The United Arab Emirates is home to a few of the world’s top cities to live and work including the likes of Dubai and Abu Dhabi. Home to dazzling skyscrapers, the world’s tallest building – the Burj Khalifa, culture centres like the Al Fahidi Historic District and a modern marvel like the Palm Jumeirah all add to the charm of the UAE. The country also has a lucrative outlook when it comes to business and trade attracting a ton of investments.
All these factors combined with a great quality of life, a promising future and an ever-growing economy make the United Arab Emirates a desired destination for settling down. The path to long-term residency in the UAE has never been easier. With the launch of the “Golden Visa” program. But what exactly is the Golden visa program? In this blog, we will answer all questions related to the program, including the What is the Golden Visa, Golden Visa Benefits, how to get the visa, and more Let’s diver right into it.
What is the Golden Visa?
Before knowing the UAE Golden Visa Benefits then know what a golden visa is firstly
In simplest words, the Golden visa is a long-term renewable residence visa that allows foreign nationals to stay in the UAE for a long duration and reap the benefits of everything the country has to offer. The Golden visa allows individuals to stay in the UAE for five or 10 years
Launched by the UAE government to help boost the country’s economic growth by attracting top talents in all sectors, the Golden Visa offers many benefits such as not requiring a sponsor, and bringing over the entire family including children, spouses, and parents among other benefits.
Ways to get a Golden Visa
There are many ways in which the Golden Visa can be acquired depending on your financial status, your profession, and your specialties such as extraordinary achievements in your field, exceptional student, and so on.
Here are some of the most popular ways to get a UAE Golden Visa;
1. By Public Investment
Investors in the Public Investment Fund can acquire the Golden Visa for 10 years by contributing an amount of two million (20 lakhs) AED. There are several ways of investing in the Public Fund for Golden Visa.
- A candidate can present a document from a UAE-accredited investment fund confirming a deposit of 2 million AED.
- One can also present a valid industrial or business license and a Memorandum of understanding (MoU) confirming the minimum investment amount to be 2 million AED.
- The candidate has to own outright the investment sum, a loan cannot be used for this purpose.
- The investor also needs to show proof of their and their family’s medical insurance.
2. By Real Estate Investment
Another way of acquiring a Golden Visa allocation is through a real estate investment in the UAE. A visa acquired through this form of investment will be valid for five years.
- The candidate needs to show ownership of one or multiple properties valued at a minimum of two million AED through the relevant emirate’s land department records.
- A property with a minimum value of 2 million AED can be purchased using a loan from an authorised local bank.
3. Entrepreneur
The third category is for innovative, risk-bearing technological endeavours. If a business meets the specified requirements, a five-year Golden visa will be granted against it. The business person has to obtain the following;
- A letter from a local authority stating that the business is technological and innovative
- A UAE-based auditor must certify that the economic value of the project is atleast 500,000 (5 lakhs) AED.
- A letter from a certified business incubator in UAE to kickstart the project.
4. Outstanding Achievers
This is a broader category which includes exceptional performers in various fields such as doctors, scientists, artists, inventors, athletes, great business minds and so on. Each of these outstanding achievers’ categories is further subdivided based on their specialities and each category has its own rules and requirements. Let’s take a brief look at some of the important sectors.
5. Doctors and Scientists
- For a 10-year Golden visa, doctors must have an approval letter from the Ministry of Health and Prevention in the UAE to practise medicine.
- Similarly, scientists also must possess a recommendation letter from the Emirates Council of Scientists.
6. Athletes
Individuals with high athletic achievements also must possess a recommendation letter from the General Sports Authority or one of the sports councils.
7. Engineers and other Specially Talented Individuals
These individuals require a valid degree in their fields and a valid work contract from a business based in the UAE to be eligible to apply for the 10-year Golden visa.
There are many other sub-categories like Frontline Warriors, Humanitarian Aid Workers, Artists, Inventors, Executive Directors, etc. Each of the eligible candidates in these categories needs to prove their eligibility by acquiring a letter of recommendation from the concerned authorities in the UAE.
Apart from that, in certain categories, they will also need to prove the legitimacy of their degree and work experience.
8. Outstanding Students
School and University students can apply for a Golden visa through excellence in their respective studies. An exceptional academic record and letter of recommendation from their respective schools is a necessary condition.
Even if you have graduated from a foreign university you can still apply for the Golden visa, provided that your institution is one of the top 100 universities globally. You also need to have a minimum 3.5 CGPA for A-class colleges and 3.8 for B-class universities.
Mandatory Docments for UAE Golden Visa
The specific requirements for the Golden visa depend on the category in which the candidate wants to apply. Nonetheless, the following are the general documents required for a UAE Golden visa;
- Clear copy of your passport
- Copies of previous UAE visas if any
- Health Insurance
- Bank statements to prove your financial strength
- A Police Clearance Certificate from your home country or country of current residence, whichever is applicable.
Apart from these general documents, you will also need to provide certain other documents. Depending on the category you are applying for and your specific circumstances, you will be asked for additional documents by the authorities.
What are the UAE Golden Visa Benefits ?
The UAE Golden visa has many proven benefits such as tax benefits, business opportunities, etc. Discussed below are some of the top benefits to look forward to.
1. Renewable Long Term Residency
The most important benefits of golden visa is the long-term residency as the visa holders are allowed to stay in the UAE for 5 or 10 years. This is a significantly longer duration than the normal visas allowing the candidates to set a solid foundation for their personal and professional future.
2. No Sponsorships Needed
A great feature of the Golden Visa is the lack of sponsorship requirements which is quite common for other UAE visas. This allows the candidates to have more freedom and autonomy over their business. This autonomy also allows the candidate to set up their business as they please.
3. Tax Benefits on Personal Income
The UAE is famous for having no income tax or capital gains tax and now the Golden visa holders can also use this feature to save up on their taxes. The UAE is not only known for its tax-free personal income, it allows has a record-low 12.5% corporate tax which is set to be the least globally. So Golden visa does provide a significant tax relief.
4. Multiple Entry
A common restriction of the traditional visa is the lack of multiple entry in the UAE. However, with the Golden visa, a candidate can leave and enter UAE as many times as they please. This helps the candidates maintain global business and trade connections.
5. Healthcare
One of the best benefits of UAE golden visa is that the Golden visa holders and their families can use the state-of-the-art Healthcare system of the UAE whenever necessary. This significantly contributes to the quality of life enjoyed by the visa holders and their family members.
6. Sponsor Family and Household Help
Candidates with a Golden visa can sponsor their family including their spouse, children, and even parents and siblings in some cases. Another important benefit is that the visa holder can sponsor household help like maids, drivers, etc.
7. Business Opportunities
The Golden Visa allows for unparalleled business opportunities for entrepreneurs and talented individuals. The UAE economy has been constantly rising and numerous investors are looking for the right opportunity. These factors combined present glorious business opportunities to individuals.
8. Top Notch Education
Families of Golden visa holders with kids can make the most of the world-class education opportunities made available in the UAE. Children can enroll in schools as well as top universities to gain globally recognized degrees.
9. Real Estate Ownership
Golden visa streamlines property ownership in the UAE. Since the country is in such high demand the real estate here is a very lucrative investment promising high return on investment.
10. World-class Financial Services
The Golden visa holders have access to a wide range of banking and financial services, including favourable mortgage terms and investment opportunities.
How to Apply for a Golden Visa?
The following steps can be followed to successfully apply for the UAE Golden Visa;
- Visit the ICP Smart Services platform made available by the UAE government.
- Click on the Golden Residency option in the smart services section on the official website.
- Select the category of Golden visa you wish to apply for.
- Begin the process by filling up the application form
- Attach the required documents
- Pay the specified fee which is usually between 2,800 and 4,800 AED
Once all the above steps are completed you have to wait for the application to be processed which can take anywhere from a few days to a month or so depending on the individual circumstances.
Frequently Asked Questions
- What is the Golden Visa?
The Golden Visa is a creative solution launched by the UAE Government to offer long-term renewable visas to successful applicants. This allows the applicant to stay in the country for 5 or 10 years and renew the visa again provided the candidate meets the specified requirements.
- What are the benefits of the Golden visa?
It has many perceived benefits including but not limited to tax benefits, access to world-class amenities, long-term uninterrupted stay, and multiple entry and exits without any hassle.
- Can a Golden visa holder sponsor their country?
Yes, golden visa holders can sponsor their immediate family including their children and spouse. The family can enjoy all the same long-term benefits as the visa holder. On top of that, they can also sponsor household staff such as maids, drivers, etc.
- How much does it cost to apply for a Golden visa?
The cost varies depending on the category of Golden visa you are applying for. It will also depend on your current location. For example, if you are in the UAE while applying then it will cost anywhere between 2800 AED – 3800 AED. However, if you are outside the UAE, it will cost between 3800 AED – 4800 AED.
- Do Golden visa holders need to provide a financial guarantee for the people they are sponsoring?
Although it is required in the case of other UAE visas, the financial guarantee is not compulsory for Golden visa holders.
- How long can a Golden visa holder stay outside the UAE?
One of the great benefits of the Golden visa is unlimited foreign stay outside of the UAE. It is especially useful for individuals who travel and stay overseas regularly for extended periods.
- What happens if the market value of the property falls below the specified 2 million AED?
As long as the application has been approved, you will be allowed to enjoy all the benefits of the Golden visa even if the property’s value falls below the required 2 million AED mark. However, you may not be eligible to apply for renewal if the property’s value is not brought up to the desired amount.
- Who is eligible for the UAE Golden Visa?
Individuals with atleast 2 million AED in real estate investment in the UAE, highly talented individuals such as doctors, scientists, athletes, inventors, tech-oriented creative business owners and so on, are eligible for the UAE Golden visa.