UAE’s Golden Visa: What is it, and who is eligible to apply?
As part of a larger initiative to recruit talented people and promote foreign investment, the UAE government is undertaking a slew of measures. UAE’s ‘Golden Visa’ is a long-term residency visa system that allows foreigners to live, work, and study in the UAE without the requirement of a native sponsor and with full ownership of their firm. The Golden Visa system effectively grants long-term residency (5 or 10 years) to investors, entrepreneurs, people with exceptional skills such as researchers, medical experts, and those working in the scientific and knowledge sectors, as well as exceptional students.
Applicants for the 10-year visa must have a minimum of AED 10 million in public investment, either in the form of an investment fund or a corporation. However, at least 60% of the total investment must not be in the form of real estate, the invested amount must not be borrowed, and investors must accept full ownership of assets in the event of assets. The investor must also be able to keep the money for at least three years. This 10-year visa can be extended to include business partners if each partner invests a total of AED 10 million. The requirements for the 5-year visa are basically the same for investors, with the exception that the amount of investment necessary is set at AED 5 million.
In the UAE, exceptional high school and university students can apply for a 5-year residence visa. Individuals interested in applying for the Golden Visa can do so through the Federal Authority for Identity and Citizenship — ICA (the eChannel for residence and citizenship) website or the ministry’s General Directorate of Residency and Foreigners Affairs (GDRFA). Furthermore, the Ministry of Human Resources and Emiratisation (MOHRE) released a statement stating that private-sector employees who are eligible for the Golden Visa must have a work permit and also these personnel are subject to the requirements of the Employment Law.
The UAE government has made it evident through these initiatives that it is committed to giving employees, expats, investors, entrepreneurs and anybody else wanting to make the UAE their homeland an additional reason to feel safe about their future professional and personal lives.
After having a look around, one issue that may have been in the back of your mind is whether obtaining a golden visa is a complicated process. The answer is a loud no, thanks to Jumeira consultants, who are always willing to lend a hand. For many years, Jumeira Consultants has provided unparalleled services, and our immigration specialists will assist you in qualifying for a variety of visa alternatives in the UAE.