The UAE Golden Visa system has generated quite a buzz, since its implementation in 2019. The new system enables foreigners to live, work and study in the UAE.

The Golden Visa system allows foreign nationals to live, work, conduct business, and study in the UAE without requiring a national sponsor. Foreign business owners and investors are also allowed 100 percent ownership of their business within the UAE. These visas will be issued for 5 or 10 years and automatically renewed. Aiming to attract and retain talents, the UAE updates the Golden Residence rules as a part of the new Entry and Residence Scheme. The scope of beneficiaries is expanded offering more benefits including 10 years of renewable residence. 

What does the Golden Visa actually offer?

This is an immigration opportunity for wealthy or highly skilled foreigners. It offers a Long-Term Residence Visa. This type of visa is issued for 5-10 years, depending on the eligibility category of the applicant. Once you are qualified, you don’t need to have a sponsor in the UAE to apply on your behalf – you can apply yourself. Investors, entrepreneurs, individuals with outstanding talents like researchers, medical professionals, and those within the scientific and knowledge fields, and remarkable students come under the eligible category. 

What are the eligibility requirements for the Golden Visa?

Eligibility for a 10-year visa

The following individuals can apply for a 10-year visa:

Public investment investors with at least AED 10 million

  • Investors having no less than AED 10 million worth of public investment, either in the form of an investment fund or a company, can apply. However, at least 60% of the total investment must not be in the form of real estate and the invested amount must not be loaned, or in the case of assets, investors must assume full ownership.
  • Partnering in an existing or a new company with a share value of not less than AED 10 million
  • Having a total investment of not less than AED 10 million in all areas mentioned, on condition that the investment in the sectors other than real estate is not less than 60 % of the total investment.

Conditions:

  • The amount invested must not be loaned.
  • The investment should be retained for at least three years
  • There should be financial solvency of up to AED 10 million.

Individuals possessing outstanding skills and talents

  • Individuals in the fields of art and culture.
  • Researchers and experts in science and knowledge fields like inventors, doctors, specialists, and scientists.
  • All individuals must have valid contracts of employment in their areas of expertise in the UAE.
  • The long-term visa can be extended to the spouse and dependents.

Conditions:

  • Individuals in the fields of art and culture should be accredited by the Ministry of Culture and Youth.
  • Scientists should hold the Mohammed Bin Rashid Medal for Scientific Excellence or be accredited by the Emirates Scientists Council.
  • An investor should secure patents that contribute to the economy of the UAE. All patents require approval from the Ministry of Economy.
  • Executives should have excellent academic performance and position. They should own internationally recognized and prestigious companies.
  • A minimum of two of the following requirements have to be fulfilled by specialists and doctors:
    1. Possess a Ph.D. degree from any of one of the world’s top 500 universities.
    2. Contribute to significant scientific research in their areas of expertise.
    3. Secure awards and accolades in their areas of expertise.
    4. Possess membership in an organization that is related to their field of work.
    5. Possess 10 years of professional experience in their fields and a Ph.D. degree.
    6. Published scholarly books or scientific articles in prominent publications in their respective fields.
  • Individuals with specialized talents should be documented by scientific research or a patent published in world-class journals.

Expanded eligibility for real estate investors

Real estate investors who have purchased one or more off-plan properties (those that are sold prior to completion) worth at least AED 2 million from approved real estate companies or property of at least AED 2 million with a loan from specific local banks will be eligible for a Golden Visa.

Expanded eligibility for entrepreneurs

Partners or owners in a start-up that generates no less than AED 1 million annually or who have approval for a start-up from authorities or who was a founder of a project that was sold for at least AED 7 million will be eligible for a Golden Visa.

What do I need when applying for a UAE long-term residence visa?

When applying for a UAE long-term residence visa, you must have several documents which support your purpose of application.

When you apply for the entry permit, you need documents such as:

  • Copy of your passport
  • Passport-size pictures
  • Bank Statement for the past 6 months
  • Any additional documents related to your purpose:
    • Company Trade License Copy
    • Copy of Partnership Contract (if applicable)
    • ID of other partners (if applicable)
    • A copy of the Memorandum of Association (for LLC)
    • Proof of accreditation by the relevant UAE authority (for specialized talents)
    • Proof of patent (for investors)

When applying for the long-term residence visa once you’re in the UAE, you need the following documents:

  • Your entry permit
  • Medical test
  • Passport
  • Pictures
  • Immigration Establishment Card
  • Any documents related to your purpose of travel

Benefits 

  • Permanent residence for the Golden cardholder. 
  • 10 years of renewable residence 
  • Automatic visa renewal after the specified visa period
  • The advantages of Permanent residence likewise incorporate the children and spouse of the holder of UAE golden visa to guarantee strong social ties. 
  • Long-term residency in the UAE ( 5 or 10 years).
  • Security about their future in the country.
  • Live, work and study in the UAE.
  • 100% ownership of businesses in the UAE’s mainland.
  • No need to look for a national sponsor.
  • Ability to come and go to/from UAE an unlimited number of times
  • Self-sponsorship
  • Duration of stay outside the UAE does not nullify the golden residence
  • No maximum number of support service laborers 
  • Entry Visa valid for 6 months with multiple entries to proceed with residence issuance
  • In the event of the death of the original holder of the Golden Residence, family members can stay in the UAE till the end of their residence permit

If you’re interested in obtaining the UAE Golden Visa but you’d like to get assistance with the process, Hallmark International Auditors is here to help you. Our team of specialists will guide you through the process. Contact us today.