Are you eligible for the highly desired Golden Visa in UAE?
The UAE Golden Visa system has caused quite a stir among specific groups of expats with ambitions to secure a permanent residency in the United Arab Emirates (UAE). It was launched to promote UAE as a commercial investment destination and foster regional economic development in the country, opening the doors for Business Setup for all the aspiring entrepreneurs.
Inaugurated by Sheikh Mohammed bin Rashid, Dubai’s Prime Minister and Ruler in 2019, golden visa allows foreigners to live, work, and study in the UAE without the need for a national sponsor and with full ownership of their company.
Since its inception, it has attracted investors, scientists, chefs, celebrities including actors, singers and composers to opt for the ‘golden visa’ status. From Indian superstars like Shah Rukh Khan, Mammootty, Mohanlal to Lebanese pop stars Najwa Karam and Myriam Fares and Egyptian actor-rapper Mohamed Ramadan, more and more regional and international talents are recognized with the golden visa status.
What is Golden Visa?
It is a long-term residency visa that enables foreigners to live, work, and study in the Gulf state without the need for a national sponsor. It also permits 100 % ownership in UAE. These visas are issued for a period of 5 or 10 years and are eligible for auto renewal. It can also cover the golden visa holder’s spouse, children, parents, dependent siblings, business partners, among other people.
Who can apply?
The following people can apply for the golden visa
- Outstanding individuals with exceptional talents including the likes of researchers, medical professionals and those within the scientific and knowledge fields
- Talented students
Individuals who are qualified as mentioned above or those who want to nominate someone who is eligible can apply via Federal Authority of Identity and Citizenship (ICA) UAE smart app and submit with all the relevant papers. The service would cost Dh50 per applicant.
Criteria for applying for a 10-year visa
The following categories can apply
- Investors with a minimum investment of AED 10 million in public investments can apply. The investments can be in the form of investment fund in the UAE, owning a company, partnering with an existing or new company with the equivalent share value, or should have a total investment not less than AED 10 million in the areas mentioned, on condition that the investment in sectors other than real estate is not less than 60 per cent of the total investment.
Mandatory prerequisites are –
- Investments cannot be financed with borrowed funds or loans
- Should maintain the investment for at least three years
- Financial solvency of up to AED 10 million is required
Benefits – The golden visa for investor category can be extended to include business partners, on the condition that each partner contributes AED 10 million. It also includes the spouse and children, as well as one executive director and one advisor of the visa holder.
- People with exceptional talents – This category includes researchers in the fields of science and knowledge such as doctors, specialists, scientists, inventors, as well as creative individuals in the field of culture and art. The visa advantage extends to the spouse and children as well.
Mandatory requisite – Eligible people should have a valid employment contract in a specialized field of a priority in the UAE.
Category specific requirements
- Scientists must be Emirates Scientists Council recognized or have received the Mohammed Bin Rashid Medal for Scientific Excellence.
- Talented individuals in culture and art must be accredited by Ministry of Culture and Youth.
- Inventors must receive a valuable patent, which contributes to the economy of the UAE. The Ministry of Economy must approve the patents
- Patents or scientific research published in a world-class journal should be produced to prove exceptional abilities
- People who are the owners of a leading and internationally recognized company or who have a high level of academic achievement and position.
- Doctors and specialists must meet at least two of the following conditions:
- A Ph. D. degree from one of the top 500 universities in the world (recognized by UAE government as recommended by ICA)
- Have received awards or certificates of appreciation in the field of the applicant’s work
- Have contributed to important scientific research in the respective field of work
- Have published articles or scientific books in illustrious publications.
- Membership in an organization with respect to the area of specialization.
- A Ph. D. degree, in addition to 10-year professional experience have specialized in areas prioritized by the UAE Government
Criteria for applying for a 5-year visa
The following categories are entitled to apply for a 5-year residence visa in the UAE.
- Investors in real estate
The 5-year visa has many of the same conditions as the ordinary investor visa. The only difference is that the required investment amount is AED 5 million. Their dependents are likewise covered by the visa. The amount invested should not be on loan and must retain the investment for at least three years.
Entrepreneurs can apply for a five-year residency visa if they have an existing project with a minimum capital of AED 500,000 or have the approval of a country-accredited business incubator. They are also granted with a six-month multi-entry visa, which is renewable for another six months. The spouse and children, a partner, and three executives are all included in this type of visa.
3. Outstanding Students
Students who have achieved a minimum grade of 95 per cent in public and private secondary schools are eligible to apply for a 5-year golden visa. Apart from that university students within and outside the country having a distinction GPA of at least 3.75 upon graduation can also apply. This also includes the families of students.
What is the procedure for obtaining a ‘golden visa’?
Individuals interested in applying for the visa should go to the Federal Authority for Identity and Citizenship (ICA) website or call the toll-free number 600522222. They can also contact one of the UAE’s embassies or consulates.
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