The golden visa was introduced in 2019 by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai. Here, all you need to know about benefits and eligibilty Golden Visa.
Since its implementation, it has generated quite a buzz among certain groups of expatriates with plans of securing permanent residency in the UAE.
What is the UAE’s Golden visa?
The Golden visa is a long-term residence visa which enables foreign talents to live, and work or study in the UAE for up to 10 years. The reason for introducing the golden visa was to project the UAE as a destination for business investment and encourage business development in the region.
What are the benefits of getting Golden Visa ?
Some of the benefits of the Golden Visa in the UAE are as follows:
✔️ Entry Visa valid for 6 months with multiple entries to proceed with issuance of residency permits.
✔️ A long-term, renewable residence visa valid for 10 years.
✔️ No sponsor or employer required, a self-sponsored visa.
✔️ Duration of stay outside the UAE for amount of time without having their visa nullified.
✔️ Sponsoring their family members, including spouse and children regardless of their ages
✔️ Sponsoring unlimited number of domestic helpers.
✔️ If the primary holder of the Golden visa passed away, family members can stay in the UAE until the end of their residence permit .
Who can apply for the golden visa?
1. Investors
Real estate investors can obtain a Golden visa in the UAE if they fulfil one of the following conditions:
◉ Purchase a property worth no less than AED 2 million or
◉ Purchase a property with a loan from specific local banks or
◉ Buy one or more off-plan properties of no less than AED two million from approved local real estate companies.
2. Entrepreneurs
Entrepreneurs can obtain a Golden visa if they fulfil one of the following conditions:
◉ Should be a owner or partner in a start-up registered as a small and medium enterprises (SMEs) in the UAE, and the company generates annual revenues of not less than AED 1 million
◉ Should obtain an approval for a start-up idea from an official business incubator or from Ministry of Economy or other competent local authorities
◉ Must have founded an entrepreneurial project that was sold for a total amount of not less than AED 7 million.
3. Exceptional talents
Under this category , talented individuals in the field of art, culture, digital technology sports, innovation, medicine, law and others are eligible to apply for the Golden Visa scheme. It will not depend on educational qualification, employment status, monthly salary or professional status. However, the visa requires a recommendation or approval from a federal or local government entity.
4. Scientists and professionals
Scientists
The Golden Visa will now be granted to scientists and researchers who meet the following conditions:
◉ Should have a PhD or Master’s degree in engineering, technology, life sciences and natural sciences from the world’s best universities
◉ Must have a recommendation from the Emirates Scientists Council to avail of this Visa.
Professionals
Professionals or highly-skilled workers with high educational qualifications and professional experience in all disciplines, including medicine, sciences and engineering, information technology, business and administration, education, law, culture and social sciences can get the Golden visa if they meet the following conditions:
◉ Must have a valid employment contract in the UAE
◉ Should be classified in the first or second occupational level as per the classification of Ministry of Human Resources and Emiratisation
◉ Must hold a Bachelor’s degree or equivalent
◉ Must have a monthly salary of not be less than AED 30,000.
5. Outstanding students and graduates
◉ Students with exceptional academic excellence, having obtained high scores either in UAE secondary schools or universities are also eligible to apply for the Golden Visa.
◉ Furthermore, talented students who have studied at the world’s 100 best universities are also eligible to apply for the Golden Visa scheme.
6. Humanitarian pioneers
Humanitarian pioneers such as the following can get the Golden visa:
◉ Distinguished members of international and regional organisations
◉ Outstanding members of associations of public benefit
◉ Recipients of recognition awards in humanitarian fields
◉ Distinguished volunteers and sponsors of humanitarian efforts.
7.Frontline heroes
Frontline workers with extraordinary efforts in crises, such as the COVID-19 pandemic can also get the Golden visa :
◉ All doctors licensed by the UAE health regulatory bodies can apply for the Golden Visa between July 2021 and September 2022 through the ICA’s golden residency services for doctors.
◉ As of late, nurses and medical staff, the unsung heroes of the UAE’s COVID-19 fight, are now also eligible for receiving the prestigious Golden Visa.
◉ Seven centres affiliated with the Federal Authority for Identity and Citizenship have been established across the Emirates for doctors and nurses who wish to apply for visas in person.
Can Golden Visa Holder get insurance ?
Golden Visa holders can apply for a comprehensive insurance cover that could range between AED 2,000 – 50,000 depending on several factors such as age, health, hospitals/clinics covered etc. The National Health Insurance Company (Daman) has introduced health insurance packages for Golden Visa holders which are valid for 1 year and can be renewed on a yearly basis.
How to apply for UAE’s Golden Visa ?
All interested individuals who would like to apply for the Golden Visa may do so by applying for the visa online at the ICA smart services platform. The process is quite straightforward with candidates required to submit the necessary documents and be willing to relocate to the UAE in accordance with their business venture.
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