Dubai is indeed a unique place to travel as well as to seek a successful career. Moreover, this megacity in the United Arab Emirates has transitioned into a world-famous business junction. With its breathtakingly perfect constructions and remarkable business modules, it provides a perfect ground for expats to work as well as settle perpetually. The UAE government offers several incentives and facilities to welcome foreign investors to the country and open company in UAE. However, with the implementation of the Dubai Golden Visa, foreign investors and expats are in ecstasy to secure permanent residency in the Emirates.
The Golden Visa, also known as the permanent residency visa, allows foreign citizens to work, invest, study and reside in the UAE without having to partner with a local sponsor. Additionally, it also provides 100% foreign ownership to business owners within the UAE. This scheme was implemented in the year 2019, which allows non-UAE citizens to apply for a permanent residency permit for five to 10 years.
The below article shares some insights on the benefits and requirements of the UAE Golden Visa, and how one can apply for the same.
Benefits of Dubai Golden Visa
- Entry visa for six months with multiple entries
- Issuance of long-term renewable residency permits for 10 years
- Self-sponsored visa; no requirement of sponsor or employer
- Liberty to stay outside of the UAE
- Sponsor family members as well as domestic staff
- Freedom for the dependents to stay in the UAE until the visa duration, in case the Golden visa holder passes away
- Ability to apply for UAE driver’s test without taking any extra classes
- Discounts to expatriate students to pursue higher education in international university branches in Dubai
- Freedom to live, work and study in the UAE with a secured future
Individuals who are eligible to apply for Dubai Golden Visa
- Investors
- Entrepreneurs
- Real estate owners
- Scientists and data experts
- Ph.D. holders
- Medical experts and specialists
- Chief executive officers
- University graduates with a 3.8 GPA score or more
- Outstanding students and talents
Eligibility criteria for different categories
For investors:
- Must invest at least AED 10 million either in a company or an investment fund.
- 60% of the total investment must be in a non-real estate sector.
- The invested amount must not be loaned or borrowed.
- Must retain the investment for at least three years.
- Must have health insurance documents for their family members.
In case the investor wants to include any business partners, then each partner must ensure to contribute up to 10 million AED. This 10-year long-term residency visa includes the investor’s family, one executive director, and one advisor.
On the other hand, for a 5-year UAE long-term residence visa, the investor must fulfill the following conditions :
- Must invest at least AED 5 million in a property.
- Be a partner in an existing project with a minimum capital of AED 500,000
- An outstanding student either with a minimum grade of 95% in a public or private secondary school or a GPA of at least 3.75 in a university in or outside the UAE after graduation.
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For Entrepreneurs:
- Must have a minimum investment of AED 500,000.
- An officially recognized business start-up center in UAE must approve the investment.
- Must have health insurance documents for their family members.
Unlike investors, the long-term residency visa for entrepreneurs includes the family, a business partner, and three executives.
For students and special talents:
- Must be an educator from any one of the top 500 international universities, approved by the ministry of education.
- Can have an award or appreciation certificate in their area of expertise.
- Have made significant contributions to their area of study.
- Have 20 years of practical experience in their field of expertise.
- Must have a minimum of 95 % with outstanding academic performance with remarkable grades on graduating (GPA 3.75 or higher).
For Chief Executives:
- Must have a bachelor’s degree.
- Professional experience of at least five years and above
- Should be earning 30,000 AED or more in the UAE under a legal job contract.
- Must have health insurance of family members.
Steps to apply for Dubai Golden Visa
- Visit the official site for Dubai Golden Visa
- Apply for a nomination
- An authorized government authority will review the application within 30 days.
- You will receive an email notification regarding your application result.
- If your application is approved by the authorities, they will email a link through which you have to upload all the requested documents.
- Further, the Federal Authority for Identity and Citizenship will verify your application and documents, after which they will issue your Golden Visa.
The application process for the long-term residency visa might seem a bit restricted and complex. Hence, it is advisable to seek expert assistance from a business professional who can help you with the process.
Documents required to apply for UAE long-term residency visa
While applying for a Golden Visa, you need to first procure an entry permit for the UAE. for that purpose, you need to gather the following documents –
- Passport copy
- Passport-sized photo
- Bank statement for the past six months
- Copy of trade license (if applicable)
- Copy of partnership contract (if applicable)
- MOA ((if applicable)
- Proof of accreditation by the relevant UAE authority (for specialized talents) and Proof of patent (for investors)
Once you get your entry permit, you can further apply for your golden visa by submitting some additional documents, such as –
- Medical test results
- Entry permit
- Immigration Establishment Card
- Passport
- Additional documents related to the purpose of travel
Given is the list of a few of the documents that you need to submit to the concerned department. However, the documents might differ in certain cases, and you might also need to obtain special approvals from other departments. Since the Dubai Golden Visa is more of a sensitive nature, the applicant might also need the help of an attorney or other authorized legal entity.
Summary
Dubai is a destination for business investment that encourages business development in the region. The Dubai Golden Visa recognizes individuals who have been in the city for a long term and their contribution to their country’s development. Thus, it aims to retain these skilled and talented individuals in the country in order to provide them with a secured future as well as lift the country’s economy. And therefore, foreign entrepreneurs, chief executives, investors, meritorious students, and scientists can apply for this visa and acquire a legal permit to reside in this country.
However, there are certain criteria that these individuals have to fulfill to be eligible to obtain this visa. But, with proper assistance and guidance, you can get this task done easily and effortlessly. Therefore, you can trust the resources of Shuraa to get you through this process.
Shuraa Business Setup is one of the leading business setup firms, providing services in the UAE for the past two decades. The experienced resources of Shuraa assist foreign individuals as well as corporates to find their base and settle in Dubai. Similarly, our Shuraa experts can also guide you through each stage of the UAE golden visa application and help you obtain all the relevant legal documents as well.
To learn more about the Golden Visa advantages, connect with Shuraa business specialists. Call +971 44081900 or connect over WhatsApp at +971 50 777 5554. You can also share your requests via email at [email protected].
