A dream destination to live and work for many, the UAE made a new amendment to its visa policies pertaining to residence visa in 2019. This system was designed to facilitate foreigners to study, live and work in the country without having a national sponsor. Furthermore, they were also allowed to get complete ownership of their business.
The main purpose to implement this new system was to attract more foreign residents so that can set up their business ventures here.
What Does This New System Entail?
Termed as the Golden Visa, it offers expats long-term residency in the UAE. This offer is available to people belonging to different groups, including entrepreneurs, investors and those with outstanding talents in the field of research and medicine. Furthermore, remarkable students and experts in knowledge and scientific fields are also eligible for this visa.
This visa is available for 5 and 10 years.
How to Apply for the Golden Visa?
If you believe you are eligible for this visa (see the eligibility criteria below), you can apply through the official website of ICA or GDRFA. The former has online channels; the latter, however, has both online and offline channels to apply.
The process to apply for a visa is very simple and straightforward. All you have to do is to submit the required documents to the authorities and wait for their response.
Eligibility Criteria for the UAE Golden Visa
For 10 Year Visa
To apply for a 10-year visa, you must have a public investment worth at least AED 10 million. It can be in the form of a company or an investment fund. The amount invested shouldn’t be financed, and only 40% of the total investment can be in the form of real estate. If the investment is assets form, the applicant must hold full ownership over them.
It Is also mandatory for the applicant to retain the investment for at least three years. If the visa includes business partners, each partner must contribute AED 10 million for investment. Immediate families of investors are also eligible to get this visa.
Doctor, scientists, artists and researchers can also apply for this visa, provided their credentials are granted by respective departments. This visa is also extended to their families (spouse and children).
For 5-Year Visa
The requirements for the 5-year visa are similar to those for a 10-year visa, with the exception being reduced worth for public investment. The applicant for this visa must have a public investment worth at least AED 5 million.
Other than investors and businessmen, students can also apply for a 5-year UAE residency visa. High school students and university students must have a minimum grade of 95% and 3.75 GPA, respectively, to meet the eligibility criteria.