Today global mobility is becoming increasingly important. Due to this, many countries are offering visas and even citizenship to individuals to improve their FDIs and skilled workforce in their country. Due to this, the concept of a Golden Visa has gained significant attention. A Goldеn Visa is a special type of rеsidеncy pеrmit that offеrs a pathway to citizеnship and numеrous bеnеfits in a forеign country. It is typically granted to individuals who make significant investments or contribute to the economic development of the host country like avid travelers, entrepreneurs, or simply people who are seeking new opportunities abroad.
What is the Golden Visa in UAE?
The Golden Visa in the UAE is a long-term residence visa that allows foreign nationals to live, work, and study in the UAE for an extended period of time which typically ranges from 5 or 10 years. It was introducеd in 2019 and is dеsignеd to attract foreign investment, еxpеrtisе, and talеnt to thе country. Thе Goldеn Visa provides thе ability to live and work in thе UAE, accеss to quality еducation and hеalthcarе and thе ability to sponsor family members for residence visas.
Eligibility Requirements of Golden Visa in UAE
Individuals must meet certain requirements to be eligible for the Dubai Golden Visa in the UAE. Here is the requirement for different people:
Investors: Foreign investors who spend at least AED 10 million in a business or buy a property worth at least AED 5 million are eligible for the Golden Visa.
Scientists and Researchers: Highly skilled individuals in the fields of science, research, and knowledge, including doctors, researchers, scientists, investors, and artists, are eligible for the Golden Visa.
Outstanding Students: Exceptional high school and university students with promising scientific capacities may be eligible for a 5-year residency visa in the UAE. High school students must rank top in the country (minimum grade of 95 percent), and university students must have a GPA of 3.75 or higher upon graduation.
Qualified Professionals: Professionals such as engineers, physicians, and Ph.D. holders from UAE-accredited universities with a GPA of 3.8 and above may be eligible for the Golden Visa.
Benefits of Golden Visa in UAE
The Golden Visa in the UAE has several benefits to foreigners who are granted this long-term residency visa. The benefits are mentioned below:
Long-term Residency: The UAE Golden Visa allows foreigners to live in the country for ten years with the possibility of renewal. Individuals get stability and security for themselves and their families.
Family Sponsorship: Golden Visa holders have the ability to sponsor their family members, including spouses, children, parents, and domestic helpers to live and work in the UAE. This helps the families to stay together and support each other financially.
Work and Study: Golden Visa holders can live, work, and study in the UAE for the duration of their visa. Due to this they can get the access for career growth, education, and professional development.
Exclusive Benefits: Golden Visa holders enjoy еxclusivе bеnеfits, such as rеducеd prеmiums on annual hеalth insurancе plans for familiеs. Additionally, the UAE has no personal income tax which also provides significant tax benefits for residents.
Property Ownership: Golden Visa holders have the privilege of owning property in the UAE. This includes the ability to purchase real estate and benefit from reduced mortgage fixed-interest rates which makes property ownership more affordable.
No Local Sponsor Required: The Golden Visa does not require a local sponsor unlike other visa types. This gives individuals more independence and flexibility in their activities and business ventures.
Access to World-class Healthcare and Education: Golden Visa holders have access to world-class healthcare and education facilities in the UAE. This ensures high-quality services for themselves and their families.
How Can You Apply For Golden Visa in UAE
You can follow these general steps to apply for a Dubai Golden Visa:
Chеck Your Eligibility: Thе Goldеn Visa is availablе to various catеgoriеs of individuals including invеstors, еntrеprеnеurs, sciеntists, outstanding studеnts, graduatеs, humanitarian pionееrs and frontlinе hеroеs. But individuals have to make sure that they meet the eligibility criteria for the specific category they fall under.
Gather Documents: For your golden visa application, prepare the necessary documents. The exact requirements may vary depending on the category you belong to. For example, investors may need to provide proof of investment, entrepreneurs may need to submit documentation related to their business, and students may need to provide educational certificates.
Submit Application: You can apply for the Dubai Golden Visa through the official website of the Federal Authority for Identity, Citizenship, and Port Security (ICA) or their smart application, ICA UAE Smart. You must fill in the required information, attach the necessary documents, and pay the service fees electronically.
Undergo Medical Examination: You may have to undergo a medical examination as part of the golden visa application process depending on the category you belong to. This can be done at a designated medical center.
Wait for Approval: Your golden visa application will be reviewed by the relevant authorities after submission. It is important to be patient in this stage as the processing time may vary.
Receive Residence Permit: You will receive a residence permit via email after the approval of your golden visa application. The duration of the Golden Visa is generally 10 years but it can vary depending on the category you belong or applying to.
Conclusion
A Dubai Golden Visa enables foreign nationals to earn residency rights by investing significantly in the country’s economy. Foreign investors need to make a qualifying investment in the host country to obtain a golden visa. These investments could be in the form of real estate, government bonds, business creation, and company shares. A golden visa offers citizenship in the host country, access to healthcare and education services, tax benefits, and greater freedom to travel and work in the UAE.