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The UAE Golden Visa:
A Complete Guide
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The United Arab Emirates (UAE) is desirable for entrepreneurs, investors, and skilled professionals. Since its early days, it has drawn top talent from all over the world. In 2019, the UAE government introduced the Golden Visa program. This program specifically attracts talented people by offering long-term residency options.
What is the UAE Golden Visa?
The document is a special type of residency that lets foreigners live, work, and study in the UAE without needing a local sponsor. This visa is valid for either 5 or 10 years and is renewable. It allows multiple entries into the country and lets you sponsor your family members. The Golden Visa has many other perks that make living and working in the UAE attractive.
Who Can Apply for the UAE Golden Visa?
The Visa applies to different groups of people. Each group has its own set of requirements aimed at attracting a variety of talent and investment to the UAE:
Business Investors:
Invest at least AED 10 million in a new or existing company in the UAE.
Invest in property worth a minimum cost of AED 5 million.
Keep the investment for at least 3 years.
Real Estate Investors:
Invest in property worth at least AED 2 million.
Keep the investment for at least 3 years.
Earn at least AED 180,000 per year.
Have valid health insurance for yourself and your dependents.
Hold a valid Emirates ID and maintain a clean criminal record.
Scientists and Researchers:
Hold a PhD or Master’s degree in a scientific field from a top university.
Have a strong research background, including publications in well-known journals.
Be recognized internationally for your contributions, such as through awards or patents.
Secure a job or research funding in the UAE.
Show potential to drive innovation and scientific progress in the UAE.
Outstanding Students and Graduates:
Have a GPA of at least 3.8 or its equivalent.
Graduate from a university in the UAE or be among the top 100 students globally in your field.
Show exceptional academic achievements, such as winning international competitions or securing prestigious scholarships.
Be committed to contributing to the UAE’s knowledge-based economy.
Entrepreneurs:
Own a successful startup valued at least AED 500,000.
Get approval from a recognized business incubator in the UAE.
Have a valid trade license and maintain a clean criminal record.
Show significant entrepreneurial achievements and contributions to the UAE economy.
Frontline Heroes:
Work in essential sectors like healthcare, education, or public services.
Show exceptional dedication and service, especially during crises like the COVID-19 pandemic.
Be recognized by the UAE government or your employer for your contributions.
Hold a valid employment contract and have a clean criminal record.
Humanitarian Pioneers:
Make important contributions to society through humanitarian work, charity, or volunteering.
Be recognized by international organizations or governments for your humanitarian efforts.
Show a long-term commitment to supporting humanitarian causes in the UAE and beyond.
Skilled Professionals:
Work in a specialized field like medicine, engineering, or technology.
Hold a valid job contract with a monthly salary of at least AED 30,000 (as of May 2024).
Have at least 5 years of experience in your field.
Hold a bachelor’s degree or higher from a recognized university.
Obtain a valid UAE work visa and maintain a clean criminal record.
How to Apply for the UAE Golden Visa
To apply for the residency, you must first determine which category you fall into. Then, you need to gather the necessary documents. These may include educational certificates, proof of investment or business ownership, and records of professional achievements. The application process is straightforward. You must complete an online form, pay a fee, and pass a background check. It’s a good idea to consult experts who can help you navigate the process smoothly.
Key Benefits of the UAE Golden Visa
One of the biggest benefits here is its long-term security. You can stay outside the UAE for extended periods without losing your residence permit. This is especially useful for those who travel frequently. The visa allows you to work for any employer, start a business, or invest in the UAE. Additionally, this visa can lead to permanent residency and possibly even citizenship.
Another important benefit is the ability to sponsor your family members, including your spouse, children, and parents. This family visa allows families to stay together in the UAE without the hassle of dealing with multiple visas.
Recent Updates and Requirements
As of May 2024, there are new rules for certain categories of the Golden Visa. For example, scientists and specialists must show a monthly basic salary of AED 30,000 to qualify. Also, the UAE Ministry of Education should approve educational certificates outside the UAE.
How the UAE Golden Visa Compares to Other Programs
Compared to similar residency programs in countries like Portugal, Greece, and Cyprus, the UAE offer stands out. While other countries mainly focus on attracting investors, the UAE’s program also targets scientists, researchers, and top students. This broad focus helps create a diverse and dynamic community in the UAE, driving innovation across multiple sectors.
Tax Benefits
You will also receive significant tax benefits in the UAE. For instance, the country has no income tax, making it an attractive option for high-net-worth individuals and businesses looking to optimize their finances.
Final Thoughts
The UAE Golden Visa is one of the most appealing residency options available today. It offers long-term stability in a rapidly growing economy. By focusing on attracting top talent and fostering innovation, the UAE continues to be a leading destination for professionals and investors worldwide.
Interested in getting your UAE Golden Visa? Book a free consultation with Wealth Consulting to start your application today.
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