- October 28, 2021
- Posted by: Vimal Hemachandran
- Category: Blog
Over the decades, Dubai has positioned itself as a land of possibilities. With the launch of the Golden Visa, it has transformed into the perfect centre for individuals to prosper in. The UAE is well-known for its cutting-edge technology and creative approaches to economic development. There is no surprise that the economy will grow greatly in the future with the inclusion of this newly issued visa.
The ‘Golden Visa’ is a long-term residence visa that allows foreigners to live, work, and study in the UAE without the need for a local sponsor and complete ownership of their business. Investors, entrepreneurs, persons with extraordinary talents such as researchers, medical professionals, and those working in the scientific and knowledge industries, as well as excellent students, are all granted long-term residency (5 or 10 years) under the Golden Visa system.
Eligibility for a 10-year visa
Applicants for the 10-year visa must have a minimum of AED 10 million in public investment, either in the form of an investment fund or a firm. However, at least 60% of the total investment must not be in the form of real estate, the invested amount must not be loaned, and investors must assume full ownership of assets in the event of assets.
The investor must also be able to keep the investment for at least three years. This 10-year visa can be prolonged to include business partners if each partner pays a total of AED 10 million. The holder’s spouse and children, as well as one executive director and one adviser, are all eligible for the long-term visa.
Individuals with specialised talent, in addition to entrepreneurs, are eligible to apply for the visa. Doctors, researchers, scientists, investors, and artists are among them. Following approval by their respective departments and areas, these people may be awarded a 10-year visa, which will also include their spouses and children.
Eligibility for a 5-year visa
The requirements for the 5-year visa are virtually the same for investors, with the exception that the amount of investment necessary is set at AED 5 million.
Exceptional high school and university students, as well as high school students who rank top in the country (a minimum grade of 95%) and students from specific universities with a GPA of 3.75 or above upon graduation, are eligible for a 5-year resident visa in the UAE.
Individuals interested in applying for the Golden Visa can do so through the Federal Authority for Identity and Citizenship — ICA (the eChannel for residence and citizenship) website or the ministry’s General Directorate of Residency and Foreigners Affairs (GDRFA).
Through these measures, the UAE government has demonstrated its commitment to providing expats, investors, entrepreneurs, and everyone else who wants to make the UAE their residence an extra reason to feel secure in their future career and personal life.The Golden Visa programme was created to encourage, give opportunities for, and retain bright individuals with outstanding brains in the country. The economy will flourish as a result of this