Dubai Golden Visa offers opportunities for eligible and qualified immigrants to live and work 10 years in the country and this post sheds light on the step-by-step application guides, qualifications, and other career opportunities in Dubai.
Historically, it has not really been possible for ex-pats to obtain permanent residency in the United Arab Emirates, but that changed with the implementation of the Golden visa.
How did the Golden Visa come about?
After several months of planning, on 21 May 2019, Sheikh Mohammed bin Rashid publicly announced a scheme “to grant investors and outstanding doctors, engineers, scientists and artists’ permanent residency.”
His tweet added that the ‘Golden Card’ will be issued to 6,800 people, who have collectively made about AED100bn (£21.6bn, $27.2bn, €24.1bn) worth of investments.
Since its launch, the Golden UAE visa, more commonly referred to as the UAE long-term visa, has been one of the most trending topics in the world.
In the UAE, the new visa rules allow investors and individuals from particular professions to apply for a ‘10-year UAE long-term residency visa‘ or a ‘5-year long-term residency visa.‘
Furthermore, enterprises located outside free zones can now be entirely foreign-owned.
For those who live and do business in the UAE, and those thinking of relocating to the region, these facts have proven to be welcome surprises.
About the UAE
The United Arab Emirates also know as the UAE however, is a country that is unique in the world because it enables individuals to receive a visa in a straightforward model from almost every country in the world.
A new model is being considered, according to Major General Mohammed Ahmed Al Marri, Director of the General Directorate of Citizenship and Foreign Affairs. One that would be primarily intended to draw rich people: a ‘Golden Visa’.
What is a Golden Visa?
A Golden Visa is provided by countries to provide a quick route to a fully legal residency permit for wealthy individuals.
In exchange, these people need to make a significant investment in the country, thereby supporting the economy.
Nevertheless, it is often a very simple and flexible program, with simple and clear legal requirements, and minimum stay requirements that are extremely reduced.
However, this type of program for residency is not new. It is sometimes used with some ‘solid shoulders’ by governments in recession to raise their tax base, or by business-oriented governments.
These services are appealing to people who want to live in a country with a better quality of life or to benefit from them.
Their travel options within the Schengen region can be expanded by citizenship in Europe. With its stable and tax-free business climate in a volatile country, the UAE would be attractive.
The UAE currently provides residency visas to business owners (investor visas) and workers.
It also offers a visa for property owners who spend at least 1 million dirhams; this is not a residency visa, however, but a multiple-entry visa for 6 months.
The UAE is now offering company owners, workers, residency visas. It also provides visas to investors who spend at least between half a million and 1 million dirhams and above.
The length of the visa is 2 years for a property priced at 1 million Dirhams; for an investment of 5 million Dirhams, it qualifies for a 5-year residency visa.
If an individual were to opt for an investment of 10 million dirhams, they would be eligible for a 10-year residency visa.
The terminology of the Golden Visa is commonly used as the recently introduced residency visas are similar in several respects to the features of the Golden Visa.
There are two major classes, separated by a 5-year or 10-year visa period, reversible but subject to policy adherence.
There is also a special clause to be exempted from the provisions of needing to be inside the country once every 183 days to retain the residency visa for qualified individuals.
This means that only those with the true Golden Visa on long-term residence visas that are approved to be outside the country for more than 183 days are those with the actual Golden Visa.
As of now the majority of recipients are those in the country with long-established connections and have been transformed into this Golden Visa from their current visas.
Types of Visas in UAE
Due to incomplete and incorrect information on the internet, the various types of visas that are applicable in the UAE have been a little obscure.
But if you research hard enough you’ll find that there are basically six different types of UAE government-issued visas.
Each of these visas has subtle procedural differences, but the basic difference lies in the purpose for which these visas are intended.
Therefore when visiting the UAE, selecting a specific UAE visa type will strictly depend on your goal.
To get more insights on the Types of Visas in the UAE you should read the Types of UAE Visa: Cost and Career Opportunities
How can I apply for the Dubai Golden Visa?
Below are all the necessary measures for application and here is the link for the newly launched website
Stage 1: Registration
Interested applicants must register for an account first. All you need is an email address and a password to build it.
You will need to enter and create a password with your email address. You will then obtain your email address with a verification code.
For authentication, you will then obtain a four-digit code.
Stage 2 – Enter personal details
You will then be asked to fill in and upload the requisite documents with your personal information.
Since Dubai and Abu Dhabi are the two main incubators, you need to pick which of these you will apply to.
- First, along with your credentials, you will need to include your personal information.
- Keep essential documents near, as you will have to include your passport information next.
- You will be obliged to include details of your permanent home address outside the UAE under the contact details section.
- You will also be asked in the same section to include details of any UAE residency you may have.
- As this unique visa focuses heavily on entrepreneurs, you will be expected to include your job and experience with information.
The website also asks applicants to upload a video profile of themselves for two minutes.
You will also be expected to include information about the sector in which you are working and what your company details are so far.
The visa helps applicants to receive visas for their workers. Based on a number of specified requirements by the Federal Authority for Identification and Citizenship, these include your mother and father.
Stage 3 – Send a request
The review will take about 30 days once you have applied.
Approval of the nomination does not mean that the visa will certainly be obtained by you.
It simply means that after specialist committees have checked the application and the attached documents, you have qualified for the visa.
Stage 4 – Complete the requirements for visas
You will need to complete the Federal Authority for Identification and Citizenship requirements after your appointment has been accepted, which may take up to an additional thirty days.
An email with more guidance on how to obtain your visa will then be sent to you.
If you are currently living outside the UAE,
- You will be issued a six-month visa to enter, explore, and settle in the UAE.
- You will be required to turn your temporary visa into a residency permit during this time.
If you currently reside in the UAE
- a one-month temporary visa will be issued to you and you will be allowed to turn your temporary visa into a residence permit during this time.
In both cases, at Facilities 1 in Emirates Towers, Dubai, United Arab Emirates, or directly via the Federal Identity and Citizenship Authority. You can turn your one- or six-month visa into your residency easily and conveniently.
How can I follow up on my application?
As this visa focuses on health workers and entrepreneurs the application is managed by approved incubators in Dubai and Abu Dhabi.
However, if you are applying for residency in Dubai, you can contact AREA 2071 by emailing [email protected]
Who is qualified for a Golden Visa?
The latest UAE Golden Visa expansion will allow Ph.D. holders who have studied at one of the world’s top 500 universities to apply for a grant.
Under the new rule, the visa can also be received by qualified doctors as the country looks to meet the shortage of resident medical professionals exposed by the COVID-19 pandemic.
The visa is also eligible for engineers who specialize in the fields of computers, electronics, programming electronics, active technology, electrics, AI, and Big Data.
Benefits of the UAE Golden Visa
Below are the benefits attached to owning a UAE Golden Visa.
- It gives individuals a reception to stay in the country for ten (10) years and also a chance to renew the Visa when expired.
- It also allows individuals to get job opportunities, work, and also do business for the UAE within your ten years of stay.
- Also, Golden cardholders can travel freely since there’s no minimum requirement for staying in the UAE
- Relatively with the UAE Golden Visa, your family can benefit to come to visit you or even get their own Golden Residency Visa
Who is Eligible for the UAE 10-year Residency Visa?
However, these are all people eligible for the 10-year golden visa in the UAE:
1. 10-Year UAE Visa for General Investors
The criteria of a UAE 10-year gold visa for general investors are subject to the following conditions:
- Public investments, either by deposits or through a business of no less than AED 10 million
- More than 60% of this overall investment has to be in non-real-estate properties.
- The investor should have full ownership of these properties. It is not possible to take into account something under a loan or mortgage. In the case of loaned/mortgaged properties, it should prove that it reserves at least three years of investment rights.
- The asset should not be involved in any lawsuits or financial conflicts.
These general investors are eligible for a UAE residency visa for 10 years, which can be extended.
The visa is also valid for 10 years for dependents. You can have partners if your primary asset is a company, provided they have invested AED 10 million each.
For the Executive Director and one advisor, you can also get a 10-year UAE Golden Visa.
Comparable to other UAE residency visas, you cannot be out of the country for more than a duration of 6 months.
2. Individuals with Specialized Skills Eligible for 10-Year UAE Golden Visa
Under the UAE 10-year visa requirements for this category, the applicant requires a valid work contract stating its position in the priority fields.
Doctors, researchers, experts, scientists, and inventors are included in the description “specialized talents.”
While this category of the UAE golden residence permit program applies to the spouse and children of the applicant, the visa will only be issued according to the conditions of accreditation, patents, publication, and a degree in the related fields.
The government declared that it would be possible for those individuals to apply for long-term UAE resident visas
Who is Eligible to Apply for the 5 Year UAE Residency Visa?
However, there are still some reservations for those who are eligible to apply for the 5 years UAE Visa.
3. Real Estate Investors gets a 5-Year UAE Residency Visa?
Meanwhile, most requirements are similar to those of general investors for real estate investors seeking long-term residency visas in the UAE, the minimum value of the investment inland.
In this case, must be AED 5 million. For the primary applicant and their dependents, executive directors, and advisors, these visas are valid for 5 years.
4. 5-Year Golden Residency Visa in the UAE for Enterpreneurs
For entrepreneurs, the rules of eligibility for long term visas in the UAE vary slightly.
Entrepreneurs should own a project worth at least AED 500k and have accreditation certificates from the government to apply for the 5-year UAE visa.
The advantages for entrepreneurs of a long-term residency visa include
- 5-year visa. The visa for investors can be upgraded to
- Five-year visa for dependents
- Six-month entry visa with several travel permits, which can be extended by 6 months.
- Five-year visa for three managing directors.
A UAE visa status inquiry in Dubai can be submitted by entrepreneurs concerned with the validity of their residence visas.
The Business Gold Visa in the UAE
The Business Gold Visa enables non-national and non-resident entrepreneurs who wish to develop business operations in the UAE to have permanent residency.
This permanent residency depends on the continued adherence of the applicant to the terms and conditions for any visa renewal period (5 years).
Businesses worldwide can apply for the UAE Business Golden Visa unless they have developed their own business at least once in their lives. The qualified entrepreneur has to receive a UAE Gold Business Visa:
- Authenticate their familiarity with entrepreneurship
- Hold/have held the majority of shares in a startup and/or a senior management position in it
- Be also prepared to legally set up a company and move to the UAE.
- Have a business strategy for their UAE entrepreneurial enterprise or ideas
5-Year Visa for Outstanding Students for the UAE Residency
This extended visa is valid for students with a minimum of 95 percent at high school with a distinction of 3.75 GPA upon graduation from any university.
As per this announcement, all applicants, including outstanding students who are eligible for a long-term UAE residency visa, will also be permitted to sponsor their families (spouses and children).
The Cost of the Dubai Golden Visa
The Dubai golden visa rates for 5 and 10 years are considered very affordable. The payments for a new long-term visa from the UAE are explained below.
To get more information about the cost and eligibility structure of the Dubai Golden Visa you should read the Dubai Golden Visa Requirements (Cost, Duration, and Eligible Groups)
What is the cost for the UAE 5 Year Golden Visa?
The cost of a visa for five years is AED 650. This includes AED 150 for application and AED 500 for issuance, respectively.
What are the 10-Year Dubai Golden Visa charges?
The total price for a 10-year Dubai visa is AED 1,150. This includes the application expense of AED 150 and the issuance of AED 1000.
With the cost of the latest UAE long-term visa revealed, several individuals will start applying for a 5 and 10-year visa.
What will the Dubai Golden VISA mean for the country and subsequent amendments to business ownership laws?
It is necessary to observe what changes will occur in the property market with these monumental changes in visa and company ownership laws in the country.
Can The UAE Dynamics Change?
The golden residency permit of 10 and/or 5 years will make a big difference to the impression that the UAE is a short-term choice for ex-pats.
Generally speaking, the population may start to appear much less transient. As a result, there could be more increases in interest in learning the local language and assimilation into the UAE community.
Many more businesspeople and innovators would merge
The individuals who are going to innovate new companies, which are going to contribute to the economy and generate more jobs in turn will look at developing a long-term career in the UAE and bringing value to society.”
Dubai is sometimes referred to as the city of the future’, and it has been suggested that it will be the world’s most creative city in the next 10 years due to its big innovation ventures.
New golden UAE residency visas will be given to professionals working in the fields of medicine, technology, research, and engineering, including physicians and engineers.
This is a pool of individuals with a lot of the skills needed to solve the world’s major problems.
More entrepreneurs and innovators are also likely to be attracted by the potential for foreign investors to own 100 percent of the companies founded in the UAE outside the free zone.
The UAE could become a global science center
You probably know that the UAE, a remarkable feat for a country of its size, has its own Mars mission and is also a pioneer in sustainable development initiatives.
The new visas will provide scientists with a greater sense of security, encouraging them to establish long-term careers in the UAE instead of staying for a brief period of time and then taking their expertise elsewhere.
Area Expectations can Change
If you look back at this moment in time as a seminal change in our region’s global perceptions.
You will see other countries follow suit, depending on the performance or the economic impact made by these new laws.
The sense of permanency in the UAE through the gold card visa for foreigners has tremendous potential for effect, including greater assimilation.
Other countries in the area could see new 10-year UAE visas the following suit.
Interest in UAE Ownership of Property Could Increase Interest
Although the latest UAE long-term visas would not extend to all of us, they would offer a greater sense of permanence in their adopted country to a significant number of ex-pats.
In comparison to renting, this would offer an even greater incentive to opt for the long-term protection of owning property in the UAE
But let’s not ignore the field of commercial land. Instead of leasing, we may see the focus turning towards business owners purchasing offices in the UAE, as well as other business premises, as they consider a longer-term future thanks to the new UAE visa rules.
Agent Views: Comments from Experts of Industry
Bayut.com has asked three industry experts for their views on what the law changes would mean for the property market and the UAE in general about UAE visas and UAE company ownership for your perusal.
ALLSOPP & ALLSOPP
Paul Kelly one of the agents gives his input on the effect on the property market of the latest UAE rules.
I think it’s very good for the market that the UAE Golden Visa would create more interest in property sales in the UAE. If anyone is on a 10-year visa or even a five-year visa, it brings in a completely distinct attitude and approach to life in Dubai. Your condition is more enduring, which in turn lets you think more in the long run about your time in Dubai. A portion of this is buying a house. If you’re going to be anywhere in the world for a good few years, then it makes sense to purchase a property and invest in yourself and your future.Paul Kelly, Operations director, ALLSOPP
There is a great deal of talk and confidence injected into the market on the back of the announcement.
What’s going to happen is that a lot more investment will be made in Dubai and a lot more people will be motivated to set up business here.
In turn, this would generate employment, population growth, and more property demand, both on the leasing and the purchasing side.
Experts in the industry claim that new company ownership laws may see improvements in the commercial property industry.
I believe that the new visa legislation will allow individuals to stay longer and that this will have an effect on the property market.
If I can provide an example of my aunt and uncle, who in the 1980s moved from the UK to Australia.
They thought that their long-term future lay in Australia within a year of being there. They bought a house and now they are still there.
They owned companies during that period and bought various properties.
Today, if they had been on a two-year visa and were unsure of what was held in the future or how long they might have been able to stay in Australia.
They would not have gone the same direction and for the next 30 years, they might have been back in the United Kingdom, running companies there and investing in real estate in the United Kingdom.
UAE Property Expert
The intended result of this shift in federal policy would be to bring more stability to the existing and new citizens of the UAE.
This strengthened sentiment will have a positive impact and will go a long way in getting people to put down their roots, contributing to an overall rise in homeownership for many residents of the UAE.
Mario Volpi thinks that the new laws would have a positive effect on the UAE real estate market.
As people in the future will see the UAE as their home, rather than just a temporary place to live and work, the new decision may be a game-changer.
More citizens will look at their housing arrangements, and it is obvious to me that frequent tenants will be attracted to invest and become homeowners by the golden UAE visas.
This particular market is huge, and it will give a welcome impetus to the property market in general if this market can be tapped.
Getting the right to own 100% of one’s business in the UAE is a major attraction for business owners.
More companies would likely be attracted by not having to pay for the sponsor’s payments or give any of the money away.
You should also check-out the Popular Menial Jobs in Dubai for International Residents and Worth someone around you might need it if you don’t.
A golden visa is usually a form of a grant provided to wealthy individuals who wish to exchange substantial investment in a country for the ability to live within it.
however, Governments have also used the mechanism to expand their tax base.
In particular, because of its business-friendly and tax-free climate, the UAE has emerged as an attractive destination for investors and entrepreneurs.
Hurry and grab one for your business purposes now, and also a chance to search for career possibilities in the UAE.
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