The United Arab Emirates is a beacon in the Middle East that represents freedom, safety and opportunity. With just under 90% of the population being expats from countries across the globe, the UAE has proven to be the perfect place to settle, whether that be alone, or with family.
Leading in sustainability worldwide, along with providing an excellent standard of living, increased safety and of course, mesmerising skyscrapers that create a beautiful skyline, Dubai in particular, is a great place not only to visit, but to create a great life for yourself.
It is possible to work and live in the UAE under various VISAs, with many coming under a work or partner visa. These tend to last a few years before having to be renewed, however they are always subject to the employment of an individual. For those looking for a more permanent form of a Visa, the UAE ensured that they cater to such an audience, by introducing their Golden Visas in 2019.
What is the UAE Golden Visa and what does it include?
The Golden Visa is a method of offering long term residency to individuals, in order to benefit both the individuals and country, due to the level of investment the individual can offer. Valid for up to 10 years, the aim of the Golden Visa is to encourage exceptional entrepreneurs, workers and investors to establish deeper roots in the country.
In April 2022, the UAE visa residency announced that real estate investors could obtain the Golden Visa when purchasing a property that is a minimum of Dh2 million. This saw many Dubai residents investing or merging their properties in order to be eligible for the long-term residency Golden Visa.
As the UAE’s ‘Golden Visa’ is an exclusive visa that enables foreign talent to live and work or study in the UAE, it means that it also holds many exclusive benefits, which include:
- An entry visa for six months with multiple entries to proceed with residence issuance.
- A long term, fully renewable residence visa that is valid for up to 10 years.
- A self-sponsored visa that does not require an employment sponsorship
- The ability to stay outside of the UAE for more than the usual restriction of six months without invalidating the visa.
- The ability to sponsor family members, including partners and children.
- Sponsorship of unlimited domestic helpers.
Abdulla Abdul Aziz Al Shamsi, acting director-general of Abu Dhabi Investment Office (ADIO), told Investment Monitor that the UAE’s golden visa programme is “opening a pathway for more businesses and entrepreneurs to pursue high-growth opportunities in a world-class innovation ecosystem”, much like other countries that have employed the same Visa, including Italy, Spain and Austria.
With the UAE’s ability to adapt and employ different methods of attracting investors, the Golden Visa is used to adapt to immigration regulations to attract private wealth, capital and talent. (This is a cut-and-paste, please provide
Who is the UAE Golden Visa for?
The UAE has chosen to make their Golden Visa applicable to seven types of individuals.
Starting from April 2022, real estate investors can obtain the Golden Visa who purchase a property worth a minimum of Dh2 million, regardless of whether they are purchasing a property with a loan from a local bank or not. The Golden Visa can also be approved for an off-plan property, granted it be bought by an approved local real estate company.
Developers can offer payment plans that enable you to qualify for a golden visa with an investment as low as a down payment of 10% with a mortgage, thus lowering the entry bar for a Golden Visa application.
There are various other methods of using property to obtain the Golden Visa, with the UAE providing a few options for investors. These include:
- Buying property worth Dh2 million or more
- Merge or combine properties totaling up to a total value of Dh2 million
- Investing in an off-plan property worth a minimum of Dh2 million and pay in instalments. This makes it slightly easier for investors as they will not have to invest one lump sum amount in one go.
- Married couple making a joint investment in a Dh2 million-property
Using these methods gives flexibility with the UAE Golden Visa that isn’t provided with other countries. To find out more information on this visa type, get in contact with our Passport Legacy team today, who can assist you every step of the way.
Entrepreneurs, regardless of age or gender, can obtain the Golden Visa if they fulfil one of the following requirements:
- Own or partner in an SME company
- Have approval for a startup idea from the Ministry of Economy
- Founded an entrepreneurial project that was sold for a total amount of at least Dh7 million.
- Exceptional Talent
Innovators, inventors and exceptional talent in fields such as culture, art and technology can obtain a Golden Visa regardless of their education, employment, age or salary.
- Scientists and professionals
Scientists and other professionals who have had a great influence in their field can obtain the UAE Golden Visa. The candidate needs to have a PhD or master’s degree in their field and achieved substantial research achievements.
- Outstanding students and graduates
High performing students within UAE secondary schools and graduates can qualify for the UAE Golden Visa. The criteria include excellent academic performance and university classification.
- Humanitarian pioneers
To qualify as a humanitarian pioneer, you must be:
- A distinguished member of international and regional organisations
- Recipients of recognition awards in humanitarian fields
- Distinguished volunteers and sponsors of humanitarian efforts
- Frontline heroes
For those who put in exceptional work and efforts during any crises, including COVID-19 are also eligible for the Golden Visa, due to their help towards humanitarian efforts.
Why is the UAE Golden Visa worth pursuing?
According to Florin Court Capital’s CEO, David Denison, who fit the criteria for the Golden Visa, the biggest benefit is that “there is a lot of certainty… you know you have got a visa for ten years, which is great. It means you can get a long-term rental contract with the security of knowing you will be there the whole time, or you could buy a house, or invest in the area without any concerns.” With a “relatively painless” visa process, Denison was impressed by the fact that he was able to receive his Golden Visa within three weeks.
For those looking for a more permanent fixture within the UAE, pursuing the UAE Golden Visa is the perfect visa type for you. We here at Passport Legacy can assist you with the entire Golden Visa process. Find out more information and get in touch here.