- 1 UAE Golden Visa: Procedure to apply, Documents required
- 2 What is UAE Golden Visa?
- 3 How to Apply for a UAE Golden Visa?
UAE Golden Visa: Procedure to apply, Documents required
The United Arab Emirates (UAE) established a new long-term residency visa system in 2019, allowing foreigners to live, work, and study in the UAE without the need for a national sponsor and with full ownership of their company.
What is UAE Golden Visa?
The Golden Visa system effectively grants long-term residency (5 to 10 years) to investors, entrepreneurs, those with exceptional talents such as researchers, medical experts, and those working in the scientific and knowledge industries, and extraordinary pupils.
It is a type of grant offered to affluent persons who desire to invest a significant amount of money in a country in exchange for the chance to live there. Governments get tax benefits because of Golden Visa.
Following the economic instability caused by the coronavirus pandemic, the 2019 amendment was approved to recruit new foreign residents, mainly to the emirate of Dubai.
Candidates must provide the requisite documentation and be willing to relocate to the UAE in order to pursue their business endeavors.
Visa advantages now cover the husband and children and provide a solid family and social structure to create a stimulating atmosphere for stability and progress.
Eligibility for a 10-year visa for Golden Visa
The following categories are entitled to apply for a 10-year residence visa in the UAE:
1- Investors: who invest in Public investment of not less than 10 million dirhams (AED)
However, they have to satisfy the following conditions:
- They have to deposit at least 10 AED Million in funds inside the country.
- Establish a company with a capital not less than 10AED Million in UAE.
- Set up a business partnership of 10 million AED or more in UAE.
- In addition to the above, a total investment of not less than 10 million AED in all areas mentioned as long as non-real estate investments are not less than 60% of the total investment.
The following conditions must be met before a visa can be issued:
- The amount invested shall be wholly owned by the investor and not loaned.
- The investment should include supporting documents
- Investment retention for at least three years.
- A standard financial liability with financial solvency not exceeding AED 10 million.
Golden Visa or the long-term visa could also be extended to include business partners, however, partners should contribute AED10 million, the spouse and the children, also one executive director and one advisor.
The entrepreneur is allowed entry into the country for six months, a multi-entry visa period, with renewal for another six months.
2. Specialised talents
Specialized talents and researchers in the fields of science and knowledge The decision also includes provisions for granting a 10-year visa for specialized talents and researchers in the fields of science and knowledge for doctors, specialists, scientists, inventors, creative individuals in the field of culture and art. The benefit includes the spouse and the children. They should have a valid employment contract specialized in fields of priority for the UAE.
Scientists Must meet the below conditions:
- To be accredited by the Emirates Scientists Council.
- Holders of the Mohammed bin Rashid Medal for Scientific Excellence.
Creative individuals in culture and art should meet the following condition such as:
- Accredited by the Ministry of Culture and Knowledge Development Inventors.
- Obtain a patent of value added to UAE’s economy and should be approved by the Ministry of the economy.
Economy Exceptional Talents: – Those who have exceptional talents that are documented by patents or scientific research published in world-class journals.
Executives: Holders of outstanding academic performance, professional experience, and position Owners of prominent, well-known, and internationally recognized companies (eg, an engineer in a rare specialty with a university degree and working in a private company in the UAE). This category’s inclusion attempts to retain current competencies while also attracting new ones.
Doctors and specialists should meet at least 2 of the conditions:
- Holder of a Ph.D. degree from one of the top 500 universities in the world.
- Holder of an award or certificates of appreciation for the work in the applicant’s jurisdiction.
- Contribution to major scientific research related to the work of the applicant.
- Published articles or scientific books in distinguished publications in the field of work of the applicant.
- Membership in an organization related to the work of the applicant.
- A Ph.D. degree in addition to 10-year professional experience in the applicant’s field of work.
Eligibility for a 5-year visa for Golden Visa
The following categories are entitled to apply for a 5-year residence visa in the UAE:
Investors who must invest in property in UAE and must meet the below conditions:
- Investors should invest in a property of a value of 5 million AED or more.
- The investment is owned by investors and should not be loaned.
- And the property should be retained for not less than three years.
Entrepreneurs must meet the below conditions:
- Having completed a previous project worth at least 5 million AED, or having received approval from a country-based approved business incubator.
Entrepreneurs, partners, three executive directors, spouses, and children are all eligible for the entrepreneurial visa. The entrepreneur is granted six months in the nation on a multi-entry visa, which can be renewed for another six months.
Outstanding students: Outstanding students with a grade of at least 95 percent in public secondary schools in public and private schools, and a distinction of at least 3.75 GPA upon graduation from institutions within and outside the country, will be granted a 5-year visa under the ruling. Families of outstanding students are eligible for benefits.
You can also check further details here
What is the price of Golden Visa?
The cost of a five-year UAE Golden Visa is AED 650. The application fee is AED 150, while the issue fee is AED 500.
The cost of a 10-year Golden Visa in the UAE is AED 1,150. The application fee is AED 150, while the issue fee is AED 1000.
How to Apply for a UAE Golden Visa?
Interested applicants must register on the website of the UAE’s Federal Authority for Identity and Citizenship (ICA).
Golden services have their own section. If you fall into one of the qualified categories but have not yet been nominated, proceed to the “Visa – Golden Visa – Nomination Request For Golden Residence – New Request” box and fill out the form.
There is an online form that asks for your personal information. The category in which you believe you should be considered for nomination.
You’ll also need your Unified Identification Number (UID), a six-digit number given to everyone who enters the UAE.
How long does it take to get a nomination?
1. You will receive an email within 30 days informing you of the outcome of your nomination application. You will get a link to upload the appropriate visa documents once your nomination gets approved.
2. Your application will be verified by the Federal Authority for Identity and Citizenship within weeks of uploading your documents, and you will obtain your visa.
3. If you are presently residing in the UAE, you will be issued a one-month temporary visa and will be required to convert it to a residency permit during that time.
What if I’m applying from a country other than the UAE?
If you are currently living outside of the UAE, you will be granted a six-month visa to visit, explore, and settle in the UAE.