In 2019, United Arab Emirates (UAE) implemented a new system for long-term residence visas, enabling foreigners to live, work and study in the UAE without needing a national sponsor and with 100 percent business ownership.
What is the Golden Visa UAE?
The Golden Visa is a long-term residency visa that allows foreign talents to live and operate or study in the UAE for up to 10 years. This golden residency system is renewable and reserved for specific categories varying from investors to individuals with outstanding talents.
What are the new changes being implemented?
From 3 October 2022, the authorities will implement reforms and modifications to the Golden Visa to attract more applicants by further growing the eligible categories. Among the new addition are professionals, specialists, and exceptional talents.
The changes also spread to additional entry permits and visas to accommodate tourists, business travelers, job seekers, friends, and relatives of UAE residents hoping to enter the country.
They will also present additional benefits for family members of Golden Visa holders, including the ability to stay in the UAE for the whole duration of the golden residency even if the holder dies. They will also present an extended grace period of up to six months following expiry or cancellation.
Golden Visa holders will also be able to sponsor an endless number of domestic workers under the new law.
Eventually, the threshold for real estate and property investment to obtain the Golden Visa has been reduced to AED 2 million; This applies to real estate investors and all categories, including students, skilled workers, and exceptional talents.
Changes to the Golden Visa system will allow even more accessibility for foreign nationals to live, work, lead business, and study in the UAE without requiring a nationwide supporter.
Golden Visa UAE uses and benefits
Some of the benefits of the Golden Visa in the UAE are:
- a long-term, renewable residence visa valid for 10 years
- a self-sponsored visa
- Ability to remain outside of the UAE for any amount of time without having their visa rejected
- sponsoring their family members, including spouses and children, regardless of their ages
- sponsoring an unlimited number of domestic helpers
- Allowing family partners to stay in the UAE until the end of their permit duration on the occasion the primary holder of the Golden Visa dies.
- an entry visa for six months with multiple entries followed by the issuance of residency permits
Further, there are Golden Visa benefits specific to individual emirates as :
Abu Dhabi
- Golden Visa holders in Abu Dhabi will be allowed discounts and offers on cars, property, health care, hospitality, health insurance, and banking services. The Resident’s office has teamed up with companies across various industries to offer the incentives.
- Under the Abu Dhabi Residents Office’s commercial partnerships, Abu Dhabi golden visa holders will be entitled to discounts on selected properties from developer Imkan Properties.
- Banks, including Abu Dhabi Commercial Bank and First Abu Dhabi Bank, will offer real estate golden visa investors reduced mortgage fixed-interest rates and non-real estate investors attractive rates on savings accounts.
- The holders will also be entitled to reduced premiums on annual health insurance plans for families and individuals, with diverse network coverage and a bundle of benefits inside and outside the UAE.
- They will receive special offers for dining, spa treatments, gyms, and stays at selected hospitality
- Golden visa holders will also be eligible for price reductions on cars. They will receive priority bookings for new releases, special payment facilities, maintenance offers, and permitting assistance.
Dubai
Foreign residents in Dubai with a golden visa and a driving license from their home country can now take a UAE driver’s test without needing extra lessons.
Additionally, suppose the golden visa holders have a license from one of 32 approved countries. In that case, they will automatically be eligible for a UAE driver’s license. Countries: the US, the UK, Australia, Italy, Saudi Arabia, South Africa, Spain, New Zealand, Qatar, Kuwait, and Ireland.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has declared that a 10-year Golden Visa will be granted to outstanding immigrant students and their families in Dubai. They will also be offered deals to pursue their higher education in international universities in Dubai.
If you are interested in a Business setup in Dubai or Abu Dhabi, we suggest reading these articles.
Esaad privilege card
The Dubai Media Office has announced that They will gift Golden Visa holders the coveted Esaad privilege card in Dubai. The card will be free to holders of 5-year and 10-year Golden Visas in Dubai.
Select classifications of Golden Visa holders in Dubai will welcome the Esaad card. These categories are:
- Real estate investors
- Entrepreneurs
- People with specialized talents and researchers in science and knowledge, such as scientists, doctors, specialists, inventors
- Creative people in art and culture
- Executive directors
- Specialized academics
- Professional sportspeople
- Ph.D. degree holders specializing in engineering or science, humanitarian aid workers
- Outstanding university and high-school graduates
- Investors in public investment funds
Golden Visa Insurance
Golden Visa holders can apply for comprehensive coverage ranging between AED 2,000 – 50,000 depending on aspects such as age, health, hospitals/clinics, etc. The National Health Insurance Company (Daman) has introduced health insurance packages for Golden Visa holders who are valid for 1 year and can be renewed yearly. Premiums for all insurance plans will vary according to age and chosen plan option.
Golden Visa UAE eligibility and application
All interested individuals who want to apply for the Golden Visa may utilize the Visa online at the ICA innovative services platform. The process is straightforward, with candidates required to submit the necessary documents and be willing to relocate to the UAE following their business venture.
Golden Visa UAE eligibility
Intending to attract the world’s best talents, the UAE has now announced considerable amendments to its Golden Visa scheme by adding six (6) new expanded categories.
The expanded categories of 10-year visas are being trialed and will come into effect with other visa reforms from 3 October 2022. The Golden visa holders will be eligible to sponsor their family members, irrespective of age and domestic staff, without any restrictions on their numbers.
Moreover, there is no restriction related to the maximum duration of six (6) months outside the UAE to keep the Golden Visa valid. The categories qualifying for the Golden Visa expanded scheme are as follows:
As per the Official Portal of the UAE Government, those eligible for the Golden Visa are as follows:
Golden Visa for professionals
A significant expansion to the Golden Visa eligibility category, the Golden Visa for professionals, applies to all fields and disciplines, including but not limited to education, law, science and engineering, information technology, social sciences, and numerous others.
Eligibility conditions are as follows:
- the individual must have a valid employment contract in the UAE
- the individual should be classified in the first or second occupational level as per the Ministry of Human Resources and Emiratisation classification
- the individual must have a minimum educational level and must hold a bachelor’s degree or equivalent
- the individual must have a monthly salary of no less than AED 30,000 (USD 8,167)
Golden Visa UAE for investors in real estate
Real estate investors may obtain the Golden Visa if they fulfill one of the following conditions:
- purchase a property worth no less than AED 2 million, or
- buy a property with a loan from specified local banks, or
- purchase one or more completed or off-plan properties no less than AED 2 million from a list of approved local real estate companies
Golden Visa UAE for entrepreneurs and startup owners
Startup investors may now obtain a Golden Visa, provided their company is registered within the UAE. It should fall under the small and medium enterprises (SME) category with annual revenues of AED 1 million or above. Furthermore, the Golden Residence for Entrepreneurs can also be obtained, if:
- the person is a founder or one of the founders of a previous entrepreneurial project that was sold with a total value of not less than AED 7 million.
- the approval of the Ministry of Economy or the competent local authorities is required for projects or ideas
Golden Visa UAE for exceptional talents
Under the category of exceptionally talented individuals, talented individuals in art, culture, digital technology, sports, innovation, medicine, law, and others are eligible to apply for the Golden Visa scheme.
Moreover, the 10-year Visa will be awarded solely based on the individual’s talent. It will not depend on educational qualification, employment status, monthly salary, or professional status. However, the recommendation or approval of a federal or local government entity will be required.
Golden Visa for professionals
The UAE Cabinet has revealed a significant expansion in this category to attract highly skilled workers with educational qualifications and professional experience in all disciplines, including medicine, sciences and engineering, information technology, business and administration, education, law, culture, and social sciences.
Golden Visa UAE for scientists
The Golden Visa will now be granted to scientists and researchers who meet the following conditions:
- Have a Ph.D. or Master’s degree in engineering, technology, life sciences, and natural sciences from the world’s best universities.
- Must have a recommendation from the Emirates Scientists Council to avail of this Visa.
Golden visa UAE for skilled workers
Skilled workers can qualify for the Golden Visa scheme, provided:
- they hold a valid contract of employment in the UAE
- the job must fall under the occupational level one or two defined by the Ministry of Human Resources Emiratisation.
- the minimum monthly salary is not less than Dh30,0000
- the skilled worker must have a bachelor’s degree as well.
Golden visa UAE for outstanding students and graduates
Having obtained high scores in UAE secondary schools or universities, students with exceptional academic excellence are also eligible to apply for the 10-year Visa.
Furthermore, talented students and graduates who have studied at the world’s 100 best universities are also eligible to apply for the Golden Visa scheme.
Golden Visa UAE for humanitarian pioneers
Humanitarian pioneers such as the following can get the Golden Visa:
- distinguished members of international and regional organizations
- outstanding members of associations of public benefit
- recipients of recognition awards in humanitarian fields
- distinguished volunteers and sponsors of humanitarian efforts
Golden Visa UAE for doctors and nurses
The UAE has granted doctors and nurses, the first line of defense, a long-term residency in “recognition of their efforts and sacrifices.”
All doctors licensed by the UAE health regulatory bodies can apply for the Golden Visa between July 2021 and September 2022 through the ICA’s golden residency services for doctors.
As of late, nurses and medical staff, the unsung heroes of the UAE’s COVID-19 fight, are also eligible to receive the prestigious Golden Visa.
Seven centers affiliated with the Federal Authority for Identity and Citizenship have been established across the Emirates for doctors and nurses who wish to apply for visas in person.
Golden Visa for frontline heroes
Frontline workers with extraordinary efforts in crises, such as the COVID-19 pandemic, may also be eligible for the Golden Visa.
