Golden Visa — Purpose, Possibility & Priority
Over the past decade, visas under this genre have garnered momentum. From countries in the Caribbean to the European Union, have their own version of the Golden Visa which provides an individual with a list of perks, which includes freedom of movement in & out of the country, education, access to that economic market & healthcare.
Those who are eligible to apply for a Golden Visa can easily acquire a second passport, or an additional residency in another country for themselves and the perks are granted to their family members as well.
This is a two-way street, wherein the individual who is granted the Golden Visa will contribute to the well-being of that nation either economically, academically, culturally, scientifically, or uniquely that is beneficial for that nation.
UAE has joined this bandwagon since 2019 and keeps updating the qualifying categories in order to captivate more individuals and accommodate the market explosion of unique skill sets never seen before.
What are Golden visas in UAE?
UAE Golden Visa is an immigration program, that grants residency to investors in dubai as well as individuals with specific skill sets or talent that could benefit the country and people living in it.
They are designed to enable expats to live, work and study in the UAE without the need for a national sponsor.
These visas are issued for a period of 10 or 5 years, as long as the recipient continues to meet the requirements of the golden visa provided. This can be renewed for an additional term when it is due to expire.
There are also new rules for the UAE Golden Visa and Green Residency which is expected to be effective from September 2022.
Eligibility: Who can apply for a UAE golden visa?
There are 16 major categories under which individuals are eligible to apply for UAE Golden visa which varies from Company owners, Real Estate Investors to Talented professionals.
10 Years Golden Visa is granted to the following categories:
- Creative Specialists in Culture & Arts
- Specialists in Engineering & Science
- Executive Directors
- Outstanding University Student
- An Investor in an Investment Fund
- Senior Employees of an Investor in Public Investments
- Pioneers of humanitarian works
- Holders of doctoral degrees and specialists in the fields of engineering and science
5 Years Golden Visa is granted to the following categories:
- Retired Foreigners
- Outstanding High School Student
- Real-Estate Property Investors
Sometimes people are nominated for golden visas by Government bodies. A Minister can also nominate pioneers who fulfill the requirements imposed by a ministry or authority.
Once the individual applicant is awarded a golden visa, the family of the applicant with the recognized talent is also granted a golden visa for the same period granted to the applicant.
What is worth noting here is that the family members can stay in the UAE in the unfortunate event of the death of the original holder of the Golden Visa until the end of their golden visa duration.
What are the Requirements?
In this article let us explore people who fall under a few of these categories and what their requirements are;
- An Investor in an Investment Fund
- This criterion is mainly for Business owners or Company investors whose shares are worth not less than AED (2) Two Million.
- There is another option by Tax Return, wherein the owner of a company pays the government no less than AED (250) Two Hundred and Fifty Thousand annually through taxes.
- Real-Estate Investor
This criterion is mainly for property owners whose investment value is not less than AED 750,000 for 3 years and AED 2 Million for 5 years. Mortgaged Properties are also eligible.
- Through Special Talents– People with special talents are also granted UAE Golden Visa. To know your eligibility, procedures and required documents refer this article: UAE Golden Visa for Special Talents-2022 Explained
Does my golden visa qualify me to work in the UAE?
To work in the UAE, you need to have a valid employment contract, work permit or a license. However, the UAE’s Ministry of Human Resources and Emiratisation has started to issue work permits for golden residency holders.
These are required by those who were unemployed when they received their golden visa and wish to start working for a specific employer, and by those who plan to start a new job with a new employer.
How can Corplex help you?
Considering the amount of investment in terms of time, documentation and legalities involved, most potential clients hire an expert to guide them through the process.
At CorpLex, we offer an initial free consultation to determine your eligibility for the Golden Visa. We guide you through the possible options and requirements and can support you from A to Z to help you get your Golden Visa in UAE hassle-free.
We also help with establishing a company on your behalf visa, make your license, visa applications, immigration services and can handle all government formalities, permissions, work permits that are required to trade in the UAE.