UAE Golden Visa is quite the buzzword in the traveller and expat community from across the world. If you have been wondering what is UAE Golden Visa, what are the benefits of having one, how to apply for a Golden Visa and what are the requirements, we are breaking it down to details for your easy complete guide to the UAE Golden Visa.
What is UAE Golden Visa?
UAE Golden Visa was launched to allow foreigners to work, live, conduct business and study in the United Arab Emirates. It is intended to ease the process for those aiming for a long stay in the UAE and is also the new process for long-term visa holders in the Emirates. It is a long-term renewable residence visa that is valid for 5 or 10 years.
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Benefits of UAE Golden Visa
There are multiple benefits of holding a Golden Visa for the UAE, the most important being:
- Holding a UAE Golden Visa grants applicants full ownership of their businesses.
- You do not need a sponsor to qualify for a Golden Visa.
- In addition to serving as a six-month entry visa, it provides the flexibility of multiple entries and the issuance of residency permits.
- It also empowers residents to sponsor family members, encompassing spouses and children of all age groups. It also includes sponsoring of an unlimited number of domestic helps.
- In case the primary visa holder passes away before the end of visa duration, their family members can stay in the UAE till the end of the permit.
Requirements and eligibility for UAE Golden Visa
There are a number of requirements for UAE Golden Visa based on the type of residence and whether the applicant is an investor, entrepreneur, talent etc. Here is a breakdown of specific requirements:
Investors in public investments
Applicants might be granted a Golden Visa for a period of 10 years without a sponsor if they are investing in an investment fund. The following conditions have to be taken in account for the same.
- Provide a letter from a UAE-accredited investment fund confirming an AED two million deposit by the investor or,
- Providing a valid commercial or industrial license along with a memorandum of association indicating an investor capital of at least AED two million.
- Provide a letter from the Federal Tax Authority confirming an annual payment of no less than AED 250,000 to the government. Furthermore, it is essential that the invested capital is owned outright and not obtained through a loan. Additionally, furnishing evidence of medical insurance coverage for both the investor and their family, if applicable, is required.
- Furthermore, it is essential that the invested capital is owned outright and not obtained through a loan.
5. Additionally, furnishing evidence of medical insurance coverage for both the investor and their family, if applicable, is required.
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Investors in real estate
You may be a granted a Golden Visa for 5 years without a sponsor and renewable on the same conditions, provided you submit
- A letter from the land department of the relevant emirate confirming ownership of one or more properties valued at no less than 2 million dirhams.
- Purchase a property through a loan obtained from specific local banks approved by the competent l ocal authority.
Entrepreneurs may get a UAE Golden Visa for 5 years if they own an economic project of a technical or future nature based on risk and innovation. Additionally, applicants require an approval letter from each of these:
- An auditor in the UAE stating that the project value is not less than 500,000 dirhams.
- The authorities in the Emirate stating that the project is of a technical or future nature.
- An accredited business incubator in the UAE to establish the proposed activity in the country.
Outstanding special talent
A number of professions and skills fall under this category and are eligible to apply for a Golden Visa, including doctors, scientists, creative people of culture and art, inventors, executive directors, athletes, doctoral degree holders etc. It also includes those related to fields of engineering and science, including artificial intelligence, big data, computer/electronic/software/electrical engineering, genetics and biotech engineering etc. It also includes COVID frontline heroes.
The eligibility criteria for each of these require certain approvals, documents and more; details of these can be sought from the competent authorities.
Application process for UAE Golden Visa
Those seeking a Golden Visa can apply for either the Fderal Authority for Identity and Citizenship — ICA (the eChannel for residency and citizenship) or the General Directorate of Residency and Foreigners Affairs (GDRFA). While ICA can be applied for online only, GDRFA can be applied for both online as well as offline.
Online applications must be submitted only through authorised, official website and applicants are advised to be cautious of the same.
As of now, the cost of a 5 year and 10 years UAE Golden Visa is around AED 650 and AED 1,150 respectively.