Golden Visa: An Amazing Opportunity For Foreigners In UAE
Visa has a magical power to turn the fate of people offering them tremendous options to improve the standard of living by migrating to a new economically powerful nation. As we all know UAE is one of the top most destinations, foreigners seek to establish their ambitions and long term goals.
Golden Visa is obviously a breakthrough towards realising the dreams of citizens across the world to build their career, education and future life in a drastically developing UAE business ecosystem without many hurdles and chaos of Visa renewal.
What is a UAE Golden Visa?
The visionary rulers of UAE have been implementing numerous measures to make the emirates as one of the strongest and consistent global economic power hubs. Golden Visa is considered as the brainchild of UAE governments to attract top talents of the world to their Emirates through a novel visa category which provides additional facilities for the Visa holders.
The scheme was implemented in the year 2019 that opened the door for long term residence in UAE without the mandatory reference of a national sponsor for any foreign individual. The existing visa category , Employment visa, receives a residency valid upto 2 to 3 years whereas the Freelancer visa limits residency only to 1 year. And for both the above Visas sponsor is necessary.
Golden Visa comes up with a crucial change allowing foreign nationals to stay in UAE upto 10 years (Minimum 5 years) excluding the necessity of sponsorship from UAE nationals.
Many developing countries are currently facing the serious issue of brain drain. UAE is planning to address that trend through retaining extremely talented people in their country by eliminating visa restrictions and introducing much straightforward processing via Golden Visa.
Golden Benefits of Golden Visa
In a nutshell, analysing the exemplary advantages of the new policy measure are the following.
- Benefit of a long term residence in the soil of UAE.
- Elimination of national sponsors to grab a visa.
- Hundred percentage business ownership in a foreign land.
- Opportunities to learn, work and settle down in the UAE.
- Visa holders can stay outside the UAE as long as they need without affecting their UAE residence.
- Extra option to sponsor your family members and children irrespective of their age barrier.
- A 24 * 7 customer service named ‘ You Are Special ‘ to assist Golden Visa Holders.
How Much Does It Cost?
The special Golden Visa would charge a fee according to the type of service and Visa category.
For applicants within the country the charge would be from 2800 AED and 3800 AED.
And for the applicant outside the country the charge would be between 3800 AED and 4800 AED.
Who Can Apply For The Visa?
As the purpose of the golden Visa is to encourage talented people to stay in the emirate, the benefits of this visa is extended to the following categories of people.
- Entrepreneurs
- Investors
- Real Estate Business Investors
- Scientists
- PhD Holders
- Data Experts
- Chief Executives
- Medical Doctors
- Outstanding Students
- Artists
- University Graduates with 3.8 GPA( Grade Point Average) or More
- UAE based Physicians
- Engineers in Computer Science, Electronics,Programming, BioTechnology and Electricity.
How To Apply?
The procedures for Golden Visa are very transparent and clear. Inorder to apply for the Visa you should follow the below steps.
Login to the website of Federal Authority For Identity & Citizenship , Customs & Port Security.
https://smartservices.icp.gov.ae/echannels/web/client/guest/index.html#/goldenServicesDashboard
- Select the Start Service Option.
- Choose the Nominated Golden Visa Category.
- Fill Up the 3 step application form.
- The authorities would take 30 days to review your application.
- Once your nomination is approved you would receive a web link in your mail to upload the supporting documents for your Visa.
- The Federal Authority for Identity & Citizenship will verify your application.
- If your profile satisfies the eligibility criteria of the Golden Visa , the authorities will issue a long term Golden Visa for you.
For grievance assistance you have a 24*7 call centre number 600522222 or you can check the progress of your application through the ‘ Application Tracking ‘ Service on the official website.
Eligibility To Obtain UAE Golden Visa
The requirements for specified eligible categories vary and you have to check whether you meet those criterias.
Foreign Investor
The economic stability of the investor is a major factor to earn a golden visa for foreign investors.
- Need a minimum of AED 10 million public investment.
- Around 60% of investment should be in real estate.
- Investors should have full ownership over the assets and the investment should not be a liability.
- They should retain investment for a period of minimum 3 years.
Extend golden visas to business partners also as long as they provide AED 10 million in contribution for investment. Moreover visa holders can sponsor their spouse, children,one advisor and one executive director. Visa can be renewed once the expiration date is near.
Individuals With Specialized Talents
Doctors, Researchers, Artists, Scientists ,Executive Directors , PhD Holders, Engineers and Investors are the category of people who come under individuals with Specialized Talents.
Golden Visa offers a 10 year residency, if they get accreditation from the respective field.
- Scientists must be accredited by the Emirati Council of Scientists or holders of the Mohammed Bin Rashid Medal for scientific excellence.
- The Ministry of Culture and Knowledge Development must accredit creative individuals in art and culture.
- Physicians and Specialists should have either a PhD degree from one of the top 500 universities in the world or an award or certificate of appreciation in candidates’ field of work. Also 10 years of professional experience in the area of specialization in the priority sectors for the UAE.
- Coders of all ages and nationalities can apply for Golden Visa through the office of Artificial Intelligence in the UAE government.
In addition to this exceptional talents must be documented by patents or scientific research published in world class journals.
3. Entrepreneurs
The business entrepreneurs are eligible for a 5 year residency visa based on fulfilling below conditions.
- Holds an existing project with a capital of AED 5,00,000 as minimum or the approval of an accredited business incubator.
- Recognition of an officially reputed business startup center.
- Documents of health insurance for the entrepreneur and family.
They can sponsor their spouse, children and 3 executive directors as well as a partner.
4. Students
High school students with 95% grade and University students with 3.8GPA or above grades are considered for the Golden Visa. They need to fulfill the following conditions.
- Pass Out from one of the top 500 universities.
- Hold awards or appreciation certificates in the area of specialization
5. Chief Executives
Even though entrepreneurs could sponsor executives they can apply themselves if they satisfy the following conditions.
- Hold a Bachelor Degree.
- Minimum 5 year experience in the specialized field.
- Average salary of AED 30,000 or more in UAE and having a legal job contract.
- Health insurance along with family.
Golden Visa Benefits in Emirate Nations
Abu Dhabi
The golden visa holders will receive discounts and offers on Property, Cars, Health Care, Health Insurance, Hospitality and Banking services.
- Developer Imkan Properties
- Abu Dhabi Commercial Bank
- First Abu Dhabi Bank
These are some of the firm’s that offer discounts on their service, apart from that there are many spas , gyms and stays that provide reduction in charges for visa holders.
Dubai
Foreign residents In Dubai with a Golden Visa can now take a UAE driver’s test without needing extra lessons.
Moreover, if the Golden Visa holder is from one of the approved 32 countries including US, UK, Australia, Italy, Saudi Arabia, South Africa, Spain, Newzealand, Australia, Qatar, Kuwait, and Ireland they will automatically be eligible for a UAE driver licence.
Golden Visa Validity
Previously Visa holders were allowed to spend a maximum period of 6 months outside UAE , but now Golden Visa holders can stay away from UAE as long as they want without worrying about visa validity.
The family member could remain in UAE if the golden visa holder passes away till the end of their residence permit.
Boon or Burden To Expats
For the non-residents Golden Visa is a boon which enables them to empower their career or business without any migration hurdles. From Celebrities to Business men now many people enjoy the benefits of Golden visa and it makes UAE a top destination for talents around the world.
About Us
Profitz Advisory is an experienced business consulting firm in UAE which addresses all your financial and accounting needs through customized service. From our collective expertise over 25 years in the UAE business market, we help our clients to meet their industrial goals through an overall assistance in the crucial roles of an enterprise.
We focus our services significantly on Book Keeping, Auditing, Vat Consultation, Return Filing, Payroll Services, Company Formation, Software Consultancy and Advisory. As we know the UAE is going to introduce a corporate tax system in the coming year of 2023, our team has set up a specialized team to handle the nuances of adapting with the new scheme and clearing queries regarding the new tax policy for clients.
UAE is the soil of changes and challenges which rewrites the destiny of millions of residents and non residents with numerous opportunities. Profitz Advisory takes the lead in directing people towards a productive outcome through the best industry service and guidance in the midst of novel schemes and rules including Golden visa. To avail our service for your unique financial needs feel free to connect with us.
