‘Gold Card’ Visa in the UAE: What We Know So Far
Starting in February of this year, the UAE officially began processing five and ten-year visas for investors and entrepreneurs, an initiative that has been met with widespread praise since it was announced. Shortly after that, headlines were made once again with another new announcement - the ‘Gold Card’ visa, which would be the equivalent of permanent residence in the UAE.
The announcement was coupled with the news that 6,800 Dubai residents with a combined investment of AED 100 billion would be receiving Gold Cards, but details about the visa itself were not readily available until earlier this week.
The Gold Card covers several broad categories of long-term visas:
Those who have invested a minimum of AED 10 million, with at least 60% invested in non-real estate assets
Partners in a business who have each put up AED 10 million worth of capital into the business
Researchers and those working in specialised fields, particularly related to science and technology
Outstanding students with grades of 95% or higher
Although the Gold Card does grant permanent residence, there are a few points to keep in mind:
The visa needs to be renewed every 10 years as a government requirement, since there are certain official procedures that will need to be done at the time of renewal
Gold Card holders will be allowed to stay outside the UAE for more than 6 months (this is not permissible for regular visa holders)
The Gold Card will be subject to review in the event that an investor’s capital falls below the minimum requirement in the future. Renewal will be decided on a case-by-case basis
It has also been announced that executives earning a salary of AED 30,000 or more are eligible for a long-term visa, though it will not fall under the umbrella of permanent residence.
If you would like to know more about the new visa rules and procedures, get in touch with our team and we would be glad to assist you.