The UAE Golden Visa system has generated quite a stir among immigrants who always wanted to secure permanent residency in the United Arab Emirates, it was big news for them because now they can work, live, study, and conduct their business in UAE without any restriction. The main purpose of the Golden visa is to attract new overseas residents who have potential, skillset, and who can contribute to the UAE\’s economy.
UAE Residence Visa (Golden Visa) will be valid for 5 to 10 years and it allows all international business owners and investors to have 100 percent ownership of their respective businesses within the boundary of the UAE.
What does the UAE Golden Visa offer?
UAE Golden Visa system essentially offers long term residency for 5 to 10 years to those people who belong to the categories mentioned below:
- Entrepreneurs
- Investors
- Individuals with outstanding talents like medical professionals, researchers, and those who belong to scientific and knowledge streams.
- Academically remarkable students.
Security is the major benefit of the UAE Golden Visa, as the UAE government made it quite clear that they want to provide one more reason for immigrants, investors, and everyone who is willing to move to the UAE permanently. The government of UAE is fully committed to providing them with better future prospects where they will have better career and study opportunities.
Requirements for the Golden Visa
The requirements vary according to specific categories of UAE residence visa, an individual who wants to apply for the Golden Visa has to meet certain eligibility requirements only then he/she can apply for the visa. Here are some requirements for different categories of Golden Visa.
Investors
- Public investment of at least AED 10 million in the form of a company or a fund
- An investor must not invest more than 60 percent of their total investment in real estate
- Investments should not be loaned, or in the case of assets, investors should assume full ownership
- Investments must be held for a minimum of three years
Entrepreneurs
In order to qualify, entrepreneurs must own or be a partner in a startup registered under the small and medium enterprise (SMEs) category in the UAE, generating revenues of at least $272,250 (AED 1 million).
In this category, entrepreneurs or startup owners who receive permission for a startup idea from an official business incubator, the Ministry of Economy, or a competent local authority would be considered eligible for the Golden Residence.
Entrepreneurs who are the founders – or one of the founders – of a previous entrepreneurial project(s) that was sold for at least $1.9 million (AED 7 million) are eligible for the UAE Golden visa. For this category, it will be necessary to have the approval of the Ministry of Economy or the competent local authorities for projects or ideas.
Individuals with specialized talents
Specialists and researchers in the profession of science and knowledge, such as doctors, specialists, scientists, and inventors. It also includes creative individuals in the fields of culture and art. The spouse and children are also eligible for the visa benefit. For every category applicants are required to have an employment contract in their work field in the UAE.
Eligibility
Getting a UAE residence visa is subject to the following conditions mentioned below:
- Scientists applying for a golden visa should be certified by the Emirates Scientists Council or by the recipients of the Mohammed Bin Rashid Medal for Scientific Excellence.
- Individuals from the field of culture and art should be certified by the Ministry of Culture and Youth.
- Inventors need to acquire a patent of value, which contributes to the UAE\’s economy. The Ministry of Economy should approve it. Patents or scientific studies published in a world-class journal are required to demonstrate exceptional abilities.
- Executives must be the owners of a well-known, globally recognized company or have a high level of academic accomplishment and position.
- Doctors and specialists should meet at least any two of the requirements mentioned below to be eligible for a Golden Visa:
- A Ph. D. degree from one of the world\’s top 500 universities
- An award or certificate of recognition in the applicant\’s field of work
- Published articles or books in prestigious journals in the field of work
- Membership in an organization which is related to the field
- With Ph. D. degree, you should also have 10-year professional experience in your respective field
Academically remarkable students
- Outstanding students should have scored at least 95 percent grades in either public or private secondary schools.
- Students should have scored a GPA of 3.8 and more in a university. It makes no difference if the student is from the UAE or another nation.