UAE issues 100,000 Golden Visas: Why it would benefit Finance Professionals with tech skills.

What is the eligibility for the UAE Golden Visa?

If you want to apply for a Golden Visa, the first and foremost step is 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 and innovation.

Additionally, you need to have an approval letter from each of the following:

1. An auditor in the UAE stated that the project value was not less than 500,000 AED.
2. The authorities in the emirate stated that the project is of a technical or future nature.
3. 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:

1. The university is rated among the top 100 universities globally, according to the rating system recognized by the Ministry of Education.
2. A cumulative GPA of no less than 3.5
3. It has not been more than two years since you graduated.
4. 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 that:

• 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 Emiratization’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 10 years without a sponsor, subject to the following:

1. Submission of a letter from an investment fund accredited in the UAE, stating that the investor has a deposit of AED 2 million, or
2. 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
3. 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.
4. Additionally, you must own the invested capital completely; it must not be a loan.
5. 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.

Exclusive benefits of the UAE Golden Visa:

• An entry visa for six months with multiple entries to proceed with residence issuance
• Long-term, renewable residence visas are 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 family members to stay in the UAE until the end of their permit duration if the primary holder of the Golden Visa passes away.

How Indian Finance Professionals can find opportunities

The UAE is always on the lookout for strengthening its economic, legal, and social environments.

The country has approximately 3.5 million Indian expats, according to a United Nations (2020) report. With the UAE set to roll out more golden visas, this number may grow.

While the UAE intends to attract primarily tech talent, there may still be opportunities for finance professionals in various industries.

The UAE has a thriving business environment, and many multinational companies such as Google, Amazon, and Apple have a presence in the country.

Finance Professionals with strong analytical skills can find opportunities as:

1. Financial analyst or data analyst: These roles often involve using tools such as Excel or SQL to analyze financial data and provide insights.
2. Business intelligence (BI) or data warehousing: These roles involve designing and managing databases and data warehouses. They must also develop reports and dashboards to provide insights into financial performance.
3. Financial technology (FinTech): With the rise of FinTech startups, there are many opportunities for finance professionals to work in this field. FinTech roles may involve developing new financial products or services or working on blockchain or cryptocurrency projects.
4. Information security: Finance professionals who are interested in cybersecurity may be interested in roles in information security. These roles involve protecting financial data and systems from cyber threats and ensuring compliance with regulations such as PCI-DSS and GDPR.

Additionally, there could be opportunities for finance professionals in investment management, venture capital, and private equity, especially in the tech and energy sectors.

The United States and the United Arab Emirates declared earlier in 2023 that they would assign a total of $100 billion toward a clean energy partnership. The initial $20 billion investment will be assigned to support the development of 15 new gigawatts of renewable energy projects by 2035.

Local energy companies are trying to reduce their carbon footprint by adopting digital transformation.

Digital transformation plays a vital role in the energy transition. It enables the integration of renewable energies into the electrical system, enhancing network reliability and managing energy demand more efficiently.

This will create opportunities for finance professionals in sustainable finance and green investing.