Well, if you have heard about the new UAE Golden Visa but don’t know how exactly it works. Don’t worry here; we have gathered all the information you need to know about the new UAE Golden Visa.
UAE government implementing a long-term residence visa named Golden Visa in 2019. As the name states, it could be a golden opportunity for the expat working or willing to work in UAE.
This visa benefits expat and allows foreign nationals to live, work, and study in UAE in the absence of a native sponsor and have 100 percent proprietorship of their business.
Eligibility Criteria For UAE Golden Visa
You should fall under one of the following criteria to become eligible to apply for a UAE Golden visa:
This category includes a foreign national willing to invest in the UAE mainland and follow the existing rules and regulations.
It involves a foreign national with projects willing to contribute to the economy of the nation. Entrepreneurs can be of any field. It could be science, business, innovation.
3. Professional Talent
This category includes a foreign national with unique talents in their respective fields. For example, it could be scientists and researchers, computer engineers, chartered accountants, professors, sportspeople, entertainers, etc
4. Bright Students
As titles suggest, this category includes a bright foreign student who helps the country in upcoming innovation and scientific research—basically, a talented student who adds positive value to the nation.
UAE Golden Visa Types
There are two types under UAE Golden Visa in terms of time.
i. 10 year visa
ii. 5 year visa
Eligibility for a 10-year visa
As the category states, a foreign national can get a visa for ten years to work and study in the UAE without sponsorship.
Let’s discuss the requirements for all the four categories mentioned above for eligibility for a 10-year visa.
Following are the requirements for an investor to become eligible to get a 10-year visa:
- The minimum amount in public investment for a single investor should be 10 million AED.
Here are the different ways to invest your AED 10 million:
- First, you can deposit the total amount within the country in an investment fund.
- You can also establish a company in the country with the minimum required amount.
- You can do a partnership with the new company or existing company inside the country.
- There is an exception for investing in real estate. To invest or start a business in real estate, you should own at least 60% of the total investment.
There are certain conditions even if you meet the above eligibility. Which are:
- Loaned amount is not counted on 10 million AED.
- You should be able to spend the amount for at least three years.
- Financial solvency should be up to AED 10 million in your business or investment.
Considering the above eligibility and conditions, you might have questions about your family business partners and workers related to business.
The UAE Golden Visa has specific provisions for that as well.
You can include the spouse and children, including one executive director and advisor, in your long-term visa application.
A business partner could also benefit from your long-term visa. You can include a business partner and extend the visa if your business partner contributes an additional 10 million AED.
Note: Remember the contribution of money for an individual to become an investor or business partner is AED 10 million.
For further information, you can visit the UAE Government portal.
2. Specialized talented person
This category includes a person with specialized talents who can add positive value to the nation in the future, such as scientists, doctors, specialists, foreign nationals in art and culture.
You should have an employment contract in their respective specialization field before applying under this category.
If your spouses do not fall under this category, you can always extend visas to your spouses and children.
There are certain conditions to get a 10-year UAE golden visa for a foreign national under this category. Which are:
- Emirates Scientists Council must authorize scientists.
- The Ministry of Culture and Youth authorizes a specialized person in art and culture.
- The patent approved by the Ministry of Economic must be acquired by investors who will help boost the nation’s economy.
- Talented persons in a specific field should be issued in a renowned publication around the world.
- To be eligible, executives of a company must have holdings on the significant and globally accepted organization or could have acquired top-level educational procurement.
There are minimum requirements for especially doctors and specialists who are willing to apply:
- Ph. D. degree should be obtained from the top 500 academic institutions around the world. You can obtain further details through ICA.
- Must have recognition or certificate in the respective sector.
- Applicants should have contributed to a study or findings on their sector.
- Must have published a paper in a renowned publication.
- The applicant should have a 10-year of paid or unpaid professional experience.
- Having the specialized knowledge in the fields of UAE’s priority.
Eligibility for a 5-year visa
Another type of visa service is offered by UAE golden visa, which is five years visa. Here in this section, we will provide you the details for the eligibility of a 5-year visa for three different categories: Investors, Entrepreneurs, and Bright Students.
In this category, for the eligibility of a 5-year visa, an investor has the following conditions:
- Unlike obtaining a 10-year visa, for a 5-year visa, the minimum amount of investment for an investor is AED 5 million.
- Similar to the condition in the 10-year visa service, the amount invested should not be burrowed.
- Also, the investor should hold onto the investment for at least three years.
Entrepreneurs and Bright students get a visa for only 5-year. However, there are provisions to extend if they qualify. For further information, you can check the official page of the UAE Residence visa.
Entrepreneurs who are ready to pull off the benefits of this Golden opportunity to grow their idea and business should have running projects with funds of at least AED 500,000.
Additionally, those with the acceptance of the licensed company can also apply for a 5-year visa through this category.
They also have a multi-entry visa for six months which could be extendable for the next six months.
Remember that long-term visas for spouses and children, a partner, and three executives are included in the entrepreneur category.
3. Bright Students
For a foreign national to fall under this category, they should be:
- The student who acquired at least 95% in secondary level education.
- The minimum requirement of GPA for a university student is 3.75.
Additionally, this 5-year long-term visa service could be applicable for student’s families as well.
All info on this website is general and should not be considered legal advice.
If you want to get further information on this provision, contact the UAE’s Federal Authority of Identity and Citizenship. You would also be able to give a call on toll-free number 600522222 via ICA’s feedback platform.