09 Oct Golden Visa – Concept & Requirements
The UAE implemented a new system for long-term residence visas. The new system enables foreigners to live, work and study in the UAE without the need of a national sponsor and with 100 percent ownership of their business in the UAE. These visas are issued for 5 or 10 years and are renewed automatically. It is granted for certain groups like investors; entrepreneurs, innovators, and those who have specialized talents, and searchers in various fields of science. This new system allows foreigners and their families to come to work, live and study in the country, with the possibility of long-term residency without the need for a United Arab Emirates sponsor. Besides, 100% ownership within the Emirates. The authorities have activated this law and adopted it since last November.
What is the major goal of the golden visa?
The aim of the gold visa in the United Arab Emirates is to attract self-employed entrepreneurs to strengthen the local economy, promote diversity and economic growth, and attract exceptional minds and talent as permanent partners in the country’s development process. This move will strengthen United Arab Emirates’s position as a global incubator for innovation and talent.
How can you apply for the visa?
Those interested in applying for the Golden Visa can do so through the Federal Authority for Identity and Citizenship — ICA (the Federal Authority for Identity and Citizenship) website or the ministry’s General Directorate of Residency and Foreigners Affairs (GDRFA).
Candidates must provide the required documents and be willing to move to the UAE to pursue their business endeavors. If you stumble into any difficulties while applying, contact us, we will be happy to help.
Who are eligible to apply?
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 case of assets.
The investor must be able to keep his or her investment.
The investor must also be able to keep the money for at least three years. This 10-year visa can be extended 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 advisor, are all eligible for the long-term visa.
In addition to entrepreneurs, people with specialized talents can also apply for visas. These include doctors, researchers, scientists, investors, and artists. After accreditation by their respective departments, these individuals can obtain a 10-year visa, which includes their spouses and children.
The requirements for a 5-year visa are virtually the same.
The requirements for the 5-year visa are the same for investors. With the exception that the amount of investment necessary is set at AED 5 million.
In the UAE, exceptional high school and university students can apply for a 5-year resident visa.
Exceptional high school and university students are eligible for a 5-year residency visa in the UAE. High school students who rank top in the country (a minimum grade of 95 percent). In addition to students from certain universities with a GPA of 3.75 or higher upon graduation.
Also, foreign nationals who want to set up their business in the UAE may also apply for permanent residency (5 years) through the Golden Business Visa scheme.
Conclusion
If you want to apply for the golden visa, feel free to contact the ITQAN team who will help you get
everything done within a few days.