The Golden Visa scheme was introduced in line with the Resolution No. 56/2018, assented by the cabinet of the United Arab Emirates. The program has the objective to support persons who deem to invest in the nation and individuals having specific qualifications required to satisfy the criteria for the purpose of long term residence visas in the United Arab Emirates.
Visas for extended residency in the UAE
The introduction of new long-term residence visa categories in the UAE in accordance with Cabinet Decision No. 56/2018 was promulgated for the exceptional talents, Entrepreneurs and businessmen looking for investment for the purpose of long Residence Permits such as “Golden Visa”. Without any domestic sponsorship, now a non-national can reside, work and get an education in the United Arab Emirates under these new categories of visas. They are also permitted to have 100% ownership of firms located on the country’s mainland. The General Directorate will issue UAE long-term visas that are automatically renewed for periods of five or ten years.
You may want to know: Conditions for Obtaining a Golden Five-Year Residency Visa for Real Estate Owners
Requirements to obtain visas without a sponsor
The following are the requirements for obtaining a UAE 10-year visa without a sponsor:
- Minimum 10 million AED investment in public securities
- Minimum deposit of 10 million AED in any Investment Fund, in the UAE
- Minimum 10 million AED capital investment in any business functioning in the UAE
- Shares value in any business of UAE Whether new or existing legal entity
- Having a minimum investment of AED 10 million provided that public investment, excluding real estate, accounts for at least 60% of overall investment.
Conditions for Investors to obtain visas:
- The invested amount must not be a loan.
- The money should be kept in the account for at least three years.
- Financial stability for up to AED 10 million should be guaranteed.
- On the contribution of Ten Million AED from each partner, the partners’ visa will be benefiting all with an expanded range.
- One executive director and one advisor are also permitted on the long-term visa in addition to a spouse and any dependents.
- An entitlement is given to the international businessmen for six months’ multiple entry visa.
Real Estate Investors in UAE Conditions:
- Minimum 5 million AED investment in property by foreign investor
- The amount invested in real estate must not be granted in the form of a loan
- Goods must be kept for at least 3 years
Conditions of contractors:
Under this category, the present projects having a value of 500,000 AED are included with the license to accredited incubators in the country.
Entrepreneurs
- Entrepreneurs are issued a 6-month multiple-entry visa to enter the country and apply for a long-stay visa.
- A long-term visa is valid for one spouse and dependents, one partner, and three executives
- Foreign entrepreneurs can apply for a multiple-entry permit for a period of 6 months.
Foreign professionals:
Foreign professionals can apply for a multiple entry permit for a period of 6 months and visa eligibility for 5 years without a sponsor
Professional Talent
This category covers researchers and specialists in the sciences and other disciplines of knowledge, such as doctors, scientists, innovators, and persons who are creative in the fields of culture and art. The spouse and dependents are eligible for a 5-year visa extension. A current work agreement in the United Arab Emirates is a priority for each category.
You should know: How to Get Golden Five-year Business Visa for Entrepreneurs
Conditions for Scientists to obtain Golden visas:
Scientists must be authorized by the UAE Science Council or hold the Mohammed Bin Rashid Award for Scientific Excellence.
Conditions for Artists to obtain Golden visas:
Those who are culturally and creatively must be recognized/certified by the Ministry of Culture.
Conditions for Inventors to obtain visas:
- Inventors are required to secure a valuable patent, which enhances the UAE economy. Patents require permission from the Ministry of Economy.
- For exceptional capabilities for proved scientific studies and Patents published in a worldwide recognized journal for further attestation.
- Executives must be the proprietors of worldwide recognized persons having strong academic background/credentials in relevant fields.
Requirements for Medical Specialists and Doctors
Following mandatory requirements must be satisfied by the Specialists and doctors:
- A Ph.D. scholarly expert from one of the top 500 worldwide institutions (refer to ICA for information)
- A Letter of commendation or certification recognizing the applicant practically proves fieldwork contributions to a major scientific study in his/her own field of expertise.
- Contribution to a significant scientific study in the applicant’s area of expertise
- Published books or articles in esteemed journals membership in a candidate’s field-related organization
- Participation in a field-related organization
- D. Degree with additional professional experience not less than 10 years in the applicant’s field of interest
- Core issues of the state ought to be focused on.
You should know: Conditions for Obtaining a Golden Ten-Year Visa for Investors
Conclusion:
Resolution No. 56/2018 was approved by the UAE Cabinet regarding Permanent Residence Permits, (the Golden Visa) for different categories such as specialized talents, and entrepreneurs, specialized talents. Qualifying persons ought to meet the set conditions and standards as aforementioned to avail the benefits of the UAE golden visa.
If you have any further questions or concerns, don’t hesitate to get in touch with HHS Lawyers in Dubai for assistance. We are always happy to help!
