The UAE Golden Visa for Investors and Professionals
The United Arab Emirate (The UAE) stands out as the true country of ex-pats, and the changes introduced in 2020 have opened up even more opportunities for those who wish to move to a well-developed country. It is an exciting and modern destination if you want to enjoy your social life as well as your working life in the fast lane. Almost every major international corporation has a base in Dubai and it means that there are opportunities aplenty. The standards of living are very high and the educational standards are excellent as new schools and colleges are being constructed almost annually.
The demands for UAE residency are very high for obvious reasons and after decades of strict policies, in 2019, 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 per cent ownership of their business on the UAE’s mainland. These visas will be issued for 5 or 10 years and will be renewed automatically.
Recent cabinet’s resolution regarding the Organization of Residence permits for investors, entrepreneurs and professional talents regulate granting golden visas to, investors, entrepreneurs, specialized talents and researchers in various fields of science and knowledge, and bright students with promising scientific capabilities.
Who Is Eligible for a 10-year UAE Golden visa?
In January 2021, the UAE announced it intends to launch a residency program for selected investors and specialized professionals. The Golden Visa program will allow foreign residents to establish dual citizenship if the specific requirements are met. The change allows full foreign ownership of companies in the UAE encouraging foreign investment. Previously full foreign ownership was allowed in the Free Trade Zone areas only.
The following categories are entitled to apply for a 10-year residence visa in the UAE:
1-Investors in public investments of at least AED 10 million
The investment may take many forms such as:
- A deposit of at least AED 10 million in an investment fund inside the country
- Establishing a company in the UAE with a capital of not less than AED 10 million
- Partnering in an existing or a new company with a share value of not less than AED10 million
- Having a total investment of not less than AED 10 million in all areas mentioned, on condition that the investment in sectors other than real estate is not less than 60 percent of the total investment.
The Investors Criteria for UAE Golden Visa
In order to be granted a visa the following conditions must be met:
- The amount invested cannot be loaned.
- The investment should be retained for at least three years.
- There should be financial solvency up to AED 10 million.
- Visa can be extended to include business partners, on the condition that each partner contributes AED 10 million.
- The long-term visa can include the spouse and children, as well as one executive director and one advisor.
- Investors from abroad may apply for a multiple-entry permit for a six-month period.
2-Persons with specialized talents
This includes specialized talents and researchers in the fields of science and knowledge such as
- Doctors and specialists (in the fields of Engineering and Science, Epidemiology and Viruses, Artificial Intelligence, Big Data, Computer Engineering, Electronics Engineering, Programming Engineering, Electrical, Genetics, and Biotechnology ). Doctors and specialists must meet at least two of the following conditions:
- A Ph. D. degree from one of the top 500 universities in the world,
- An award or certificates of appreciation in the field of the applicant’s work,
- Contribution to major scientific research in the respective field of work,
- Published articles or scientific books in distinguished publications in the respective field of work,
- Membership in an organization related to the field,
- A Ph. D. degree, in addition to 10-year professional experience in their field,
- Specialization in areas of priority to the UAE.
Scientists must be accredited by Emirates Scientists Council or holders of the Mohammed Bin Rashid Medal for Scientific Excellence.
Inventors must obtain a patent of value, which adds to the UAE’s economy. Patents must be approved by the Ministry of Economy.
- Creative individuals
Creative individuals in culture and art must be accredited by the Ministry of Culture and Youth.
- Exceptional talents
Exceptional talents must be documented by patents or scientific research published in a world-class journal.
They must be owners of a leading and internationally recognized company or holders of high academic achievement and position.
The visa advantage extends to the spouse and children. All categories are required to have a valid employment contract in a specialized field of priority in the UAE.
Who Is Eligible for a 5-year UAE Golden Visa?
The following categories are entitled to apply for a 5-year residence visa in the UAE:
1. Investors in a property in the UAE
Granting a visa is subject to the following conditions:
- The investor must invest in a property of a gross value of not less than AED 5 million,
- The amount invested in real estate must not be on a loan basis,
- The property must be retained for at least three years.
2. Entrepreneurs (owner and founder of a project)
This category includes those having an existing project with a minimum capital of AED 500,000, or those who have the approval of an accredited business incubator in the country.
The entrepreneur is allowed a multi-entry visa for six months, renewable for another six months. The long-term visa includes the spouse and children, a partner, and three executives.
3. Outstanding Students
- Outstanding students with a minimum grade of 95 percent in public and private secondary schools
- University students within and outside the country having a distinction GPA of at least 3.75 upon graduation.
The long-term visa includes families of outstanding students.
The United Arab Emirates and in particular Dubai are very tolerant of others’ beliefs and ways of life. No matter whether you are looking to relocate for work in Dubai, Abu Dhabi, or one of the lesser-known Emirates, they all offer many great benefits; Vast professional opportunities, tax-free earnings, the perfect balance between city and seaside, safety, and many more benefits of living in the UAE are all more than enough reasons to choose this country as a destination for investors and professionals. If you meet any of the above-mentioned criteria, then UAE is just the right place for you.
For more information, please contact one of our advisors in the UAE, Denmark, or Canada, and we will do our utmost to guide you through the UAE Golden Visa process and to get all other documents thereafter.
Do not hesitate to comment below, if you have any questions or experience about investment in the UAE Golden Visa.