The United Arab Emirates has been known to introduce investor-friendly policies from time to time. The visionary leadership of the regime knows the value of talent and expertise. And they promote the arrival of well-qualified expatriates to the country. The UAE golden visa program is one such initiative to retain experienced brains and proficient professionals in the country.
What is the UAE Golden Visa Program?
The Golden Visa System introduced in 2019 offers long-term residency of 5 and 10 years for expats from certain professions and fields, their spouse, children, and up to three executives. The qualifications for the individuals should be from UAE accredited universities. A grading of 3.8 GPA and above is mandatory for applying for a visa under this program.
Professionals including doctors, researchers, medical experts, Ph.D. holders, entrepreneurs, talented persons, and investors can make use of this program. It is estimated that about 450 expatriates have received visas under the Golden Visa system since it was initially announced by Sheikh Mohammed bin Rashid, the ruler of Dubai.
Who can Apply for a Golden Visa in the UAE?
The authority has stipulated five categories for a golden visa. The expats belonging to this category can apply for the visa. Given that they meet the eligibility criteria laid down by the government. Accordingly, investors, Chief Executives of renowned entities, entrepreneurs, students with excellent grades, and scientists/ researchers can opt for the Dubai Golden Visa.
Eligibility Criteria for 10-year Golden Visa in UAE
The 10-year long golden visa program is limited to a couple of categories only. The individuals falling in this category can go for the visa if they fulfill the eligibility requirements.
Investors
Investors, depositing money through different methods can apply. It could be:
- A public investment of AED 10 million or more
- Company formation with a capital of AED 10 million or above
- Investment of 10 million in a fund in the country
- Whether he or she is a partner of an existing company with AED 10 million or more as investment
- In case the total investment adding all the above segments is AED 10 million or more, then also the ex-pat is eligible. However, the investment in business verticals excluding real estate should not be less than 60 percent of the total investment.
You will find that AED 10 million is the benchmark for obtaining a golden visa in UAE as an investor.
The investor will not be allowed to withdraw the money for three years and the money should be of the individual and not on loan. In addition, there would be financial insolvency up to AED 10 million.
Talented Expatriates
Those individuals with knowledge and experience can also seek Dubai visas under the Golden Visa system. The researchers, doctors, scientists, creative talents, and famed personalities from the cultural world can gain a long-term visa for 10-years. The facility is extended to their spouse and kids as well.
The conditions they must meet to obtain a Dubai golden visa include:
- They should have a valid contract with eminent firms or entities in the country
- Talents from the area of art and culture must have been recognized by the Ministry of Culture and Youth
- Scientists should have accreditation from the Emirates Scientists’ Council or winners of prestigious Mohammad bin Rashid Medal
- Those with the tag investors should have approved patents in their name. The patent approval is issued by the Ministry of Economy
- Executives applying for the UAE Golden Visa should helm a multinational company or a renowned organization. Alternatively, they could be holding excellent academic achievements and positions earned through that
- Scientists should have well-documented research papers, Ph.D. from a top, famed, university, or Ph.D. and professional experience not less than 10 years
- Doctors should be experts, specialists, in their field with adequate experience.
- Engineers with proven skill and experience in computers, electronics, and other technical fields including electrical, Artificial Intelligence and Big Data can also apply.
Eligibility Criteria for 5-year Long Golden Visa
Investors, entrepreneurs, and meritorious students can apply for a 5-year UAE Golden Visa. They must have the stipulated qualifications to get the visa issued.
Investors
Investors can apply for 5-year residency visa if they have:
- Investment of AED 5 million or more
- Investments should not be on loan
- Investments should not be withdrawn before 03 years
Entrepreneurs
Entrepreneurs must:
- Have a company or project with a capital of AED 5 million or above
- Have obtained approval to commence a project with AED 5 million or more
The entrepreneur, who meets the above criteria, can apply under the 5 year UAE Golden Visa program. S/he can gain six months of multi-entry visas and visas for spouses, children, and three executives in the company.
Know more about Dubai Business Visa
Students
The government has extended the facility to the students with an excellent academic or extracurricular record and his or her parents. The inclusion of meritorious students helps the country to reduce brain drain and maintain a progressive track.
- Students with a minimum score of 95% in secondary can apply for 5-year long residency status
- The students from college/ university, with a distinctive GPA of 3.75 or above in graduation can also apply
Golden Visa for Coders
Under the initiative of HH Sheikh Mohammed bin Rashid, the Vice President and Prime Minister of UAE and the ruler of Dubai, a new criterion has been introduced in the Golden Visa program. This program is intended for computer programmers and coders with exemplary excellence in Artificial Intelligence and digital technologies.
Both residents and non-residents with specialized computer programming knowledge, helming established entities and start-ups can apply for 10-year long residence status with this new program. The emirates aim to attract 100,000 efficient coders with this new policy and expect the setting up of 1,000 credible and major digital companies in the country five years down the lane. It is considered a brilliant move to vitalize UAE’s digital sphere and fortify digital space in the country to compete with the rapidly progressing global digital innovations.
Benefits of a UAE Golden Visa
Golden visa has been helpful for personalities from different sectors to get residency for a long period of 5 and 10 years. The benefits are:
- Expats can live and work in UAE without the need of a local Emirati sponsor
- The expatriates with the Golden Visa can own 100% of shares in the entity
- Automatic visa renewal after the specified visa period
- Brilliant students can continue the education and explore the advanced career options in the country
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