businessGOLDEN VISA UAE
The United Arab Emirates (UAE) implemented a new long-term residency visa system in 2019, enabling foreigners to live, work, and study in the UAE without the requirement for a native guarantor and with full ownership of their firm.
Following the economic disruption caused by the epidemic, the amendment was enacted in order to recruit new foreign immigrants, mostly to the emirate of Dubai.
So, what exactly does this Golden Visa Dubai have to offer?
The Golden Visa system essentially provides long-term residency, i.e. 5 and 10 years, to individuals who fall into the following categories: investors, entrepreneurs, people with unresolved talents such as investigators, medical professionals, and those in the technical and knowledge fields, and outstanding students.
The major benefit of the visa will be ensured by the issuing of the Golden Visa, and the UAE government has made it plain that they are committed to offering immigrants, investors, and anybody else wishing to make the UAE their home with another reason to feel safe about their future.
Who is eligible to apply for the visa?
Those interested in applying for the Golden Visa should visit the website of the Federal Authority for Identity and Citizenship — the General Directorate of Residence and Foreigners Affairs (GDRFA) or ICA (the channel for residency and citizenship), which operates under the ministry. While the GDRFA has both online and physical outlets, the ICA exclusively has online channels.
The process is straightforward, with candidates needed to provide the necessary documentation and be willing to transfer to the UAE in accordance with their business initiative.
Who is eligible to apply?
Investors with a minimum public investment of AED 10 million, whether in the form of a corporation or an investment fund, are eligible to apply for the 10-year visa. Even if at least 60% of the total investment is not in the form of real estate and the invested money is not loaned, investors must have complete ownership in the case of possessions.
The investor should also be able to keep the money for at least three years.
This 10-year visa can be extended to business partners if each partner contributes AED 10 million. This long-term visa allows the holder’s spouse and children, as well as one decision-making director and one advisor, to accompany him or her.
People with exceptional potential, in addition to entrepreneurs, can apply for the visa. Doctors, scientists, investors, researchers, and artists are among them.
The conditions for the 5-year visa are largely the same for investors, with the only difference being that the minimum investment is AED 5 million.
Excellent high school and university students can apply for a 5-year resident visa in the UAE. Students from specific institutions with a GPA of 3.75 or above upon graduation and high school students who rank first in the country with a minimum of 95 percent are eligible.
In addition to the foregoing, international citizens wanting to establish a business in the UAE can apply for this 5-year permanent residency under the Golden Business Visa scheme.
Situations for persons with particular skills
To be able to apply for residence, anyone in the aforementioned specialized talent category must meet specific conditions.
While scientists must be ascribed by the Emirates Scientists Council or winners of the Mohammed Bin Rashid Medal for Scientific Excellence, cultural and artistic individuals must be attributed by the Ministry of Culture and Knowledge Development.
Copyrights or scientific research published in a world-class publication must also be rewarded for exceptional talents.
Experts and doctors should have
Ph.D. from one of the world’s top 500 colleges
Award or certificates of appreciation in the applicant’s line of work
Other schemes aimed towards attracting international residents?
The UAE has also allowed a change in its residence legislation that allows international university academics to bring their families to the UAE if they have enough money, proper housing, and monetary means to sustain them.
Dubai also established an exclusive residency scheme in October 2020, allowing international working professionals who worked from home to live in the UAE while continuing to serve their employers in their home country.
The Dubai government also established a 5-year renewable Retirement Visa in September for immigrants aged 55 and up who want to settle in the emirate. The Retire in Dubai program is accessible to all retirees who earn at least $5,500 per month, own a home in Dubai worth $550,000, or have $275,000 in savings.