In 2019, the United Arab Emirates announced a permanent residency program that allows foreigners to live, work and study in the UAE without the need for a national sponsor and with 100 percent ownership of their business. This is the first scheme of its kind in the Gulf, where foreigners are generally only granted residence permits of limited duration under the "Kafala" sponsorship system.
This visa, launched with the aim of attracting foreign investment and bringing to the country the best in the world in the most diverse areas of activity, has a duration of 10 years and is automatically renewed every decade as long as candidates meet the established requirements and conditions.
The Golden Visa system essentially offers 5 and 10 years long-term residency to people belonging to the following groups: investors, entrepreneurs, individuals with outstanding talents such as researchers, medical and scientific and knowledge professionals, and outstanding students. Last year The General Directorate of Residency and Foreigners Affairs (GDRFA) announced a new 24¡Á7 service called ¡®You are Special¡®. The service aims to assist Golden Visa holders, among others.
According to Major General Mohammad Ahmad Al Marri, Director General of GDRFA Dubai, the new service will become operative from tomorrow. ¡°A special team will serve transactions of big companies with more than 10,000 employees, holders of UAE Golden Visas and luxury hotels of 4 and 5 Star categories, as well as strategic partners of GDRFA-Dubai,¡± Maj Gen Al Marri said.
The main benefit of the visa will be security?as, through the issuance of the Golden Visa, the UAE government has made it clear that it is committed to providing expatriates, investors and essentially everyone looking to make the UAE their home an extra reason to feel secure about their future.
The process is quite straightforward with applicants required to submit the necessary documents and be willing to relocate to the UAE as per their business venture.
Investors with public investment of not less than AED 10 million can apply for the 10-year visa, whether in the form of an investment fund or a company. However, at least 60 percent of the total investment must not be in the form of real estate and the amount invested must not be loaned or, in the case of assets, investors must take full ownership. The investor must also be able to hold the investment for a minimum of three years. This 10-year golden visa can be extended to include business partners as long as each partner contributes AED 10 million. The long-term visa may also include the holder's spouse and children, as well as an executive director and advisor. For the 5-year golden visa, the rules are very similar for investors, with the only difference being that the required investment amount is AED 5 million.
Foreigners wishing to establish their company in the United Arab Emirates can also apply for 5 years permanent residency through the Golden Business Visa scheme.
In addition to entrepreneurs, people with specialised talents like doctors, researchers, scientists, Executive Directors, Educators (in priority fields), Sports, PhD Holders, Engineers, investors and artists can also apply for the golden visa. These individuals can receive a 10-year visa after accreditations granted by their respective departments and areas and the visa will also be extended to their parents, spouses and children if the graduate has the financial means to do so and is able to provide accommodation.
Exceptional high school and university students who rank top in the country with a minimum grade of 95 percent are eligible for a 5-year UAE residency visa and students from certain universities with a GPA of 3.75 or higher upon graduation. Long-term visa also extends to the family of the outstanding students.
Persons in the aforementioned specialist talent pool must meet certain criteria to be eligible to apply for residency. While scientists must be accredited by the Emirati Council of Scientists or holders of the Mohammed Bin Rashid Medal for Scientific Excellence, creative individuals in culture and art must be accredited by the Ministry of Culture and Knowledge Development. Inventors must obtain a patent of value, which adds to the UAE's economy. Patents must be approved by the Ministry of Economy. In addition to these, exceptional talents must be documented by patents or scientific research published in world-class journals.
Physicians and specialists must meet at least two of the following conditions: a Ph.D. degree from one of the top 500 universities in the world, an award or certificates of appreciation in the candidate's field of work, contribution to important scientific research in the respective field of performance, published articles or scientific books in prominent publications in the respective area of ??activity, affiliation to an organisation? related to the area, doctorate degree, in addition to 10 years of professional experience in the area of specialisation in priority areas for the United Arab Emirates.
Interested people who want to apply for the Golden Visa, can do via the official website of the Federal Authority for Identity and Citizenship - ICA (the eChannel for Residence and Citizenship), or the General Directorate of Residency and Foreigners Affairs (GDRFA), which works under the supervision of the Ministry. While ICA only offers online channels, GDRFA offers both online and offline channels. And the price for the UAE Golden Visa would be AED 650 for 5 years and AED 1,150 for 10-year (Note: The price may be change time to time)
The UAE also passed an amendment to its residency laws allowing foreign university students to bring their families with them to the UAE as long as they can afford adequate accommodation and have the financial means to support them.
In October 2020, Dubai also launched a unique residency program that allowed foreign professionals, who were working from home, to live in the UAE and continue to serve their employers in their home country.
In September same year, the government of Dubai also launched a five-year renewable retirement visa for foreigners aged 55 and over living in the emirate. The programme, called Retire in Dubai, is open to all retirees as long as they earn a monthly income of at least $5,500, and saving of $275,000, or own a property in Dubai worth $550,000.
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