The UAE Golden Visa has become a hot topic in the global traveler and expat circles. Whether you’re curious about what the UAE Golden Visa entails, the perks it offers, the application process, or the eligibility criteria, this detailed guide aims to provide all the essential information you need.
What is the UAE Golden Visa?
The UAE Golden Visa was introduced to facilitate foreigners working, living, conducting business, and studying in the United Arab Emirates. It serves as a streamlined process for individuals seeking an extended stay in the UAE, also replacing the traditional long-term visa system. This special visa is a renewable residence permit valid for either 5 or 10 years.
Benefits of the UAE Golden Visa
Securing a UAE Golden Visa comes with a myriad of advantage
Full Business Ownership
One of the key benefits is the complete ownership of businesses granted to Golden Visa holders.
No Sponsor Requirement
Unlike other visas, a Golden Visa doesn’t necessitate a sponsor for qualification.
Flexibility and Residency Permits
In addition to serving as a six-month entry visa, it allows multiple entries and the issuance of residency permits.
Family Sponsorship
Golden Visa holders can sponsor family members, including spouses, children of all age groups, and an unlimited number of domestic helps.
Bereavement Support
In the unfortunate event of the primary visa holder’s demise, family members can stay in the UAE until the permit’s expiration.
Requirements and Eligibility for the UAE Golden Visa
The specific requirements for a UAE Golden Visa depend on the type of residence and the applicant’s classification, such as investor, entrepreneur, or talent. Here’s a breakdown of the requirements for each category:
Investors in Public Investments
Investors may qualify for a 10-year Golden Visa without a sponsor by meeting specific conditions:
- Provide a letter from a UAE-accredited investment fund confirming a deposit of AED two million.
- Possess a valid commercial or industrial license, indicating an investor capital of at least AED two million.
- Confirm an annual payment of no less than AED 250,000 to the government.
- The invested capital must be outright ownership, not obtained through a loan.
- Provide evidence of medical insurance coverage for the investor and their family.
Investors in Real Estate
For a 5-year Golden Visa without a sponsor, investors in real estate must:
- Obtain a letter from the relevant emirate’s land department confirming ownership of properties valued at no less than AED 2 million.
- Purchase a property through a loan from specific local banks approved by the competent local authority.
Entrepreneurs
Entrepreneurs may secure a 5-year Golden Visa if they own a project of technical or future nature based on risk and innovation. Requirements include:
- An approval letter from a UAE-based auditor confirming the project’s value is not less than 500,000 dirhams.
- Confirmation from authorities in the emirate that the project is of a technical or future nature.
- Approval from an accredited business incubator in the UAE.
Outstanding Special Talent
Professions and skills falling under this category, such as doctors, scientists, artists, inventors, and more, are eligible for a Golden Visa. Criteria include specific approvals, documents, and details, available from competent authorities.
Application Process for the UAE Golden Visa
Applicants can apply for a Golden Visa through either the Federal Authority for Identity and Citizenship (ICA) or the General Directorate of Residency and Foreign Affairs (GDRFA). While ICA applications are online-only, GDRFA allows both online and offline submissions. Applicants are advised to use authorized, official websites for online applications. As of now, the cost for a 5-year and 10-year UAE Golden Visa is approximately AED 650 and AED 1,150, respectively.
By following this comprehensive guide, you’ll be well-equipped to navigate the intricacies of the UAE Golden Visa application process, ensuring a smooth and successful application experience.
