An economy that is growing faster than ever, a multifaceted technological hub, and a buzzing tourist spot- that’s what summarizes UAE. In 2019, the UAE government released the revised Golden Visa Program, a permanent residence visa for expatriates, which worked as a cherry on top to push the country’s progress further.
What is the Golden Visa Permit?
The Golden Visa allows permanent residence to foreign nationals for a tenure of 5-10 years which can be renewed further. It permits the immigrants to live, study, and work in the UAE without the need for any sponsorship from a country national. Moreover, it also gives the visa holder 100% ownership of their business, before which businesses would have to share 50% of their rights with a UAE national.
Hence, the renewed visa policy has been a boon to the expatriates in all of the Emirates. Following are some key details and other remarkable benefits of holding a Golden Visa in the UAE.
Benefits of a Golden Visa?
In addition to not requiring a sponsor and holding 100% ownership of their ventures, here are other advantages the beneficiaries of a Golden Visa are eligible for:
- 6 months valid entry visa offering multiple entries to facilitate a smooth residence visa issuance process.
- Permission to sponsor a visa for a spouse, children, and other family members with no restrictions on age.
- Your visa won’t be nullified if you stay outside UAE for more than six months.
- Permission to sponsor domestic helpers with no maximum limit.
- If the golden visa holder in the family expires, then the family is permitted to stay till the visa expires.
- 10 years residence visa with renewability.
- Eligibility to apply for an insurance cover ranging anywhere between AED 2,000 and AED 50,000. A tax agent Dubai, Abu Dhabi, and other emirates can help you understand the laws better concerning different emirates.
Who are eligible to apply for the Golden Visa?
Only certain categories of immigrants are granted the Golden Residence Visa and the list is as follows:
- Investors (real-estate/property): Investors who purchased a completed property, an off-plan one, or have taken a loan to purchase one, from specific reputed banks which is worth at least AED 2 million are eligible. Accounting services in Dubai or any other Emirate can be greatly helpful in understanding if you fall into the category or not.
- Business owners or Entrepreneurs: Entrepreneurs who run a start-up registered under SMEs in the UAE, have got a permit from higher authorities to open up a new venture, or have found a business worth AED 7 million are allowed to apply.
- Remarkable talents and deserving students: Inventors, artists, and talent across various fields are permitted a golden visa provided they have a recommendation from their local or federal authority. Students with an excellent academic performance from top 100 universities across the globe will also be permitted.
- Scientists, humanitarian workers, professionals in medicine, engineering, and others: Highly qualified professionals with Ph.D., masters, and other qualifications owning reverent titles and recognition for their research and contribution to the welfare of society are also granted the golden visa with ease.
How can you apply for a Golden Visa?
Once you fit into the aforementioned categories, you can reach out to the ICP online services or the General Directorate of Residency and Foreign Affairs (GDRFA) to help you sort out the required documents and apply for a golden visa. ICP is purely online based whereas through GDRFA you can apply either online or offline. The process requires the submission of the applicant’s documents and proof stating the willingness to shift to the UAE.
The Golden Visa is your key to permanent residency
The Golden Visa permit offers immense benefits to the deserving and eligible candidates in the UAE. The availability of such residency options for foreign nationals is just one of the many ways the Emirates is implementing to foster talent from across the globe.