In 2019, a new system for long-term residence Golden Visa in UAE is launched. The new system enables foreigners to live, work and study in the UAE without the need of a national sponsor and with 100 per cent ownership of their business on the UAE’s mainland. These visas will be issued for 5 or 10 years and will be renewed automatically.
Cabinet Resolution No. 56 of 2018 Regarding the Organization of Residence Permits for Investors, Entrepreneurs and Professional Talent regulates granting golden visas to
- Investors
- Entrepreneurs.
- Specialized talents and researchers in various fields of science and knowledge
- Bright students with promising scientific capabilities
Eligibility for a 10-year visa
The following categories are entitled to apply for a 10-year residence visa in the UAE.
Investors in public investments of at least AED 10 million
The investment may take many forms such as:
- A deposit of at least AED 10 million in an investment fund inside the country
- Establishing a company in the UAE with a capital of not less than AED 10 million
- Partnering in an existing or a new company with a share value of not less than AED10 million
- Having a total investment of not less than AED 10 million in all areas mentioned, on condition that the investment in sectors other than Real Estate is not less than 60 per cent of the total investment.
Conditions
Granting a visa is subject to the following conditions:
- The amount invested must not be loaned.
- The investment should be retained for at least three years.
- There should be a financial solvency up to AED 10 million.
Golden Visa in UAE can be extended to include business partners, on the condition that each partner contributes AED 10 million.
The long-term visa can include the spouse and children, as well as one executive director and one advisor.
Investors from abroad may apply for a multiple-entry permit for a six-month period.
Persons with specialized talents
This includes specialized talents and researchers in the fields of science and knowledge such as doctors, specialists, scientists, inventors, as well as creative individuals in the field of culture and art. The visa advantage extends to the spouse and children. All categories are required to have a valid employment contract in a specialized field of a priority in the UAE.
Conditions
Granting a visa is subject to the following conditions:
- Scientists must be accredited by Emirates Scientist Council or holders of the Mohammed Bin Rashid Medal for Scientific Excellence.
- Creative individuals in culture and art must be accredited by Ministry of Culture and Youth.
- Inventors must obtain a patent of value, which adds to the UAE’s economy. Patents must be approved by Ministry of Economy.
- Exceptional talents must be documented by patents or scientific research published in a world-class journal.
- Executives must be owners of a leading and internationally recognized company or holders of a high academic achievement and position.
- Doctors and specialists must meet at least two of the following conditions:
- a Ph. D. degree from one of the top 500 universities in the world (refer to ICA for information)
- an award or certificates of appreciation in the field of the applicant’s work
- contribution to major scientific research in the respective field of work
- published articles or scientific books in distinguished publications in the respective field of work
- membership in an organization related to the field
- a Ph. D. degree, in addition to 10-year professional experience in his field
- specialization in areas of priority to the UAE.
Eligibility for a 5-year Golden visa
The following categories are entitled to apply for a 5-year residence visa in the UAE.
- Investors in a property in the UAE
Conditions:
Granting a Golden visa in UAE is subject to the following conditions:
- The investor must invest in a property of a gross value of not less than AED 5 million.
- The amount invested in real estate must not be on loan basis.
- The property must be retained for at least three years.
- Entrepreneurs
This category includes those having an existing project with a minimum capital of AED 500,000, or those who have the approval of an accredited business incubator in the country.
The entrepreneur is allowed a multi-entry visa for six months, renewable for another six months. The long-term visa includes the spouse and children, a partner and three executives.
- Outstanding Students
This includes:
- outstanding students with a minimum grade of 95 per cent in public and private secondary schools
- university students within and outside the country having a distinction GPA of at least 3.75 upon graduation.
Long-term visa includes families of the outstanding students.
Want to be eligible for an Investor’s visa in the UAE? Call AZCO Real Estate for more information.
