This week, the UAE government announced a major new revamp to the current visit, resident and golden visa schemes. In this article, we will focus on the new Golden Visa scheme which has increased the number of people and families eligible for attaining the visa.
Under the new reforms, the Golden Visa will grant 10-year residence to investors, entrepreneurs, exceptional talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers, and frontline heroes, who meet certain eligibility parameters.
Excellent Benefits of the Golden Visa
The main benefit of the visa will be security as through the issuance of the Golden Visa, the UAE government has made it clear that they are committed to providing expatriates, investors and essentially everyone looking to make the UAE their home an extra reason to feel secure about their future. Other benefits include:
10 years renewable residence
Duration of stay outside the UAE does not nullify the visa
No maximum number of support service labourers
Entry visa valid for 6 months with multiple entries to proceed with residence issuance
No sponsor or employer required
Residence for family members including spouse and children with no age limit
In the event of the death of the original holder of the Golden Residence, family members can stay in the UAE till the end of their residence permit
All the Golden Visa Categories
Public Investor
A deposit of at least AED (United Arab Emirates Dirham) 10 million worth of public investment, either in the form of an investment fund or a company
60% of the total investment must not be in the form of real estate.
The invested amount must not be loaned, or in the case of assets, investors must assume full ownership.
The investor must be able to retain the investment for a minimum of three years.
This 10-year long visa may be extended to include business partners, providing that each partner contributes AED 10 million. The long-term visa can also include the holder’s spouse and children and one executive director and one advisor.
Real Estate Investor
Real estate investors can obtain Golden Residence when purchasing a property worth no less than $544,500 (AED 2 million). As per the new amendments, investors are also entitled to obtain the Golden Residence when purchasing a property with a loan from specific local banks.
Investors can also obtain Golden Residence when buying one or more off-plan properties of no less than $544,500 (AED 2 million) from approved local real estate companies.
Entrepreneurs and Startups
The executive regulations set flexible requirements for entrepreneurs eligible to obtain the Golden Residence; an entrepreneur should own or be a partner in a startup registered in the country in the small and medium enterprises (SMEs) category and generate annual revenues of not less than AED1 million.
Entrepreneurs or startup owners who obtain approval for a startup idea from an official business incubator, from the Ministry of Economy, or from a competent local authority will be deemed eligible to obtain the Golden Residence in this category.
Entrepreneurs who are founders – or one of the founders – of a previous entrepreneurial project(s) that was sold for a total of not less than $1.9 million (AED 7 million) will be entitled to the UAE Golden visa. For this category, the approval of the Ministry of Economy or competent local authorities will be required for projects or ideas.
Professionals
The UAE Cabinet has revealed a major expansion in this category to attract highly skilled workers with educational qualifications and professional experience in all disciplines, including medicine, sciences and engineering, information technology, business and administration, education, law, culture, and social sciences
Applicants should have a valid employment contract in the UAE
Applicants should be classified in the first or second occupational level as per the Ministry of Human Resources and Emiratisation classification, which is aligned with the International Standard of Classification of Occupations ISCO by the International Labour Organisation.
Applicants must have a minimum educational level and must have a bachelor’s degree or equivalent
Applicants should have a monthly salary of not be less than $8,167 (AED 30,000).
Exceptional Talents
The UAE Golden Residence visa will be granted to top talents in vital fields. It will be awarded based on talent only regardless of the educational qualification, employment status, monthly salary, or professional level. It requires the recommendation or approval of a federal or local government entity, and includes talented individuals in culture, art, sports, digital technology, inventors, and innovators in other vital fields.
Scientists
Granted to scientists and researchers with high achievements and influence in their field based on the recommendation from the Emirates Scientists Council. The candidate should have a PhD or master's degree in the disciplines of engineering, technology, life sciences and natural sciences from the best universities in the world, as well as substantial research achievements.
Outstanding Students and Graduates
This long-term, 10-year visa will also target high-performing students in UAE secondary schools, and outstanding graduates from UAE universities, as well as from the best 100 universities worldwide, according to specific criteria that includes their academic performance (cumulative average), the year of graduation, and the university classification.
Humanitarian Pioneers
The UAE will offer Golden Visas to charity and humanitarian aid workers in recognition of their efforts and sacrifices.
Distinguished members of international and regional organisations
Outstanding members of associations of public benefits
Recipients of recognition awards in humanitarian fields
Distinguished volunteers and sponsors of humanitarian efforts
Frontline Heroes
Those eligible to apply include the families of fallen frontline heroes, and distinguished individuals whose extraordinary efforts helped protect the nation and its people throughout the Covid-19 pandemic.
How to apply for the Golden Visa?
If you would like assistance with applying or assessing your eligibility to obtain a Golden Visa, our bespoke Golden Visa Service will guide you through the application and issuance of the Golden Visa. Simply click to contact us below for a free consultation.