Though the trend of settling abroad is not new, it has gained momentum in recent years as more and more individuals look to secure foreign residencies. Some move overseas in the quest for career opportunities, others seek quality education, while a section of these individuals simply desire a better quality of life. Among the abundant options for foreign resident permits, the UAE Golden Visa stands out as one of the most coveted. Launched in 2019 as a visa that could only be secured by a select few, the eligibility requirements for it have been relaxed to an extent, thereby furthering the UAE’s inclusive approach of inviting foreign nationals to its shores.
In a recent move, the government relaxed an eligibility requirement such as a minimum down payment of AED 1 million for real estate investors buying an off plan property. Thanks to this development, a real estate investor can now qualify for the Golden Visa simply through purchase of a property worth AED 2 million or more, irrespective of whether it is off plan or ready to move.
The UAE government has over the years introduced constant revisions in the eligibility criteria for the Golden Visa. Through this article, we will explore the latest requirements for securing a Golden Visa in the UAE.
What is the UAE Golden Visa?
The Golden Visa program is an initiative launched by the UAE government for enabling foreign expats to secure long-term residency in the country. In contrast to conventional visas that necessitate frequent renewals, the Golden Visa allows residency for extended periods. The UAE Golden Visa grants up to 10 years of residency to foreign investors, entrepreneurs, students, and professionals who fulfill certain requirements. In the coming sections, we will discuss what these requirements are, and what benefits can be availed by those who fulfill these requirements.
Requirements for a UAE Golden Visa
Real Estate Investors
If you own property in the UAE worth at least AED 2 million you can be eligible to secure a Golden Visa. For those owning off-plan properties or properties on mortgage, the total investment must amount to at least AED 2 million.
Entrepreneurs
Your business project must exhibit a technical or futuristic nature, and this must be verified by the relevant authorities in your Emirate. Moreover, the value of your venture must be at least AED 5,00,000.
Investors in Public Investments
You can qualify for the Golden Visa if you have made investments worth at least AED 2 million in a UAE investment fund or bank. You can also be eligible as the owner of a company with a capital of at least AED 2 million. Interestingly, even shareholders/partners with a minimum share of AED 2 million can also be considered for a UAE Golden Visa.
Specialized Talents
By specialized talents, we refer to individuals credited with exceptional achievements in fields like art, culture, sports, science, health, humanitarian work, religion, education, and technology. The government has laid down specific eligibility requirements for individuals in each of these fields.
Benefits of a UAE Golden Visa
Long-term residency
The key benefit differentiating the Golden Visa from standard residency visas is the ability to stay in the UAE with renewable long-term residency for a duration of 10 years.
No requirement of sponsorship
While a conventional residency visa requires a sponsor such as a company, parent, or spouse, a Golden Visa does not have such sponsorship requirements. A Golden Visa holder can live, work, or study in the country without a sponsor.
Ability to sponsor dependents
You can easily sponsor dependents including your spouse, children, parents, maids, and siblings. Moreover, in the unfortunate event of your death as the holder of this visa, your dependents are allowed to stay until the natural expiry of their respective visas.
Ability to reside outside the UAE
A Golden Visa allows you to remain outside the UAE for an extended period of time without impacting your residency status. Your visa remains valid even if you stay outside the UAE for more than the standard period of 6 months.
As we can see, the UAE Golden Visa stands as an attractive residency program with its exclusive benefits and relaxed eligibility requirements. The UAE has always, and will always continue to innovate and grow, and now is the time for you to invest in the country and grab this golden opportunity. If you are looking to start a business in the UAE, look no further than InZone, a reputable business setup service provider assisting expats with company formation in Dubai and across the UAE.
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