From iconic skyline and engineering marvels to taste of culture and luxurious resorts, the United Arab Emirates has so many marvels to sigh at. With the hope of attracting residents and skilled workers from foreign countries, the nation has introduced several new schemes, one of them being the Golden Visa. This visa is currently the buzzword among the expat community across the world. If you are wondering what is UAE golden visa and how is it beneficial for immigrants in the UAE, then this article will break down all the details for your easy complete guide.
What is UAE golden visa?
A Golden Visa in the UAE is a legal document granting long-term residency to expatriates with outstanding achievements, significant investments, or high professional skills. It is different from other types of visas in the UAE as it offers an extended stay of up to 10 years with the possibility of an extension.
The eligibility to apply for the Dubai Golden Visa can be availed by expats investors if they invest in real estate or businesses in the UAE or contribute to local projects. However, they are required to meet specific financial thresholds to qualify as an investor.
Requirements and eligibility for UAE golden visa
People falling under the below categories can apply for the UAE Golden Visa:-
Real Estate Investors
Foreign investors who have invested at least AED 2 million in a property in the UAE can qualify for a Golden Visa. The specific requirements to obtain this visa include the following:
- Proof of investment in real estate (For example, a letter from the land department)
- Evidence of purchasing the property through a loan
Entrepreneurs
Entrepreneurs who own a start-up company registered as an SME within the UAE can obtain a UAE golden visa. Additionally, the requirements for this category include the following:-
- The annual revenues of the startup must be no less than AED 1 million.
- The entrepreneur must have been previously associated with a project that was sold for more than AED 7 million.
- Approval from an accredited business incubator to establish the proposed activity in the UAE.
Exceptional talents
Individuals such as inventors, innovators, and specialists, who are exceptionally talented in the fields of culture, art, sports, digital technology, engineering and science, and other respective fields can apply for the Golden Visa. The basic requirements for this category are as follows:
- Approval letter and accreditation from their respective departments and fields.
- Graduated from any of the 500 international universities approved by the Ministry of Education.
- A medical practitioner experience (for doctors and other health professionals)
Investors
Individuals who have invested a significant amount in the UAE can apply for this visa. The duration of the visa will depend on the invested amount. For instance, a 10-year validity for an AED 10 million investment and a 5-year validity for an AED 5 million investment. However, the investors need to meet the following criteria:
- The amount needs to be invested for 3 years and must not be mortgaged.
- 60% of the invested fund must be in the non-real estate sector.
Students and specialists
High achievers in secondary school and outstanding graduates from universities are eligible to apply for the visa. Nevertheless, the requirements include:
- Students must score at least 95% in secondary education.
- Graduates from universities must have a distinction GPA of at least 3.75.
- They must be graduated from the best 100 universities worldwide.
Humanitarian pioneers
Individuals who have been pioneers in humanitarian work fall under this category, and thus are eligible to apply for this visa. However, their work must include any of the following:
- Worked in international and regional organizations for at least five years.
- Been a member of a civil association or institution of public interest for at least five years.
- Received an appreciation award from a local, regional, or international organization engaged in humanitarian work.
- Donated at least AED 2 million for humanitarian work.
Benefits of Dubai golden visa
Now that you are aware of what is UAE golden visa, it is important to learn about the multiple benefits it brings along for its holders.
Long-term residency – Individuals with a Golden Visa can stay in the UAE for up to ten years. Additionally, this visa allows people with sufficient budgets to cross borders at any time without being bound to one Emirate. They can also bring their dependents to the country to live with them.
Tax-free living – UAE residence visa holders are not subject to paying income tax, corporate tax, and property tax as well. They are exposed to Value Added Tax only if their income for one year exceeds AED 365,000. The double tax treaties signed by the UAE with more than 100 countries are an added advantage for Golden Visa holders.
Business and investment opportunities – Golden Visa allows its holders to invest and conduct business in the UAE without any restrictions. Moreover, the perfectly developed infrastructure and economy help in improving the quality of life of citizens.
Real estate investment opportunities – Several Emirates in the UAE such as Abu Dhabi, Sharjah, Dubai, Fujairah, etc. offer citizenship to individuals if they invest considerably in real estate. By obtaining a Golden Visa, investors can enjoy tax absolutions on rental income and capital gains.
Access to world-class healthcare and education – Education and medicine are indeed free for citizens in the UAE. Reports suggest that the government has invested substantially in public education and healthcare in the past few years. Additionally, the authorities are also focusing on developing private educational and medical institutions in the country.
Benefits for family – A significant advantage of the Dubai Golden Visa is that it allows its holders to enjoy the exclusive benefit of family sponsorship. The accessibility of this privilege promotes unity and ensures that the family members of the primary visa holder can enjoy the same benefits and opportunities.
Traveling flexibility – As UAE is renowned as the epicenter of business and tourism, the UAE Golden Visa opens up additional opportunities for its holders. They can travel to various approved countries, for both leisure and work purposes.
No requirement for sponsorship – The application process for a UAE Golden Visa can be carried out without a sponsor. The applicant has to undergo the entry process, gather some essential documents, and fulfill the visa formalities. After completing the transaction, the expat can settle in one of the wealthiest economies in the world.
Additional privileges – Securing residency in a country like the United Arab Emirates brings opportunities and stability. Not only the procurement procedure is quick, it can be finalized within a few months. The Golden Visa holders can avail many privileges and benefits, including the Esaad card, which they can use for discounts on entertainment, goods and services, etc.
Documentation requirement for UAE Golden Visa application
While applying for a Golden Visa in the UAE, the applicants are required to provide the following documents to the respective authorities:-
- A valid passport
- Birth certificate
- Marriage certificate (if required)
- No criminal record certificate from the police department of the native country
- Good conduct certificate
- Medical insurance
- Medical fitness certificate
- Current UAE visa
What is UAE Golden Visa: Steps to apply
The application procedure for the UAE Golden Visa is quite straightforward. However, the expat applicant has to go through a few essential steps:
- Determine the eligibility
- Prepare and submit the requested documents
- Obtain a 6-month entry visa to the UAE
- Medical checkup to check for infectious ailments
- Get a golden visa
Get UAE Citizenship with the help of Shuraa
The Golden Visa is a ticket for those seeking stability, security, and growth prospects in one of the most dynamic economies in the world, the UAE. The Golden Visa program attracts investors, entrepreneurs, and talented professionals through various incentives and encourages them to contribute to the multicultural and innovative development of the country.
Need more information on what is UAE Golden Visa? Connect with the visa consultants of Shuraa Business Setup.
