The startup environment in the United Arab Emirates (UAE) has progressed at an unprecedented speed. The country is now home to ever-growing technology, attracting the best and brightest entrepreneurs to take the UAE forward.
To the joy of many ex-pats living in Dubai and Abu Dhabi, the UAE announced that they would provide long-term residence permits to high-value foreigners in 2019. These permits have a length of 5 or 10 years and tailor to entrepreneurs, investors, outstanding students, specialized talents and researchers. The measure was put in place to hold talent and reinforce the economy.
What does Golden Visa Offer?
The Golden Visa programme in the UAE offers long-term residency (5 to 10 years) to people belonging to the following specified groups –
- Individuals with Outstanding Talent
- Remarkable Students
The main benefit of this scheme is security. With the issuance of the Golden Visa, the government of UAE has made it clear that they are committed to providing expatriates, investors and essentially everyone looking to make the UAE their home an extra reason to feel secure about their future.
What are the Requirements for Golden Visa?
The requirements vary according to each group but are contingent on the individuals' adherence to the terms and conditions under which the Golden Visa was granted.
10-Year Visa Eligibility Requirement
- For Investors
The UAE 10 year gold visa necessities for investors include these conditions:
- Public investments either through deposits or through a company amounting to no less than AED 10M
- Out of this total investment, more than 60% has to be in non-real estate assets
- The investor should hold 100% ownership of these assets. Anything under a mortgage or loan cannot be taken into consideration. In the case of loaned/ mortgaged assets, he/she can prove that they reserve the rights of investments for 3-years as a minimum.
- The asset should not be involved in any claims or financial disputes
These investors are eligible for a 10-year UAE residency visa that can be renewed. Visa for dependents is also valid for ten years. If applicants primary asset is a business, they can have partners, provided they have invested AED 10M each. He/she can also get a 10-year UAE golden visa for the executive director and one advisor. Like other residency visas in the UAE, he/she cannot be out of the country for more than a duration of 6 months.
- For Individuals with Outstanding Talent
According to the ten-year visa UAE requirements for this category, the applicant needs a valid work contract that stipulates their role in the prioritized fields. The term "specialized talents" includes doctors, scientists, researchers, specialists, and inventors. While this group of the UAE golden residence permit programme extends to the individual's spouse and children, the visa will only be granted to the accreditation, patents, and publication and degree requirements in relevant fields.
The conditions include -
Giving a visa is dependent on the following conditions:
- Scientists ought to be accredited by the Emirates Scientists Council or holders of the Mohammed Bin Rashid Medal for Scientific Excellence.
- Creative people in culture and art should be accredited by the Ministry of Culture and Knowledge Development
- Inventors should obtain a patent of value, which adds to the UAE's economy. Ministry of Economy should affirm patents
- Exceptional talents should be documented by patents or scientific research published in a world-class journal.
- Executives should be owners of a leading and internationally recognized organization or holders of high academic achievement and position.
Doctors and specialists should meet at least two of the following conditions:
- A Ph. D. degree from one of the best 500 universities in the world
- Certificates or an award of appreciation in the field of the applicant's work
- Contribution to significant scientific research in the respective field of work
- Scientific books or published articles in distinguished publications in the respective field of work
- Membership in an association related to the field
- A Ph. D. degree, in addition to 10-year professional involvement in his field
- Specialization in spaces of priority to the UAE.
5-Year Visa Eligibility Requirement
- Real-Estate Investors
While most conditions for real estate investors looking for long-term residency visas in the UAE are alike to those of investors, the minimum value of the property investment, in this case, needs to be AED 5M. These visas are valid for five years for the primary applicant and their dependents, executive directors and advisor.
The rules of eligibility for long term visas in the UAE are somewhat different for entrepreneurs. Entrepreneurs must own a project worth at least AED 500k and have authorization certificates from the government to apply for the 5-year UAE visa.
The advantages of a long-term residency visa for entrepreneurs include
- Five-year visa. This can be upgraded to an investor's visa
- Five-year visa for dependents
- Six-month validity entry visa with permits for multiple travels, which can be extended by six months
- Five-year visa for three executive directors.
Entrepreneurs concerned with the validity of their residence visa can submit the UAE visa status enquiry in Dubai.
Golden Business Visa
Golden Business Visa in the UAE offers permanent residency to the non-nationals and non-residents entrepreneurs who wish to incorporate a business in UAE. This permanent residency is contingent on the applicant's continued adherence to every visa renewal cycle (5 years). Entrepreneurs worldwide can apply for the UAE Business Golden Visa, given they have started their business at least once in their life. To obtain a UAE Gold Business Visa, the eligible entrepreneur has to:
- Validate their business experience
- Hold/have held the majority shares in a startup and/or a senior leadership position in it
- Be prepared to set up a business and relocate to UAE legally
- Have a business plan or ideas for their business venture in the UAE
- For Remarkable Students
Students with a minimum of 95% in secondary school with a distinction of 3.75 GPA upon graduation from any university are eligible for this extended visa. As per this declaration, all applicants who qualify for a long-term UAE residency visa, including outstanding students, will also be permissible to sponsor their families (spouse and children).
What is the Cost of UAE Golden Visa?
The prices for the UAE golden visa for 5 and 10 years is considered to be quite affordable. The charges for the new UAE long term visa are explained below.
10-Year Golden Visa
Total Cost – AED 1,150 (150 application cost + 1000 issuance cost
5-Year Golden Visa
Total Cost – AED 650 (150 application cost + 500 issuance cost
How to Apply for Golden Visa?
All interested individuals who would like to apply for the Golden Visa may do so by applying for the visa online at the following electronic platform. The process is relatively straightforward, with candidates required to submit the necessary documents and be willing to relocate to the UAE following their business venture. We have explained it as under –
- Apply for Nomination
Start by applying for nomination. An authorized government incubator will review your application within 30 days, and you will receive an email notifying you of the outcome.
- Upload Documents
Once your nomination has been accepted, you will receive a link through email to upload the required documents for the visa.
- Receive Visa
The Federal Authority will verify your application for Identity and Citizenship, and you will receive your visa.
How can we help?
We at Commitbiz are business setup consultants in UAE and can help you with obtaining a golden visa. We also help provide other services like business incorporation, office space, licensing, and much more. Our consultants have years of experience in this field and can make the process hassle-free. Contact us today for more information.