Golden Visa UAE – Overview
Foreign nationals can live, work, conduct business, and study in the UAE without the need for a national sponsor under the Golden Visa UAE system. The UAE Golden Visa system has caused quite a stir among specific groups of expatriates with ambitions to secure permanent residency in the United Arab Emirates since its inauguration in 2019. Foreign entrepreneurs and investors are also permitted to own 100% of their businesses in the UAE. These visas stay valid for 5 or 10 years according to the plan and renew automatically.
Here’s all you need to know about the Golden Visa in the UAE, including current requirements, benefits, price and the application procedure.
Benefits of Golden Visa UAE
The Golden Visa system essentially grants people who fall into the following categories long-term residency (5 to 10 years): investors, entrepreneurs, individuals with exceptional talents such as researchers, medical professionals, students, and scientific and knowledge fields. Dubai’s General Directorate of Residency and Foreigners Affairs (GDRFA) implements the 24-hour “You are Special” program. Golden Visa holders, among others, will benefit from the program. The greatest advantage would most likely be security; by issuing the Golden Visa, the UAE government has demonstrated its commitment to offering ex-pats, investors, and virtually anyone wishing to make the UAE their home with a secured and comfortable future laying ahead.
Application Procedure for the Golden Visa UAE
Individuals interested in applying for the Golden Visa can do so through the Federal Authority for Identity and Citizenship — ICA (the channel for residence and citizenship) website or the ministry of General Directorate of Residency and Foreigners Affairs (GDRFA). ICA solely has online channels, but GDRFA has both online and offline outlets. Candidates must provide the requisite documentation and be willing to relocate to the UAE to pursue their business endeavors.
Requirements for the Golden Visa UAE
The requirements vary depending on the organization, but they are all subject on the persons adhering to the terms and conditions of the Golden Visa.
10-year visa eligibility requirements
Having a minimum public investment of AED 10 million, either in the form of an investment fund or a firm. At least 60% of the total investment must be in non-real estate assets. The cash invested cannot be borrowed, and in the case of assets, the investors must acquire full ownership. The investor must be able to keep the money for at least three years. This 10-year visa can be extended to include business partners if each partner pays a total of AED 10 million. The holder’s spouse and children and one executive director and one advisor are all eligible for the long-term visa. This visa can be renewed as well.
5-year visa eligibility requirements
Real estate investors
The 5-year visa has many of the same conditions as the ordinary investor visa. The only difference is that the required investment amount is AED 5 million. Their dependents are likewise covered by the visa.
Entrepreneurs can apply for a 5-year resident visa in the United Arab Emirates. People with the project who have min budget of AED 500, 000 or those who have permission for an accredited business incubator are also stand in the eligibility category. Entrepreneurs are granted a six-month multi-entry visa that can be renewed for another six months. The spouse and children; partner and three executives are included in the long-term visa.
In the UAE, exceptional high school and university students can apply for a 5-year resident visa. Students from top high schools in the country (a minimum grade of 95%) and students with a GPA of 3.75 or above after graduation from specific colleges.
Individuals with specialized talents
To be eligible for residency, members of the aforementioned specialized talent category must meet specific requirements. While scientists must be recipients of the Mohammed Bin Rashid Medal for Scientific Excellence or members of the Emirates Scientists Council, creative professionals in the arts and culture must become a member of the Ministry of Culture and Knowledge Development of UAE. Aside from that, extraordinary abilities must be proved by patents or scientific studies published in peer-reviewed publications.
Doctors and specialists must meet at least two of the following requirements: a Ph.D. from one of the world’s top 500 universities, an award or certificate of appreciation in the respective field of work, published articles or scientific books in prestigious publications in the respective field of work. contribution to a major scientific research project in the respective field of work, membership in a field-related organization, a Ph.D., and 10 years of professional experience in his field of specialization in areas of priority to the UAE .
The Golden Business Visa
Aside from the aforementioned, international nationals interested in establishing a business in the UAE can apply for permanent residency (5 years) under the Golden Business Visa scheme. To apply, simply go to the aforementioned electronic portal and complete the processes outlined above.
Price for the Golden Visa UAE
The cost of a 5-year and 10-year UAE Golden Visa is AED 650 and AED 1,150, respectively.