When the UAE introduced its Golden Visa program in 2019, it cleared the way for those looking to stay in the region for an extended period. With residency periods ranging from five to ten years, the Golden Visa program has no strings attached – one no longer needs to worry about employer ties or renewal hassles.
In addition to being the key to a life where expats live in the UAE without the need for a national sponsor, it also allows entrepreneurs to set up their 100% ownership business in mainland UAE.
If you’re thinking about applying for a UAE Golden Visa, keep reading this blog to find out more about the program and what it has to offer.
AN OVERVIEW OF THE UAE’S GOLDEN VISA PROGRAM
This long-term residency visa program was established to attract investors, talent, entrepreneurs, and seasoned professionals, the world over. If you are a foreign national living, working, studying, or conducting business in the UAE under this program, a national sponsor is not required for your five or ten-year-long stay. Golden Visa holders are also granted full ownership of their businesses on the UAE’s mainland.
ELIGIBILITY AND CRITERIA
A diverse range of individuals falling under specific categories can apply for a UAE Golden Visa.
Property Investors
If you are interested in investing in a property in the UAE that is valued at more than AED 2 million, you can qualify for a Golden Visa. Recent changes eliminated the necessity for a minimum down payment. Going forward, investors can now qualify for the golden visa if the property’s value is Dh2 million or more, regardless of whether it’s off-plan, completed, mortgaged, or not mortgaged.
Entrepreneurs
Looking to set up your startup business in the UAE? If your registered company can be categorized as a small and medium enterprise (SME) with annual revenues of AED 1 million and above, you can apply for a UAE Golden Visa.
Considering another situation, if you were the founder or co-founder of a business in the UAE that was sold for at least AED 7 million, you may be able to obtain Golden Residency status, subject to approval by the Ministry of Economy.
Exceptional Talents
Reflecting the UAE’s dedication to attracting the world’s top talent, if you are a person who has excelled in fields such as arts, culture, digital technology, sports, innovation, medicine, and law, you are eligible to apply for the Golden Visa.
Under this application category, the Golden Visa will be granted based only on your exceptional abilities. Educational background, employment status, monthly wage, or professional status will not be considered, but a recommendation or approval from a federal or local government entity is required.
Scientists
The Golden Visa program encourages scientists and researchers to apply as well, provided that they have a Ph.D. or Master’s degree from the world’s top universities in fields such as engineering, technology, life sciences, or natural sciences. A recommendation from the Emirates Scientists Council is a prerequisite for obtaining the Golden Visa as a scientist or researcher.
Skilled Workers
Skilled workers holding contracts in the UAE, with occupations classified as level one or two by the Ministry of Human Resources and Emiratisation, and earning a monthly salary of at least AED 30,000, are eligible for the Golden Visa.
Outstanding Students and Graduates
If you are a student who has achieved academic success in UAE secondary schools or universities, or if you have graduated from the top 100 international universities, you can apply for the Golden Visa.
Humanitarian Contributors
Members of prestigious international and regional organizations, prominent members of public benefit organizations, recipients of humanitarian recognition awards, and renowned humanitarian volunteers and supporters are eligible for UAE’s Golden Visa Programme.
Doctors and Nurses
The UAE grants long-term residency to doctors and nurses to retain and attract medical professionals. Specific criteria and application processes may apply for doctors and nurses, with designated centers established for in-person visa applications.
BENEFITS OF THE GOLDEN VISA
Self-Sponsorship
As mentioned earlier, Golden Visa holders are not tied to an employer or sponsor. This allows the holder to explore career opportunities as per their wishes, or even set up their own business.
Ownership and Investment
If you are considering setting up a business as a Golden Visa holder, you will be granted full ownership of your enterprise on the UAE’s mainland.
Extended Residency
The five to ten-year Golden Visas give their holders a feeling of security that comes with extended residency. You can build your life in the UAE without having to worry.
Family Inclusion
Golden Visa holders are allowed to sponsor their families, including spouses and children of all ages. If the primary holder passes away, family members can continue to stay in the UAE until the end of the permitted duration.
Sponsorship of Domestic Helpers
Golden Visa holders can also sponsor an unlimited number of domestic helpers, allowing for a comfortable and efficient lifestyle.
APPLICATION PROCESS FOR UAE’S GOLDEN VISA
A Step-by-Step Guide to Applying for a Golden Visa
Step 1: Expression of Interest
Express your interest on the Federal Authority for Identity and Citizenship (ICA)’s official website. SetHub can help to give you a smooth star.
Step 2: Document Submission
These documents typically include passport copies, passport-size photographs, proof of investment, and more. SetHub will assist during the document submission process.
Step 3: Nomination and Business Relocation
Seek SetHub’s expert guidance in preparing and submitting your nomination request to the UAE authorities, along with the relevant paperwork. You must demonstrate your intention to relocate to the UAE in alignment with your business or professional goals.
Step 4: Application Assessment
The UAE’s immigration authority, in coordination with relevant government departments, will assess your application.
Step 5: Visa Fees
Visa fees are determined by various factors, including your current location and the category for which you are applying. In most cases, you will need to pay a total of approximately:
- AED 10,000 for a 10-year Residency Permit
- AED 6,000 for a Family Residence Permit for 10 years
- AED 5,700 for a Residence Permit for Parents for 10 years
Step 6: Medical Examination
SetHub can help coordinate the medical examination, and the approximate cost of this examination is AED 700.
Step 7: Health Insurance
UAE health insurance starts at AED 800. This insurance ensures access to healthcare services during your stay in the UAE. SetHub’s consultants can help you decide on the best package to meet your needs.
Step 8: Application Review
SetHub will review your application and confirm that all required documents and fees are in order.
Step 9: Application Outcome
The immigration authorities will evaluate your application and communicate their decision. If your application is approved, you will receive your Golden Visa, granting you 10 years of residency in the UAE.
Step 10: Relocation and Residency
Upon receiving your Golden Visa, make arrangements to relocate to the UAE by the terms of your business venture, employment, or professional commitments.
RENEWAL AND COMPLIANCE FOR UAE’S GOLDEN VISA
Once your Golden Visa expires, you are at liberty to renew the same, subject to certain terms and conditions.
To maintain your Golden Visa status, the program has certain regulations that you must abide by. These conditions vary depending on the category of your Golden Visa. Some of them may be ongoing investment commitments, business activities, or contributions to the UAE.
In Conclusion,
If you are seeking a pathway for long-term residency in the UAE, the Golden Visa Program may be the right option for you. With a duration of up to ten years along with multiple entry privileges, the Golden Visa is a secure way to maintain your residency status in the UAE. Speak to us at SetHub to find out more about how you can make this a reality for you and even your family members.
