The UAE Long-Term Visa, more widely acknowledged as the UAE Gold Visa, has become one of the hot topics in the country since it was introduced. The latest UAE visa regulations require applicants and people with different professions to apply for a ’10-year UAE residency visa’ or a ‘5-year UAE residency visa.’ In fact, businesses based outside of free zones can now be entirely foreign-owned. Such rules have proven to be pleasant surprises for those who are living and doing business in the UAE, and for those who are thinking of moving to the country.
What is the Golden Visa?
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai launched a new UAE residency system, dubbed as the ‘Golden Card’. The Golden Visa grants residency for five to ten years, as opposed to the conventional two-year residence visa. Business Visa is part of the Golden Visa program enabling permanent citizens and foreigners to secure long-stay visas for themselves and their dependents. These dependents may include your mother and father on the basis of a number of conditions established by the Federal Office for Identification and Citizenship.
Business Visa is based on the idea of permanent residence, given that the applicant complies with the terms and conditions of each renewal cycle (every five years). Expats living and working in the UAE normally hold a renewable residency visa that lasts two or three years.
The Golden Residency Visa or Gold Card visa process started on May 21, 2019, and the General Directorate of Residency and Foreigners Affairs (GDRFA) announced and reached a target of 6,800 golden visas to be given out by the end of the year.
Who Is Eligible for The Golden Visa?
In May 2019, the UAE Cabinet approved 10-year and 5-year residency visas for different categories of expatriates:
- Real State Investors,
- Scientists, and
- Outstanding students.
10-Year UAE Visa For General Investors
The UAE 10-year gold visa requirements for general investors are subject to the following conditions:
- Public investments either through deposits or via a company amounting to no less than AED 10 million
- Out of this total investment, more than 60% has to be in non-real estate assets
- The investor should hold full ownership of these assets. Anything under a loan or mortgage cannot be taken into consideration. In the case of loaned/ mortgaged assets, he/she can prove that they reserve the rights of investments for three years as a minimum.
- The asset should not be embroiled in any claims or financial disputes.
These general investors are eligible for a 10-year UAE residency visa, that can be renewed. Visa for dependents is also valid for 10 years. If your primary asset is a business, you can have partners, provided they too have invested AED 10 million each. You can also get a 10-year UAE golden visa for the executive director and one advisor. Similar to other residency visas in the UAE, you cannot be out of the country for more than a duration of 6 months.
Persons with Specialised Talents Eligible For 10-Year UAE Gold Visa
According to the 10-year visa UAE requirements for this category, the applicant needs a valid work contract that specifies their role in the prioritized fields. The term “specialized talents” includes doctors, researchers, specialists, scientists, and inventors.
While this category of the UAE golden residence permit program extends to the individual’s spouse and children, the visa will only be granted subject to the accreditation, patents, publication, and degree requirements in relevant fields. Granting a visa is subject to the following conditions:
- Scientists must be accredited by Emirates Scientists Council or holders of the Mohammed Bin Rashid Medal for Scientific Excellence
- Creative individuals in culture and art, accredited by the Ministry of Culture and Knowledge Development
- Inventors have to obtain a patent of value, which adds to the UAE’s economy which needs to be approved by the Ministry of Economy
- Exceptional talents must be documented by patents or scientific research published in a reputed journal
- Executives must be the owner of a leading and internationally recognized company or should hold high academic achievement
- Doctors and specialists need to meet at least two of the following conditions:
- a Ph. D. degree, preferably from top 500 universities in the world (refer to ICA for information)
- an award or certificates of appreciation in the field of the applicant’s work
- contributed to major scientific research in the respective field of work
- published articles or scientific books related to the respective field of work
- membership in an organization related to the field
- a Ph. D. degree, in addition to 10-year professional experience in his field
- Specialization in areas of priority to the UAE.
5-Year UAE Residency Visa for Real Estate Investors
While most conditions for real estate investors looking for long-term residency visas in the UAE are similar to those of general investors.
- The investor must invest in a property of a gross value not less than AED 5 million to obtain investor visa in UAE
- The amount invested in real estate must not be on a loan basis
- The property must be retained for at least three years
5-Year Gold Residency Visa in The UAE For Entrepreneurs
The rules of eligibility for long term visas in the UAE are slightly different for entrepreneurs. Entrepreneurs should own a project worth at least AED 500,000 and have accreditation certificates from the government to apply for the 5-year UAE visa.
The benefits of a long-term residency visa for entrepreneurs include
- Five-year visa. This can be upgraded to investors visa
- Five-year visa for dependents
- Six-month validity entry visa with permits for multiple travels, which can be extended by 6 months
- Five-year visa for three executive directors.
5-Year UAE Residency Visa for Outstanding Students
Students with a minimum of 95 percent in secondary school with a distinction of 3.75 GPA upon graduation from any university are eligible for this extended visa. As per this announcement, all applicants who are eligible for a long-term UAE residency visa, including outstanding students, will also be allowed to sponsor their families (spouse and children).
Over the last year, the UAE government has taken bold steps to open up the UAE market to global investors with long-stay visas, 100% corporate ownership, and retirement visas. The new Golden Card, which offers people a form of residency permit in the UAE, is an extremely attractive idea, given that it is one of the safest countries in the world. This effort will motivate more expatriates to invest their assets within the UAE, which will support both the country and the investor to thrive tremendously.
Our visa experts at Riz and Mona Consultancy can help you get the golden visa in just a couple of days. We have more than a decade of involvement and experience in this field and we can make the visa process hassle-free. Feel free to contact us for more information.