In 2019, the UAE introduced a new system for long-term residence visas. The new system enables foreigners to live, work and study in the UAE without the need of a national sponsor. Known as a golden visa, this system provides foreigners with the opportunity for long-term, substantial settlement in Dubai.
If you are interested in obtaining the coveted UAE Golden Visa, then there is much to learn and understand. Here is everything you need to know.
What is the UAE Golden Visa?
Introduced in 2019, the Golden Visa is an effort to ensure that foreigners in the Emirates are offered a chance of having a sustainable lifestyle, for a 5 or 10-year period. This is all without the need of a national sponsor and with 100 per cent ownership of their business on the UAE’s mainland.
Currently, the UAE golden visa is available for investors, entrepreneurs, specialized talents and researchers in various fields of science and knowledge, and bright students with promising scientific capabilities.
In the past year, for example, the UAE government offered Golden Visas to doctors that worked tirelessly to aid those affected by the COVID-19 pandemic.
Who Can Obtain the UAE Golden Visa?
Currently, the golden visa in Dubai is available for the following categories of people:
- investors
- specialized talents and researchers in various fields of science and knowledge
- bright students with promising scientific capabilities
If you fall into any of the above-mentioned categories, then you may be eligible to obtain the UAE golden visa. Keep in mind that under this type of visa, investors need not have a local sponsor for their business. This means that the golden visa allows 100% foreign ownership of businesses.
Eligibility Requirements for the 5-Year Golden Visa
In order to be eligible to apply for the 5-year golden visa, you must meet certain eligibility requirements, as mentioned below:
Investors in a property in the UAE
In order to be eligible for this visa, the investor must invest in a property of a gross value of not less than AED 5 million. Moreover, the amount invested in real estate must not be on loan basis and the property must be retained for at least three years.
Entrepreneurs
To be eligible, entrepreneurs must have an existing project with a minimum capital of AED 500,000, or have the approval of an accredited business incubator in the country. The entrepreneur is allowed a multi-entry visa for six months, renewable for another six months. The long-term visa includes the spouse and children, a partner and three executives.
Outstanding Students
In order to be eligible to apply, the category of outstanding students must have a minimum grade of 95 per cent in public and private secondary schools. It also applies for university students within and outside the country having a distinction GPA of at least 3.75 upon graduation.
Eligibility Requirements for the 10-Year Golden Visa
In order to be eligible to apply for the 10-year golden visa, you must meet a different set of certain eligibility requirements, as outlined below:
1-Investors in public investments of at least AED 10 million
The conditions for this category of eligibility includes the following terms:
- The amount invested must not be loaned.
- The investment should be retained for at least three years.
- There should be a financial solvency up to AED 10 million
2-Persons with specialized talents
This includes specialized talent and researchers in the fields of science and knowledge. This includes doctors, specialists, scientists, inventors, and creative individuals in the field of culture and art.
The golden visa extends to the spouse and children under this category. All categories are required to have a valid employment contract in a specialized field of a priority in the UAE.
What is the UAE Golden Visa Application Process?
Eligible people can apply for this golden visa. In order to apply or nominate someone for the UAE Golden Visa, you must apply online via the portal of the Federal Authority for Identity and Citizenship. You may also apply through the website of the General Directorate of Residency and Foreigners Affairs.
The websites and application forms are also available to visit via mobile apps. Along with the online application form, you must submit the application fees. For those applying for the 10-year Golden Visa, the cost is AED 1,150. For 5-year Golden Visa, the total cost is AED 650.
Interested in learning more about the exclusive UAE Golden Visa? Contact us at Indus Business Services today!
