The United Arab Emirates (UAE) established a new long-term resident visa system in 2019, allowing foreigners to live, work, and study in the UAE without the need for a national sponsor and with full ownership of their company. The UAE Golden Visa programme, which began roughly two years ago, was an instant hit, particularly among Indians who wanted to establish a base in Dubai. And now, with the latest modifications, it is even more appealing, offering to enable many more people to realize their dream of living in Dubai. So, let’s know about this programme.
What is eligible for a Golden Visa?
Foreign nationals can get long-term residency (Golden Visa) in the UAE under UAE Cabinet Resolution No. 56 of 2018. Residents from a variety of backgrounds are eligible to qualify for the residency.
- If an individual’s investments in the UAE total at least Dh2 million, he or she is qualified to apply for a 10-year Golden Visa without a sponsor. These can be in the form of UAE-accredited investment funds, or a commercial or industrial license from an investor whose legal entity’s memorandum of association states that the company’s paid-up capital is at least Dh2 million, or the investor owns a company in the UAE and pays tax of at least Dh250,000 annually to the Federal Tax Authority. While applying for the Golden Visa, the investor may include his or her spouse and dependents in these categories.
- Besides, senior employees without a sponsor, such as an executive director or an advisor selected by a public-sector investor, may be eligible for a Golden Visa.
- Moreover, anyone who owns a property in the UAE worth more than Dh2 million is eligible for a five-year Golden Visa. Such properties, however, must be loan free. Investors with properties on loan, on the other hand, may be eligible for the visa if at least Dh2 million of the value of the properties is their own equity.
- Individuals who do not meet the criteria for investors or businessmen but are retired foreigners aged 55 and up with a Dh1 million investment or a monthly income of Dh15,000 may apply if they are retired foreigners aged 55 and up with a Dh1 million investment or a monthly income of Dh15,000.
- Doctors, specialists, scientists, innovators, and creative individuals in the domains of culture and art are all eligible to apply.
- Specialized talent-versed individuals may be granted a 10-year Golden Visa.
- Outstanding students studying at recognized colleges and universities both inside and outside the UAE can apply for long-term residency visas.
If you fall under one of the aforementioned categories and live in the UAE, you can apply for a Golden Visa via the Federal Authority for Identity, Citizenship, Customs, and Port Security’s website (ICP).
What are the benefits of this visa?
The Golden Visa, tailored to attract investments, comes with a bundle of benefits.
- A ten-year residency visa that can be renewed.
- The primary need for a sponsor or an employer is exempted in this.
- The visa holder’s stay outside the UAE is not limited; in other words, the visa is not revoked if the holder stays outside the UAE for longer than six months.
- Spouses and children of visa holders are eligible for the resident visa, which has no age limit.
- There is no maximum number of visas/work permits that can be applied for by domestic workers.
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