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In May 2019, Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai introduced the UAE golden visa, a long-term residence scheme. Since its implementation, the system has garnered considerable attention among ex-pats wishing to get permanent resident status in the Emirates.
To encourage foreign investment, the government of the United Arab Emirates approved new conditions for obtaining a Golden Visa in 2022, including a reduce required investment amount, the ability to buy off-plan properties and take out a mortgage, and no restrictions on the duration of stay in other countries. By October 2022, the revised regulations had been implemented.
Discover everything you know about Golden Visa UAE, including its current requirements, benefits, and application process.
UAE Golden Visa: What Do You Need to Know?
High-net-worth individuals can apply for long-term residency through the golden visa program. They must meet certain criteria, including those of investors, entrepreneurs, researchers, doctors, teachers, and academic achievers. The goal is to retain talented individuals within the nation. Those who hold a Golden Visa and are willing to make the United Arab Emirates (UAE) or Dubai (Dubai) their primary residence will receive further support from the government.
Family members of Golden Visa holders are entitled to additional advantages, including the right to remain in the UAE for the term of the residency, even if the bearer of the Visa passes away before the residency expires. Additionally, a grace period of up to six months has been included after expiration or cancellation. A new regulation allows holders of Golden Visas to sponsor an unlimited number of domestic workers.
The minimum requirement to invest in real estate to qualify for a Golden Visa has been reduced to AED 2 million. This applies to all categories, including students, skilled employees, extraordinary talents, and real estate investors. The Golden Visa program has been updated to make it easier for non-UAE nationals to live, work, conduct business, and study in the UAE without sponsoring a UAE national.
Benefits of UAE Golden Visa
- The Golden Visa of the United Arab Emirates entitles its holder to all of the following privileges:
- Residency in the UAE over an extended period (5 or 10 years).
- Peace of mind over their future in the country
- Live, work, and attend school in the UAE.
- Complete ownership of businesses on the UAE’s mainland.
- There is no requirement to find a local sponsor.
- A six-month entry visa with numerous entries, followed by the issuing of resident permits.
- The ability to remain outside the UAE indefinitely without having their Visa cancelled.
- They can sponsor their family members, regardless of age, including spouses and children.
- Allowing an unlimited number of domestic workers to be sponsored.
- Permitting family members to remain in the UAE until their permit expires in the event of the death of the primary Golden Visa holder.
- Golden Visa holders receive discounts and special offers on automobiles, real estate, health care, hospitality, health insurance, and financial services.
- Banks provide decreased fixed mortgage interest rates and attractive savings account interest rates to real estate golden visa investors.
- The holders will also be eligible for steep discounts on annual health insurance plans for families and individuals, with a variety of network coverage and an array of features both within and outside the UAE.
- Golden visa holders are eligible for discounts on the priority booking of a residence or vehicle, as well as unique payment options, maintenance deals, and licensing services.
UAE Golden Visa Eligibility Criteria
Under a new set of executive regulations, the eligibility requirements for the UAE Golden Residence Scheme have been streamlined, and the categories of people eligible to apply for the 10-year long-term Visa have been expanded.
Investors, entrepreneurs, remarkable talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers, and frontline heroes who match specified eligibility parameters will be granted 10-year residence in the United Arab Emirates (UAE) under new executive regulations.
Following are the categories of people who, according to the UAE Government’s Official Portal, are qualified for the Golden Visa:
Golden Visa for Professionals
The Golden Visa for professionals significantly expands the original Golden Visa eligibility category. It covers a wide range of occupations in every subject possible, including but not limited to teaching, law, medicine, engineering, computer science, sociology, and many others.
Golden Visa for Real Estate Investors
Golden Residence is available to real estate investors who purchase a property for at least AED 2 million. According to the proposed modifications, investors may also qualify for the Golden Residence if they purchase a house using a loan from certain local banks.
Investors can also obtain Golden Residence when buying one or more off-plan properties of less than $544,500 (AED 2 million) from approved local real estate companies.
Golden Visa for Entrepreneurs
If an investor in a UAE-based startup can show that their company generates at least AED 1 million in yearly sales, they will be eligible for a Golden Visa.
Furthermore, those who have started and sold an entrepreneurial project worth at least AED 7 million can obtain the Golden Residence for Entrepreneurs. The Ministry must approve projects or proposals of the Economy or the appropriate municipal authorities.
Golden Visa for Exceptional Talents
Those extraordinarily talented in the arts, sciences, and digital technology, sports, innovations, medicine, law, and other fields may qualify for the Golden Visa scheme.
Furthermore, the 10-year Visa will be granted entirely on the basis of the applicant’s talent. There will be no consideration of a candidate’s level of education, professional experience, or monthly income. However, this will need to be recommended or approved by a federal or local government body.
Golden Visa for Outstanding Students
Graduates from the top 100 universities in the world and top-performing students from the United Arab Emirates’ secondary schools will be eligible for this 10-year Visa based on a number of factors, including their academic performance (cumulative average), year of graduation, and university classification.
Golden Visa for Humanitarian Pioneers
The UAE government has stated that the new Golden Visa guidelines are also open to humanitarian pioneers. People who have made significant contributions to the humanitarian sector in various roles, including as members of international and regional organizations, volunteers, sponsors, and recipients of recognition awards in humanitarianism.
Golden Visa for Doctors and Nurses
For their “efforts and sacrifices,” the United Arab Emirates has offered permanent residency to the world’s frontline medics and nurses. The ICA offers golden residency services for doctors, making it possible for any physician licensed by the relevant UAE authorities to apply for a Golden Visa. Recent policy changes have expanded eligibility for the Golden Visa to include nurses and medical workers, the unsung heroes of the UAE’s fight against COVID-19.
How to Apply for a UAE Golden Visa?
The application process for UAE Golden Visas is straightforward, and the best part is to apply it from the comfort of your home.
1. Access the Website
The first step is rather straightforward. Visit the GDRFA website and navigate the “residency services” and “residential visa” sections. If you fit one of the categories given, then select it. You’ll also need your six-digit Unified Identification Number (UID), which is issued to every visitor to the United Arab Emirates. Your ID number will work as well.
2. Fill out the Visa Application Form
The next step is to apply for a Dubai Golden Visa. Give details about yourself, including your name, nationality, passport number, DOB, and occupation. You must also include a working email address and phone number.
3. Attach the Required Documents
Following that, you need to affix all of the necessary travel documents. These documents may include your valid passport, a photo in the appropriate size for a passport, evidence that you invested, and any other relevant travel documents.
4. Review Your Application
This next phase is essential. You need to double-check your visa application to ensure you typed everything correctly and uploaded everything that was asked of you.
5. Pay the Visa Fee
Your final step is to submit payment for your Dubai Golden Visa. This fee may be paid via a secure online credit card transaction.
6. Submit Application
If there are any missing documents, the applicant will be notified through text message and email and given 30 days to submit the missing details. In addition, applicants will receive text messages, including approval process updates and notifications.
How Can ExpressPRO Assist You in Obtaining the UAE Golden Visa?
If you are interested in getting the benefits of the UAE Golden Visa but would like assistance with the application procedure, you may rely on ExpressPRO for support. Our team of experts will walk you through each step so that you can receive your vital legal document.
We have been offering our company formation and visa services to entrepreneurs and people who wish to operate and reside in the UAE. Start obtaining all the golden visa UAE benefits and enjoy a high standard of life by relocating to one of the world’s leading nations.