The UAE is a fantastic country within the Middle East for living and working.
From not having to pay an income tax to getting global exposure, the UAE can be financially beneficial, and an expat’s favorite destination.
Right now, one of the biggest challenges that the world is facing is a war for talent. And as a global business and financial hub, UAE is not taking any chances.
The UAE has decided to expand its Golden Visa Programme to attract even more professional workers. With the new changes, the requirements for applying for this visa have become less demanding.
What is UAE Golden Visa
The Golden Visa is a long-term residence visa that allows foreign talents to live, work or study in the UAE while enjoying exclusive benefits. It was introduced in 2019 by the Prime Minister of Dubai, Sheikh Mohammed bin Rashid.
The elite visa was created to attract more investments toward UAE and create an ecosystem for business development.
Exclusive benefits of the Golden Visa:
- An entry visa for six months with multiple entries to proceed with residence issuance
- Long-term, renewable residence visa valid for 5 or 10 years
- The privilege of not needing a sponsor
- Ability to stay outside the UAE for more than the usual period of six months to keep their residence visa valid
- The ability to sponsor their family members, including spouses, children, and domestic helpers
- Permit for family members to stay in the UAE until the end of their permit duration, if the primary holder of the Golden Visa passes away.
What is the eligibility for UAE Golden Visa?
If you want to apply for a Golden Visa, don’t forget to do thorough research. Look up all the necessary documents that you’ll be required to provide for your application. Following are the individuals that could be eligible for the Visa:
Entrepreneurs:
You could be eligible to acquire the visa for 5 years. But for that, you must own an economic project of a technical or future nature, based on risk & innovation.
Additionally, you need to have an approval letter from each of the following:
- An auditor in the UAE stated that the project value is not less than 500,000 AED
- The authorities in the emirate stated that the project is of a technical or future nature
- An accredited business incubator in the UAE to establish the proposed activity in the country.
University students
Outstanding students of foreign universities may be granted a Golden visa for 10 years without a sponsor, given that:
- The university is rated among the best 100 universities globally, according to the rating system recognized by the Ministry of Education
- A cumulative GPA, of no less than 3.5
- It has not been more than 2 years since you graduated
- The graduation certificate is accredited by the Ministry of Education
Skilled Professionals:
You will be eligible for 10 years to live and work in the UAE, considering you:
- Have a Bachelor’s degree or equivalent
- Are employed in the UAE,
- Have a minimum monthly salary of AED 30, 000 or equivalent
- Hold a role verified by the Ministry of Human Resources and Emiratisation’s (MOHRE’s) occupational classification scheme which includes: Level 1 – Business Executives and Managers, Level 2 – Professionals in either of these fields; Engineering, Sciences, Business and Management, Health, Information Technology, Sociology, Education, Culture and Law.
Investors
If you invest in an investment fund, you may be granted a Golden Visa for a period of 10 years without a sponsor, subject to the:
- Submission of a letter from an investment fund accredited in the UAE, stating that the investor has a deposit of AED $2 million, or
- Submission of a valid commercial license or industrial license and a memorandum of the association stating that the investor’s capital is not less than AED $2 million
- Submission of a letter from the Federal Tax Authority stating that the investor pays the government no less than AED 250,000 (two hundred and fifty thousand) annually.
- Additionally, you must: own the invested capital completely; it must not be a loan
- Provide proof of medical insurance for yourself and your family (if any).
Apart from the listed professionals, Scientists, Researchers, Humanitarian pioneers, and Frontline heroes can also qualify for the visa.
The war for talent has never been this intense. But UAE is always on the lookout for creating a safe environment for its ex-pats. It is continuously working to strengthen its economic, legal, and social environment. That is why UAE has 8.84 million expats as of 2021, covering approx 89% of its population, according to various sources.
