Dubai Golden Visa Updates | Dubai Real Estate News & Updates
10 Oct 2023
The United Arab Emirates, renowned for its modern cities and breathtaking architecture, offers an attractive opportunity for foreign nationals. If you are seeking to establish a long-term presence in the country then this opportunity is for you. It comes in the form of the UAE Golden Visa, a residency permit designed retain high-value individuals, entrepreneurs, and investors. In this comprehensive analysis, you'll gain a deeper understanding of the updated requirements of the UAE Golden Visa.
UAE Golden Visa Updated Requirements
The UAE offers a unique opportunity for foreign nationals to obtain a Golden Visa. It allows you to live, work, and conduct business freely in the UAE.
Unlike other visas, the Golden Visa does not require a national sponsor and offers 100 percent business ownership. Therefore, most people opt for it. However, the UAE has recently revised its requirements for the Golden Visa. Following are the UAE golden visa updated requirements according to different individuals and professions.
Real Estate Investors and Public Investors
As a real estate investor, one of the key requirements to obtain a UAE Golden Visa includes owning real estate within the country. The UAE government offers a renewable residence visa valid for ten years in case you own a property in the UAE.
The primary objective behind this is to encourage foreign investment in the country's real estate sector. Therefore, if you are a property investor considering moving to the UAE, this could be an excellent opportunity for you.
Public investors, on the other hand, are also eligible for the Golden Visa. However, the UAE golden visa updated requirements are slightly different for them. Therefore, it is advisable to consult with a legal expert or the UAE immigration authorities for precise information related to your situation.
Entrepreneurs and Startup Owners
If you a startup investor, you can obtain a Golden Visa. However your company must fall under the small and medium enterprises (SME) category with annual revenues of AED 1 million or above. You can also obtain the visa if you are the founder of a previous entrepreneurial project sold for a total value of not less than AED 7 million. Moreover, it is essential to note that you must have an approval letter from an accredited business incubator in the UAE.
Investment and Partnership
The UAE Golden Visa updated requirements have specific investment and partnership criteria for investors. These criteria are designed to ensure that the investments made contribute positively to the UAE's economy. For instance, if you are an investor, your investments must be in specific sectors. These include industries with strategic objectives, such as renewable energy, artificial intelligence, or other advanced technologies.
UAE government places a high value on partnerships that bring new skills, knowledge, or technology to the country. So, if you're an investor in a partnership, you must demonstrate how it will contribute to the UAE's economic growth or technological advancement.
Exceptional Talents and Executives
According to the UAE Golden Visa updated requirements exceptional talents across diverse sectors can apply. These include people in the fields of art, culture, digital technology, sports, innovation, and medicine. The scheme is granted to outstanding individuals who have demonstrated their prowess in their respective areas.
The 10-year visa, a significant part of the scheme, is awarded based on the individual's talent. Factors like educational qualification or employment status are insignificant. However, to be eligible, these talents must have obtained at least 95% in the high school certificate from public or private schools.
Doctors, Scientists, and Engineers
The UAE Golden Visa updated requirements also render doctors, scientists, and engineers as eligible candidates, provided they meet certain conditions. Recognition in the form of the Mohammed Bin Rashid Medal for Scientific Distinguished could significantly strengthen your case. The prestigious medal signifies the recipient's significant contributions to their field.
Moreover, a strong letter of recommendation from a reputable organization or institution can further build up your case. It must depict how your field of expertise can help validate your extraordinary skills and capabilities.
Cultural, Artistic and Inventive Individuals
For those in the fields of art, culture, and invention, the Golden Residency offers an incredible allows you to experience the life in Dubai. However, there are certain requirements that you must meet. You must secure approval from the Directorate of Residency and Foreigners Affairs, which validates your cultural, artistic, or inventive credentials.
Moreover, all Golden Residency applicants, including those from artistic backgrounds, need to obtain an Emirates ID. This is a mandatory identification document that serves multiple purposes, including access to government services and transactions.
Rules for Other Candidates Eligible for the UAE Golden Visa
The UAE Golden Visa scheme is not limited to those in specialized fields or with notable talents. Other candidates, such as those involved in public investments, can apply through the government portal. This visa allows you to conduct business, and study anywhere in the UAE without requiring a national sponsor. It is important for applicants to demonstrate their contribution to a field of priority in the UAE to strengthen their application.
With its progressive initiatives and favorable policies, the UAE calls to global talents, particularly with its Golden Visa program. One of the key factors that make the Golden Visa appealing is the fact that it provides long-term residency permits without the need for a national sponsor. This has made the UAE a beacon for entrepreneurs, investors, and specialized talents from around the world.
Q. What is the Eligibility Criteria for the UAE Golden Visa
Eligible individuals for a UAE Golden Visa include real estate investors, entrepreneurs, and those who contribute to an investment fund or pay tax in the UAE. Specialized talents such as doctors, scientists, investors, and creative individuals are also welcome. Other eligible candidates include exceptional students, humanitarian pioneers, and frontline heroes. This visa is issued for five or ten years, with automatic renewals.
Q. What are the Costs Associated with a UAE Golden Visa
The cost of obtaining a UAE Golden Visa depends on the path you choose. For instance, if you opt for the real estate investment route, you must purchase a property in the UAE priced at least AED 2 million. If you choose to make tax contributions, you must pay no less than AED 250,000 annually. These are not the only expenses, though. There are also application fees, health insurance packages, and the cost of a medical exam to consider.
Q. What are the Extension Possibilities of a Golden Visa
The UAE Golden Visa is not a permanent residence visa. Instead, it is issued for a finite period of time, either five or ten years. However, one of the most attractive features of the Golden Visa is its automatic renewal. As long as you continue to meet the visa's requirements, your Golden Visa will be renewed at the end of its term. The ability to renew the visa automatically allows you to plan for the long term.
Q. What are the Bank Deposit and Tax Collection Requirements for Golden Visa
The UAE Golden Visa also has specific bank deposit and tax collection requirements. If you're an investor, you need to maintain a deposit of AED 2 million in a UAE bank. This is to ensure you have sufficient funds to cover your stay and activities in the UAE. It is important to understand that the deposited amount should not be borrowed. The source of these funds will be verified as part of the visa application process.