Everything You Need To Know About UAE Golden Visa
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 few months.
Some Details About Golden Visa UAE
Since the announcement of the ‘Gold Card’ or ‘Golden Visa’ several months ago, there has been continued speculation over what it actually entails and what processes will be involved in applying for the visa.
|1. Categories Of UAE Golden Visa||2. Points To Keep In Mind|
|3. Golden Visa Dubai Requirements||4. UAE Golden Visa New Rules|
1. Categories Of UAE Golden Visa
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.
2. Points To Keep In Mind About The Golden Visa UAE
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
- The Golden Visa is a blanket term for long-term residency visas in the UAE that will be offered to investors and entrepreneurs provided certain criteria are met. The visa is renewable and extends to family members of visa holders as well.
- 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.
3. Golden Visa Dubai Requirements
Dubai's golden visa requirements depend on the type of visa; there are multiple options foreigners can choose from, including entrepreneur, talent, residence, and investor golden visas.
4. Entrepreneurs' Golden Visa requirements
- UAE auditor letter about the cost of the project must be at least AED 500,000.
- Statement from UAE authorities that the project is of a technical or future nature
- A business incubator in the UAE
5. UAE Golden Visa New Rules
- Renewable 10 year residence visa
- No sponsor required
- No limit for sporting staff and family members
UAE Golden Visa - Official Website
Golden Visas started being issued in May of this year, and now the government has launched a web portal to receive and process Golden Visa applications. You can submit an application through https://icp.gov.ae/en/services/golden-visa/ and it will be processed by the Federal Authority for Identity and Citizenship.
How to Apply for Golden Visa UAE?
Offering such a visa already presents Dubai as an attractive destination for investors, who will now be able to secure a greater sense of stability in the country. With the launch of an online portal, visa applications will become even more streamlined. The status of an application is updated regularly and can be checked throughout the process, both by the applicant and government officials, who can ensure that all steps are being completed in a timely manner. This is a significant leap forward for the UAE and comes at a very ideal time, with Expo 2020 being less than a year away. It is expected that the coming year will bring a fresh new wave of entrepreneurship and innovation to the UAE with plenty of inward investment. The UAE government has a target of 6,800 Golden Visas to be issued by the end of this year and can expect to issue many more in the near future.
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.
Who Can Apply For UAE Golden Visa?
UAE's "golden visa" is a long-term permit that allows foreigners to live, work, and study in the UAE for a long time. This residence visa is valid for 5 to 10 years.
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