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In recent times, there has been a rising demand for golden visas and many of you will be wondering what it is all about. In this article, we have explained in detail all information about golden visas, who are eligible, and how one can apply for the same.
What is a Golden Visa?
The Golden Visa system was introduced by the UAE government in 2019 thereby enabling foreigners to live, work, study, or start their business with 100 % ownership and no requirement of a local sponsor. This privilege visa provides residency up to 10 years to people belonging to certain groups such as investors, entrepreneurs, individuals with exceptional talents like artists, researchers, medical professionals, and outstanding students. This immigrant investor program allows individuals to obtain residence or citizenship of a country by making substantial investments.
This amendment was brought with the sole purpose to attract foreign residents, following the economic upheaval caused by the coronavirus pandemic. The main benefit of this visa is the sense of security it offers for individuals for making UAE their second home.
If you are planning to apply for a golden visa, you can visit the official website of the Federal Authority for Identity and Citizenship — ICA (the channel for residency and citizenship), or the General Directorate of Residency and Foreigners Affairs (GDRFA. ICA provides only online channels whereas GDRFA provides both online and offline channels. Interested candidates should submit all necessary documents and be willing to relocate to the UAE for taking care of their business venture.
Eligibility for Application
Investors with AED 10 million public investment, either in the form of an investment fund or a company can apply for a 10-year visa. Out of that, at least 60 percent of the total investment should be in the form of real estate and the invested amount must not be loaned. In the case of assets, investors should have full ownership. The investor should be able to retain this investment for a minimum duration of three years too. The 10- year-long visa can be extended for including business partners and each partner must contribute AED 10 million.
Apart from entrepreneurs, individuals with specialized talents can also apply for a golden visa. This category includes doctors, researchers, scientists, investors, and artists. They may be granted a 10-year visa after getting necessary accreditations by their respective departments or fields. This visa will be even extended to their immediate family members.
For the 5-year visa, rules are similar, the only difference being the amount of investment required ie. AED 5 million. High school and university students with excellent performance 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) and students from certain universities with a GPA of 3.75 or higher can apply for this visa.
Apart from individuals in the above-mentioned category, foreign nationals who are planning to set up their business in the UAE can also apply for permanent residency up to 5 years through the Golden Business Visa scheme.
If you have any queries or require any assistance for obtaining a UAE golden visa, feel free to contact us at email@example.com or (+971) 585139299. We are happy to help you with a free consultation.