The UAE Government is currently in the process of issuing Golden Visas for a 5-year and 10-year period to foreign investors, entrepreneurs, scientists, professionals, and outstanding students. The UAE Immigration will issue the 5-year or 10-year Visa to individuals who meet the eligibility criteria for Golden Visa.
The figures shared by the officials indicate that more than 6000 applications were received for long-term visa processing since the announcement on the issuance of the long-term visa was made.
The recent announcement by UAE on issuing long-term Visas is to trigger foreign investment, retain talent, and offer a long-term residence guarantee to the foreign investors and the expatriate population of the UAE.
1. Who Qualifies for the Golden Visas in UAE?
Investors, entrepreneurs, executives, as well as specialists working in medicine, science, or research, and outstanding students are eligible for a 10 Year Golden Visa in UAE.
The government of the UAE is shifting its focus from the Oil and Gas sector to a Knowledge-Based economy. The new Visa change is a start to that. To be qualify for the Golden Visas there are certain series of requirements the individual must meet.
2. What are the Criteria for the Issuance of Golden Visa in UAE?
The investors will be granted either a 5 or 10-year residency visa depending on their size of investment in the UAE, educational & professional qualifications.
General Investors with Dh 10 Million+ Investment in the UAE
While those who have an investment through a deposit in an established company or a business partnership worth Dh 10m or more will be granted a renewable residency visa every 10 years.
There must be a standard financial liability with financial solvency not exceeding Dh 10m.
It has to be noted that the Dh 10 Million must be invested over a diversified business portfolio with no more than 40% into real estate sector.
An Investor’s spouse, children, as well as one executive director and one adviser can also obtain Golden visas.
Real Estate Investment of Dh 5 Million+ in the UAE
The property investment of Dh 5 Million must be wholly owned (Not on any Loan) and must be proven by documents showing investment retention of at least three years.
Those who own property worth Dh 5 million or more will be eligible for a five-year residency visa.
Entrepreneurs with 5 Million+ Investment in the UAE
Entrepreneurs with a previous project worth a minimum of Dh 500,000, or those with the approval of an accredited business incubator in the UAE, will be granted a five-year visa.
They will be upgraded to an investor visa provided they meet the requirements.
The start-up business partners, three executive directors, spouses, and children will also be granted visas under the scheme.
Scientists, Researchers, Doctors – with Accreditation, Work experience, Doctorate
Researchers working in the field of science, as well as doctors, specialists, scientists, and investors, will be granted a 10-year visa. Also, professionals in the field of the creative sector also are eligible for this visa.
In addition, doctors and scientists must meet at least two of the following conditions in their work to qualify for the Visa application:
- A Doctorate degree from one of the world’s top 500 universities
- An Award/Certificate of Appreciation for their work
- A contribution to major scientific research
- Published articles or scientific books in distinguished publications
- Membership of an organization which requires excellence to qualify
- 10 Years of professional experience in the field of work
- Scientists must be accredited by the Emirates Scientists Council.
Holders of the Mohammed bin Rashid Medal for Scientific Excellence are also eligible for the 10-year visa
Creative Professionals with Accreditation and Patents
Creative Professionals working in the fields of culture and art are also eligible for Golden visas.
Requirements for Creatives to apply for Golden Visas
- Accredited by the Ministry of Culture and Knowledge Development Inventors
- Holds a patent that adds value to the UAE’s Economy
- Patents documented by patents or scientific research published in world-class journals
Outstanding Students with 95% mark and 3.5 GPA in Graduation
Outstanding students with a grade of at least 95% in school and GPA of at least 3.75 on graduation from universities in UAE & Abroad will be qualified for a 5-year visa for themselves and their families.
Executives with Dh 30,000 Monthly Salary
A recent addition to the Golden Visa norms is that executive with a monthly salary of Dh 30,000 or more is eligible for the Golden Visas. To be eligible they must hold a bachelor’s degree and 5+ years of work experience.
All the long-term visa holders are eligible to enter UAE for a 6months period with multiple entry, option to renew for another 6 months, and then apply for the 5 or 10-year visas.
What are the Key Benefits to the UAE Economy from the Long-term Visa reforms?
The new Golden Visa reforms will significantly change the perception towards UAE from an expatriate destination to more of a long-term settlement option for foreign investors.
Also, the new Visa reform will invite a lot of foreign investment and help in shaping up a stronger economy in the future with a focus on innovation, entrepreneurship, and non-oil sector growth.
For any assistance regarding the long-term visa processing, feel free to reach out to us right away!
Contact Us: Aurion Business Consultants