Golden Residency Visa in the UAE – All you must know

by commitbizadmin 03, Jul 2020

Golden Residency Visa in the UAE – All you must know

In May 2019, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, launched a new initiative – a UAE residency system named as the ‘Gold Card.’ The Golden Card is a long-term residency program that is for exceptional workers in the fields of health, science, engineering, and art. The idea behind this program is to create an attractive environment in the Emirates to boost business development and draw in new talent. Long-term residents who have backed to the country’s development are also being rewarded for their faithfulness and encouraged to continue investing in the UAE. The golden card includes a five-year and ten-year residency visa for exceptional talents.

Categories Entitled to Apply for a 10-year Residency Visa in the UAE

It includes –

Investors

The investment may take many forms such as:

  • A deposit of at least AED 10 million in an investment fund inside the UAE
  • Incorporating a business in the UAE with a capital of not less than AED 10 million
  • Partnering in an existing or a new business with a share value of not less than AED10 million
  • Having a total investment of not less than AED 10 million in all areas mentioned, on condition that the investment in sectors other than real estate is not less than 60 percent of the total investment.

Conditions: Granting a Golden Residency Visa is subject to the following conditions

  • The sum invested must not be loaned
  • The investment should be reserved for at least three years
  • There should be financial solvency up to AED 10 million
  • The long-term visa can include the spouse and children, as well as one executive director and one advisor

Specialized Talents

This includes individuals with specialized talents and researchers belonging to the fields of science like scientists, doctors, inventors, specialists as well as creative individuals in the field of culture and art. The visa extends its benefit to even spouse and children. It needs to be noted that all categories are obligatory to have a valid employment contract in a dedicated field of priority in the UAE.

Conditions: 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 folks 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
  • Extraordinary 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)
    • A certificate or award of appreciation in the field of the applicant’s work
    • Contributed to primary scientific research in the respective field of work
    • Published articles or scientific books related to the particular 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
    • Concentration in areas of priority to the UAE.

Categories Allowed to Apply for a 5-Year Residence Visa in the UAE without a Sponsor

It includes –

Investors with Property

  • 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 reserved for at least three years

Entrepreneurs

  • This category is for those who have an existing project with a minimum capital of AED 500,000, or those who have obtained approval from an accredited business incubator in the UAE
  • The entrepreneur is permitted with a multi-entry visa for six months, renewable for another six months. The long-term visa extends the inclusion of spouse, children, a partner, and three executives

Outstanding Students

  • Outstanding students with a minimum grade of 95 percent in public and private secondary schools
  • University students in UAE as well as outside the country who have secured a distinction GPA of at least 3.75 upon graduation
  • The long-term visa includes families of the outstanding students

The government of the UAE has been taken such investor-friendly initiatives to woo them for investing in many sectors. This initiative will encourage more ex-pats to invest their assets within the UAE, which will help both the nation and the investor to prosper exponentially.

We at Commitbiz can help you obtain the golden card in just a few days. Our specialists have 13+ years of experience in this field and can make the process hassle-free. Contact us today for more information.