The Golden Visa in Dubai is a popular way to obtain a long-term residency permit in Dubai and the UAE. But what are the requirements for the visa, what is the application process, and what are the associated costs?
Everything about the Golden Visa in this comprehensive guide.
What is the Golden Visa for Dubai?
The Golden Visa in Dubai is a special residence permit, which is valid for 5-10 years and can be renewed easily in many cases. This type of residence permit is valid for much longer than the standard work visa, which only lasts for 2 years and then needs to be renewed. However, the requirements and conditions are also significantly higher.
Advantages
The Golden Visa in Dubai offers numerous advantages over a conventional work visa. Below are the key aspects that make the Golden Visa appealing.
5 – 10 years of residence
Anyone who has a golden residency for themselves and their dependents has a UAE residency visa for up to ten years, while a standard residency visa needs to be renewed every two to three years.
Self-funded work or stay
UAE Golden Visa holders can live, work, and study in the country for the entire duration of their visa, with or without taking up local or other employment. The holder can work for themselves or for another (local or other) company without requiring individual sponsorship. Unlike the standard residency visa, the UAE Golden Visa allows holders to stay in the country long-term without employment.
Family “Sponsors”
The UAE Golden Visa allows the holder to sponsor their family members, including spouses and children (regardless of the dependents' age).
Should the main holder of the UAE Golden Visa pass away during the ten-year term of the visa, their family members may remain residing in the UAE until the natural expiry of the visa.
Holders of this visa category are also permitted to employ and support an unlimited number of domestic helpers. The UAE Golden Visa does not impose a limit on the number of individuals who can be employed and supported.
Prerequisites
Following recent changes to the UAE's residency and entry regulations, more individuals can apply for a Golden Visa.
Individuals falling into the following categories may apply: Investors, entrepreneurs, exceptional talent, scientists and professionals, outstanding students and graduates, humanitarian pioneers, and front-line heroes.
Here's more information on each category:
1. Investors (property)
The first and most well-known route to obtaining the Golden VISA in Dubai is through investment. By making an investment of AED 2,000,000, you can get the VISA. However, there are several options for this.
Property
The first way is through investment or the purchase of one or more properties. The value of the property must, as described at the beginning, be AED 2,000,000 million or more. Several properties can also be combined to reach the sum.
Furthermore, the property neither needs to be completed nor fully paid off. Therefore, off-plan properties or financed objects are also suitable.
Bank deposit
The second option, which is less well-known but nonetheless valid, is to deposit the required amount into a bank account. By depositing 2,000,000 AED into an account offering an interest rate of around 5% per annum, you can also apply for the Golden Visa.
As long as you keep the property or the deposit in the account, the VISA is active and can be renewed without any problems after 10 years.
2. Entrepreneur
Property developers can apply for and obtain a UAE Golden Visa if one or more of the following three conditions are met:
The applicant must be a partner or owner of a start-up company registered as a Small and Medium-sized Enterprise (SME) in the UAE. The company must generate an annual revenue of at least AED 1 million.
The entrepreneur must have founded an entrepreneurial project that was sold for more than AED 7 million.
The applicant has a permit for company formation from an official founder's centre.
3. Exceptional Talents
Individuals with exceptional talents, such as inventors, innovators, and talented individuals in key fields like culture, arts, sports, and digital technology, can apply for and obtain a Golden Visa for the UAE, irrespective of their educational attainment, employment status, monthly salary, or professional level.
For the visa, a recommendation or approval from a federal or local government body is required.
4. Scientists
Scientists and researchers who have achieved great success and influence in their field can apply for a golden visa if they receive a recommendation from the Emirates Scientists Council.
In this category, potential candidates for a golden visa should be able to demonstrate a PhD or Master's degree in the fields of engineering, technology, life sciences, and natural sciences from the world's top universities, as well as significant research achievements.
5. Skilled workers
Skilled workers or highly qualified workers with higher education degrees and professional experience can also apply for the golden visa. This category applies to many professional fields such as medicine, science and technology, information technology, business and administration, education, law, culture and social sciences.
The prerequisite for applying is an employment contract in the UAE and classification in the first or second professional level according to the Ministry of Human Resources and Emiratisation. The applicant must also have at least a bachelor's degree and their salary must be at least AED 30,000 (per month).
6. Outstanding Students and Graduates
Outstanding and high-achieving students from the UAE's secondary school system, as well as outstanding graduates from UAE universities, are eligible to apply. This also applies to outstanding graduates from the top 100 universities worldwide.
There are several conditions, including academic performance/cumulative GPA, a year of graduation, and university classification.
Students from top universities worldwide with a GPA of 3.8 and above are eligible to apply for the golden visa. High school students who have achieved a GPA of at least 95 percent in their high school diploma from public or private schools are also eligible to apply. The families of these students will also be included in the visa.
7. Humanitarian Pioneers
Humanitarian pioneers can apply for the UAE Golden Visa. Humanitarian pioneers include distinguished members of international or regional charitable organisations or members of non-profit associations.
Recipients of awards in the humanitarian and charitable fields are equally eligible, as are recognised volunteers who assist in humanitarian, crisis-related, and charitable efforts.
Summary
The Golden Visa in Dubai/UAE is a great way to obtain a residence permit for up to 10 years, usually through investment in real estate, but also through other outstanding activities. Furthermore, the Golden Visa also has other benefits, such as independently establishing a mainland company or sponsoring family members.
