United Arab Emirates is an epitome of industrial progress and business growth in the world. So, many foreigners want to get a UAE golden visa to reap the rewards of this prosperous country. UAE’s government is making rapid changes regarding visa and tax procedures in the corporate sector.
The regulating bodies in the UAE are introducing several new policies in this regard. Accordingly, some of them have got implementation, and a few are still to go into enforcement in the coming years. The sole reason for these changes in laws is to increase the investment rate and boost the economy of the UAE.
Along with many modifications, UAE’s authorities have come up with the “golden visa”, a step ahead of the “green visa”. Therefore, this valuable initiative is taken keeping in view the ease for investors and attracting the entrepreneurs. Subsequently, the sponsors can make a long-term investment plan in Dubai.
It is “time to switch from green to golden visa” for investors to have a lasting stay in the UAE. So, the permanent residency for expats in the UAE is now a reality, with the Golden card. Thus, hundreds of expatriate business leaders are given 10-year residency permits under the government’s new golden visa scheme.
Firstly, you need to know the process to apply for a UAE golden visa. Nevertheless, there are two ways to apply for the golden visa: in-person and online. However, you have several steps to follow in both ways. Moving forward, we take a look on these methods and the steps required for them.
Key takeaways of the UAE golden visa residency
These are the notable findings and insights about the UAE golden visa residency.
- UAE golden visa is residency program that grants 5/10 years of longer stay to investors, special talents, entrepreneurs, and professionals.
- Foreigners can enjoy long-term residency, visa-free travel, profitable real estate investment, and family inclusion with the UAE golden card.
- The global residency-by-investment market is forecast to reach $100 billion by 2025 from 21.4 billion in 2019 at 23 % CAGR. (Multipolitan)
- In 2023, the General Directorate of Residency and Foreigners Affairs (GDRFA) in Dubai issued 158,000 golden visas.
- UAE golden visa holders must adapt to the diverse cultural landscape and respect the local Emirati customs.
- The program offers 0% VAT in free zones, lifetime residency for family members, and extended absences without invalidating visa status.
- UAE golden visa possessors can seek extension for another 5 or 10 years if they still meet the eligibility.
- The UAE is enhancing its golden visa framework to boost its competitive advantage.
- Key developments include a growing startup ecosystem, foreign investments, and professional workforce, bolstering the country’s position as top financial center.
- UAE golden visa program is set to expand to include more industrial sectors like biotech, space technology, and fintech.
- Expatriate professionals and investors having expertise in more sectors are set to avail longer UAE visa duration.
- UAE golden visa can potentially open permanent residency pathways for expats.
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Process to obtain the UAE golden visa in-person
The first way is to file your application for golden visa in-person. For this purpose, you have to visit the GDFRA (General Directorate of Residency and Foreigners Affairs) offices. Eligible candidates can apply for a UAE golden visa using the following manual steps there.
- Step 1: Visit one of the service offices of the GDFRA centers
- Step 2: Select the category for Investment and fulfill the application form
- Step 3: Submit the mandatory documents to the facilitating officer
- Step 4: Pay the fee charges for the visa service
- Step 5: Submit your application form
Considerations before applying the UAE golden residency
These are the things to consider while filing for the UAE golden visa.
- Upscale lifestyle changes: Golden visa holders must adapt to the UAE’s diverse cultural landscape, while respecting the local Emirati traditions. They must engage with the community to enhance their UAE golden residency experience. Remember, blending modern cosmopolitan living with deep-rooted customs is key.
- Global special residency program: The UAE golden visa aims to attract the global talent and foreign investment. The factors like visa duration, eligibility criteria, quality of life, and investment requirements influence it. Also, the strategic location, high-end infrastructure, and booming economic opportunities are driving the demand of the UAE golden residency.
- Maintaining eligibility status: The UAE authorities can revoke your golden residency, if you violate its terms. Committing a serious crime can also result in the cancellation of your UAE golden visa. However, fully abiding the regulations can entitle you for an extension of 5-10 years in the UAE golden residency.
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Procedure to acquire the UAE golden visa online
The other way is to get through UAE online visa services for foreigners. People meeting the eligibility requirements can apply for the UAE Golden Visa by logging into the ICA official website. Otherwise, they can use the online application system of GDRFA.
Here is the series of steps for online application submission for the UAE Golden Visa.
- Step 1: Install the GDRFA-Dubai application through the app stores like Google Play or Apple store.
- Step 2: Register a new user account (in case of no user account).
- Step 3: Now choose your service category. At this step, you are required to choose the category that best describes your reason to stay in UAE.
- Step 4: You are required to attach the required documents asked in the application form.
- Step 5: Deposit the fee in any mentioned bank and attach the deposited fee slip along with documents.
- Step 6: Submit the application request and the process is good to go.
To update the candidate about the visa approval process, the online system will send notifications as well as text messages. Online applicants will receive emails or text messages to update them on the status of their applications. Also, they get intimation, in case there is some missing document, that they need to submit within 30 days.
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Eligibility criteria for the UAE golden visa
Now, we come to the point of which persons are eligible for the UAE golden visa.
- Foreign investors
- Entrepreneurs
- Chief executives
- Specialists, professionals, and scientists
- Graduates and outstanding students
- Real estate buyers
- Charity founders and front-line leads
Let’s discuss these categories of people eligible for the UAE golden visa.
Foreign investors
Expat investors are eligible to get a UAE golden visa if they fulfill any of these requirements.
- A deposit of up to AED 10 million in an investment fund in the UAE
- Owner of a company with AED 10 million in capital
- Partner in a company with a share of up to AED 10 million
However, they need to meet these conditions.
- Investors should fully own the investment fund, instead of funding through a loan.
- They must hold investment for a minimum of 3 years.
- Investors should also provide an insurance document for themselves and their family.
Entrepreneurs
Nowadays, as entrepreneurship is thriving in the UAE, so entrepreneurs are eligible if they meet these requirements.
- Own a successful project with a value of AED 500,000 or more in a certified field of UAE
- Should provide the approval as certified business incubator who is owner of the project
- Need to submit detailed health insurance for themselves and family
Chief executives
To become eligible to get a UAE golden visa, chief executives have to fulfill these requirements.
- They hold a bachelor’s degree or equivalent
- Should have 5 or more years of experience
- Earn a minimum of AED 30,000 or more salary with valid contract in the UAE
- Have to provide detailed health insurance for themselves and family
Specialists, professionals, and scientists
For eligibility to get a UAE golden visa, specialists need to meet any of these requirements.
- Individuals who have done PhD and have 20 years’ practical experience in their field
- Professors from any one of the top 500 international universities, approved by the Ministry of Education
- Specialists who have got an award or certificate of appreciation in their current specialty
- Scientists with significant contributions to major studies or research
- Individuals who specialize in fields that UAE considers important
Graduates and outstanding students
Meeting these requirements makes graduates and students eligible to get a UAE golden visa for 5 years.
- Graduates with a grade point average of minimum 3.75 on graduation from universities in the UAE or abroad
- Academically strong students with an average of at least 95% result in the school
- The move expects to attract best international students to the UAE
Real estate buyers
A property investment of worth AED 2 million or more makes expatriate eligible for a 10-year UAE golden visa. With a renewable decade long golden residency permit, they can sponsor their spouses, children, and parents. For mortgaged real estate, a bank letter indicating the paid amount is required.
Charity founders and front-line leads
Pioneers of humanitarian work and charity founders are eligible for a 10-year UAE golden visa if they meet the criteria. Some eligibility pointers are working for international and regional organizations for five years, receiving an appreciation award, assisting civil associations. The UAE Frontline Heroes Office approves the frontliners, including medical staff, lab technicians, pharmacologists, and nurses. Demonstration of extraordinary effort during crises like the COVID-19 pandemic is a must.
Tip: Get multi-entry UAE tourist visa
Benefits of the UAE golden visa
The UAE golden visa program provides these perks to the people investing in the Gulf region’s marvel.
- Extended visa validity for 5 or 10 years
- Self-sponsorship
- Fully owned business in UAE mainland
- Opportunity to sponsor your family
- Permission to exit and enter UAE multiple times
- Staying outside the UAE does not invalidate the golden residence
- In case of a Golden visa holder’s death, the family members can stay in UAE as long as they have residence permits
Bonus: UAE blue 10-year residency visa for environmentalists
Reasons for launching the UAE’s golden visa
UAE is rewarding the long-term foreign residents who are greatly contributing to its development for their loyalty. Hence, this announcement is creating an interesting new paradigm for foreigners here. UAE is super smart and progressive, and is boosting the attractiveness of the emirate for top global talent and investment.
Encouraging them to stay for longer periods of time means continuous investments. For the last 30 years, UAE has undergone rapid pace of development. So, the idea of belonging has increasingly become more and more important.
The move is huge milestone for the UAE and for the property market. Over the last few years, there are continuous measures taken to develop property market further which in turn adds longevity to the UAE. First with 5 year visa, then 10 year visas, then now with permanent residency option.
Louie Alsop — CEO of Alsop
Now with permanent residency option, expats living in the UAE can call the country their home. Nonetheless, the UAE visa rule changes are directly and immediately driving the office and residential market. Therefore, more business owners are likely to buy office spaces in the UAE rather than just rent them out.
Owning your own home also becomes a lot more attractive. If you know you can stay here for a decade and not just two years as it was in the past. This could also lead to increased property sales.
I felt honored. This country always respects genuine business people. This is my home now and I would love to live here forever.
Balvinder Sahni — Founder and Chairman of RSG Group
Since, its launch in 2019 till 2022, total number of golden visas was 151,666. Whereas, 150,000 golden visas were given in the first half of 2023. Due to Brexit, the appeal of Dubai is increasing as a retirement destination for British expatriates.
Insights: Requirements of Residency Visa in Dubai
Defining the UAE golden visa
The golden visa program is must-have for people desiring to stay in the UAE alone or with families for longer. Also known as golden card, it’s a great opportunity for foreigners doing investment, and professionals to live, and work there. Henceforth, initiative to hold a 5 or 10-year visa is desirable for expatriates demanding a comfortable environment in the UAE.
Shaikh Mohammad bin Rashid Al Maktoum made the announcement on twitter on Tuesday, 21st May 2019.
The permanent residency “Golden card” will be granted to exceptional talents and everyone who positively contributes to the success story of the UAE. We want them to be permanent partners in our journey. Residents are an indispensable part of our country.
Mohammad bin Rashid Al Maktoum — Vice-President and Prime Minister of the UAE and Ruler of Dubai
Spotlight: UAE Residency Amnesty for Expatriates
Conclusion
Foreigners want to make their stay in UAE as successful as possible. Also, they seek to set and grow their business in the mainland or free zones of Dubai. For this purpose, they can consult professional business consulting specialists.
UAE golden visa is one opportunity that they can count on. Consequently, our team of business consultants will find for you the best possible options in terms of the work categories. While helping you in documentation, they will deliver you the finest way out to get the golden visa in UAE.
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FAQs about the UAE golden visa residency program
These are the answers to the common questions regarding the UAE golden visa residency program.
The application procedure of the UAE golden visa for eligible aspirants takes about 3 months to complete.
Students with a minimum 95% percentage in public or private high/secondary school can receive a golden visa for 5 years. Furthermore, they can apply for the UAE golden residency, without seeking a sponsor. However, the approval is subject to a recommendation letter from the Ministry of Education.
The UAE golden visa holders can stay overseas indefinitely without affecting their residency. They are not subject to the UAE re-entry before the 180-day outside limit. Nonetheless, it is better to return to UAE at least 90 days before the golden visa expiry for renewal procedure.
The fee of the UAE golden visa issuance by the Emirati government is AED 10,400. So, the initial cost after regulatory approvals and consultancy dues starts from AED 15,000. However, total expense is dependent on the type of eligible foreigners, as they have to fulfill some other regulatory requirements. Hence, the UAE golden residency expenditure can go to the north of AED 30,000 for some top-level professionals.
Foreigners with employment in the government departments or semi-government entities are eligible for fazaa card. Having a UAE golden residency can improve their chances of becoming the members of the fazaa initiative. Nevertheless, they have to meet the essential program qualifications of the fazaa card.
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