal and complete the instructions outlined above.
How Can I Apply For A Golden Visa In The UAE?
All interested individuals can apply for the Golden Visa online through the ICA smart services portal. Candidates must provide the requisite documentation and be open to moving to the UAE in order to pursue their business endeavors.
What Is the Cost of the UAE Golden Visa?
The type of services and visa classification heavily influences the price of a UAE Golden Visa. The Golden Visa will price between AED 2,800 to AED 3,800 for those applying from the UAE. Applicants from outside the UAE will be charged between AED 3,800 to AED 4,800.
Validity of UAE Golden Visa
Owners of the UAE Golden Visa can currently stay outside the UAE for as much as they like without losing their residency. Previously, they have only been allowed to leave the UAE for six months before losing their residency.
Golden Visa holders, including their children and spouses, can sponsor their relatives regardless of age. They are able to fund an unlimited number of support activities (domestic help).
Other benefits for family members include the opportunity to stay in the UAE until the expiration of the Golden Visa holder’s residence visa.