The UAE Cabinet, headed by Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and Ruler of Dubai, has set flexible requirements for entrepreneurs and startup owners to apply for the UAE Golden Visa under the new regulations of Golden Residence Scheme.
The government has tried to make the new visas rules more family-friendly, thereby making it easier for the applicants to better plan their long-term future in the UAE.
This article explains the recent updates about Golden Visa eligibility and new visa options for Investors, Entrepreneurs and Startup Owners.
What is UAE Golden Visa?
The Dubai Golden Visa is a sort of long-term resident visa that is available in the United Arab Emirates. It is awarded investors, entrepreneurs, exceptional talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers and frontline heroes over a period of 5 or 10 years.
The recent amendments allow the Golden Residence holder to sponsor his/ her family members, including spouse and children until the age of 25 – an increase from the previous rule of 18 years – with no age limit for unmarried daughters. The most significant change in this regard is that the death of the primary visa holder does not affect the status of the other family members who can continue to stay in the UAE till end of the visa tenure.
UAE Golden Visa for Property Investors
As per the new amendments, the major change is the reduction in investment amount for the real estate properties in Dubai. The investment amount has been reduced to AED 2 million from 5 million earlier, while extending the duration of the visa to 10 years from five years earlier.
Hence If you buy a property in the UAE worth AED 2 million or more, you can get a 10-year residence visa for yourself, and your family and longer need to visit the country every six months.
UAE Golden Residence for Start-ups, Entrepreneurs, and Investors
To be eligible for 10 Year Golden Residence, entrepreneurs or Investors should own or be a partner in a start-up registered in the UAE under the category of small and medium enterprises (SME) and should have annual revenue of not less than AED 1 million.
In addition, the start-up idea should be approved by an official business incubator, the Ministry of Economy, or the competent local authorities to obtain the Golden Residence in this category.
Similarly, founders or co-founders of any successful start-up business or project is also eligible for this visa if they have sold their company for AED 7 million or more. The approval of the Ministry of Economy or the competent local authorities is required for projects or ideas.
UAE Green Residence for Investor or Partner
The UAE Green Residence visa permit for investors and partners has been introduced to encourage investments in the UAE.
You can get a Green Residence visa for five years by investing AED 500,000 in a new or established business (commercial activities). It replaces the previous residence that was valid for two years.
Requirements including approval of the investment and proof of investment. If the investor has more than one licence, the total invested capital will be calculated.
Approval of the competent local authorities is mandatory for the UAE Green Residence permit to be issued.
Green Residence for Freelancing and Self-Employment
In line with the growing importance of flexible work models, freelancers and the self-employed can also get a five-year Green Residence visa without requiring any sponsor from the UAE.
It requires obtaining a freelance/ self-employment permit from the Ministry of Human Resources and Emiratisation. The minimum education level should be bachelor’s degree or specialised diploma and should demonstrate that you earned income of at least AED 360,000 in the previous two years.
Thus, the new changes will make it easier for investors, entrepreneurs, and professionals to move to the UAE, thereby attracting money and talent as well as boosting the economy. The new visa rules will come into effect in the UAE in September 2022.
How CorpLex can help you?
So, there’s a lot to do, and you can expect some challenges along the way. It’s frustrating for Investors and Entrepreneur to see their hard work sink into a pile of paperwork and vanish.
By seeking professional advice and investing time to get your Golden Visa properly, you have a better chance of obtaining from the government.
Contact our experts today at CorpLex and we can help you to get your UAE residence golden visa through Property Investments, Company Setup and Freelancing.