In 2019, the United Arab Emirates (UAE) applied a new system for long-term residence visas, thereby allowing foreigners to live, work and study in the UAE without the need of a national guarantor and with 100% proprietorship of their business. The Golden Visa system offers long-term residency to people belonging to certain groups.
This amendment was taken about in a bid to entice new foreign residents, chiefly to the emirate of Dubai, following the economic disturbance caused by the pandemic.
So, what does this Golden Visa offer?
The Golden Visa system essentially offers long-term residency i.e. 5 and 10 years to individuals fitting to the following groups: investors, entrepreneurs, people with unresolved talents the likes of investigators, medical professionals, and those within the technical and knowledge fields, and astonishing students.
The main advantage of the visa will be secured through the issuance of the Golden Visa, the UAE government has made it clear that they are dedicated to providing emigrants, investors, and everyone looking to make the UAE their home an additional reason to feel protected about their future.
Who can apply for the visa?
Interested people, who would want to apply for the Golden Visa, can do so through the website of the Federal Authority for Identity and Citizenship —the General Directorate of Residency and Foreigners Affairs (GDRFA) or ICA (the channel for residency and citizenship), which works under the ministry. While GDRFA offers online and offline channels, ICA offers only online channels.
The procedure is quite simple with applicants required to submit the essential documents and be eager to relocate to the UAE in agreement with their business venture.
Who can apply for Golden Visa?
To apply for the 10-year visa, investors having no less than AED 10 million value of the public investment, either in the form of a company or an investment fund, can apply. Though at least 60 % of the entire investment should not be in the form of real estate and the invested amount should not be loaned, investors must have full ownership in the case of possessions.
The investor should be able to maintain the investment for at least 3 years as well. This 10-year long visa can be extended to the business partners, providing that each partner funds AED 10 million. This long-term visa can also comprise the holder’s spouse and children and one decision-making director and one advisor.
Besides entrepreneurs, people with outstanding talent can apply for the visa as well. These include doctors, scientists, investors, researchers, and artists.
For the 5-year visa, the rules are mainly alike for investors with the only alteration being the amount of investment required is AED 5 million.
Excellent high school and university scholars are eligible for a 5-year residency visa in the UAE. High school students who top in the country with a minimum of 95% and students from certain universities with a GPA of 3.75 or higher upon graduation are eligible.
In addition to the above-mentioned, foreign residents who are looking to set up their business in the UAE can also apply for this 5-year permanent residency through the Golden Business Visa scheme.
Conditions for people with specialized talents
People in the above-mentioned specialized talent group must achieve certain criteria to be eligible to apply for residency.
While the scientists must be attributed by the Emirates Scientists Council or holders of the Mohammed Bin Rashid Medal for Scientific Excellence, creative people in culture and art must be attributed by the Ministry of Culture and Knowledge Development.
Also, brilliant talents must be recognized by copyrights or scientific research published in a world-class journal.
Doctors and experts should have
· Ph.D. degree from top 500 universities in the world
· Award or certificates of gratitude in the field of the applicant’s work
Other programs introduced to bring in foreign residents?
The UAE has also permitted an alteration to its residency laws permitting foreign university scholars to bring their families to the UAE, as long as they have enough money, appropriate accommodation, and monetary means to support them.
In October 2020, Dubai also launched an exclusive residency program that allowed foreign working professionals, who were working from home, to reside in the UAE while continuing to serve their companies in their home country.
In September, the Dubai government had also launched a 5-year renewable Retirement Visa for immigrants aged 55 and over to live in the emirate. The program, known as the Retire in Dubai, is open to all retirees as long as they make a monthly income of at least $5,500, own a property in Dubai worth $550,000, or have savings of $275,000.
So, if you wish to plan a trip to Dubai and are looking for cheap Dubai tour packages or visas, visit our website for exclusive deals.
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