The UAE Golden Visa provides investors and exceptional benefits, including a 10-year renewable residency permit, self-sponsorship, and the flexibility to stay outside the UAE for extended periods.
In April 2022, the UAE cabinet announced significant reforms to expand eligibility and pave the way for more people to obtain this coveted visa.
The General Directorate of Residency and Foreigners Affairs (GDRFA) of Dubai has revealed that 151,600 Golden Visas were issued since 2019.
What Is the UAE Golden Visa?
This long-term residency visa allows investors, entrepreneurs, and talented individuals to live, work, study, and invest in the UAE without the need for a traditional sponsor. It offers investors the opportunity to fully own their businesses and allows residents to bring their families, including those with special needs.
- Simplified Entry: A 6-month entry visa to ease your transition.
- Stability: Build a future with a 5- or 10-year renewable visa.
- Independence: No employer sponsorship required.
- Flexibility: Stay outside the UAE longer without risking your visa status.
- Family Focus: Sponsor your spouse, children (regardless of age), and dependents with special needs.
- Unlimited Domestic Help Sponsorship
- Visa Security: Your family’s visa remains valid even if the primary holder passes away.
- Dubai-Specific Perks: Potential for streamlined driving license process (if you hold a license from an approved country or meet Dubai-specific criteria), Esaad discounts, and more.
Recent Golden Visa Reforms (2022)
Eligibility criteria have been broadened, making the Golden Visa accessible to a wider range of applicants. These changes, in effect since October 2022, are designed to attract even more investors, innovators, and skilled professionals to the UAE.
Who is Eligible under the New Golden Visa Rules 2022?
The UAE Golden Visa program covers several categories. Here’s a breakdown:
Investors
- Investing in Companies (Commercial): Requires the company’s audited financial report for the previous year, a trade license, list of partners, sponsored residency copy, the company’s bank statement for the last 3 months, and VAT returns from the previous year. Minimum investment is AED 2 million.
- Time Deposits: Requires a letter from the bank confirming a fixed deposit (not to be broken for at least two years, or GDRFA must be notified if it is), a sponsored passport copy, and a tenancy contract. Minimum investment is AED 2 million.
- Real Estate: A minimum investment of AED 2 million is required. New options include obtaining the Golden Visa with a mortgage from specific local banks or when purchasing off-plan properties from approved developers.
Entrepreneurs and Start-up Owners
- Must have a registered SME in the UAE with annual revenues of at least AED 1 million.
- May qualify with an approved start-up idea from an official business incubator, the Ministry of Economy, or a competent local authority.
- Founders of a previous successful entrepreneurial venture (sold for at least AED 7 million) may also be eligible.
Executive Directors
- Must have an “NOC” letter from the company confirming no objection to the Golden Visa and at least 5 years of service as a general manager, executive director, or similar in the UAE.
- Requires an attested bachelor’s degree (or higher), a salary certificate of at least AED 50,000 monthly, an employment contract, and a bank statement for the last 6 months.
Outstanding Students and Graduates
- High School Graduates: Need a recommendation letter from the Ministry of Education, a sponsored residency copy (Dubai residents only), and a sponsored passport copy.
- University Graduates: Must provide an attested bachelor’s degree (or higher) with academic transcripts, a sponsored residency copy (Dubai residents only), and a sponsored passport copy.
Scientists
- Must have a PhD or Master’s degree from a top global university in engineering, technology, life sciences, or natural sciences.
- Requires a recommendation from the Emirates Scientists Council or proof of the ‘Rashid Award for Scientific Outstanding’.
Specialists in Engineering and Science
- Must possess an attested bachelor’s degree (or higher) or an equivalency letter from the Ministry of Education (for foreign degrees).
- Requires a sponsored residency copy and a work contract in fields like Epidemiology, Viruses, AI, Big Data, Computer/Software/Electrical/Genetic/Biotechnology Engineering
Doctors
- Must provide a copy of their labor card, a labor contract from MOHRE, and a sponsored residency copy.
Exceptional Talents (Culture and Art, Inventors and Innovators, Athletes)
- Require a recommendation or approval from a federal or local government entity to apply in this category.
How much does the UAE Golden Visa cost?
The cost of the UAE Golden Visa has two main components:
- Government Fees: The fee for issuing a 10-year Golden Visa for applicants already residing in the UAE ranges between AED 2,800 and AED 3,800. This fee varies slightly depending on the specific visa category and the type of service chosen. For applicants outside the UAE, the government fee ranges between AED 3,800 and AED 4,800.
- Additional Expenses: You should also factor in costs for mandatory requirements and potential professional assistance. These include:
- Medical tests
- UAE health insurance
- Emirates ID card application
The UAE Golden Visa scheme helps high-potential people easily make a home in the UAE along with their family members. For those already living in the UAE, the Golden Visa is a convenient step closer to exploring the full potential of their start-up idea.
You may alternatively wish to read about the new UAE Green Visa 2022, which is issued with a validity of five years.
viiCON Consulting will be happy to assist you in obtaining a UAE Golden Visa. Please contact us through the contact form below for a personalized cost breakdown and guidance on the application process.
