UAE Golden Visa Program
The UAE Golden Visa program is a series of long term visas designed for entrepreneurs, key business persons and other professionals who are deemed to be important contributors to the economy. These special visas offer a 5-year or 10-year residency permit for the main applicant and their family members.
The golden visa program is a government initiative to project the UAE as a top destination for investment and talent development. It offers a number of attractive benefits to foreign nationals who qualify for the program including tax exemptions, free trade zones, and access to a diversified education system.
Those who wish to avail of the UAE Golden Visa program can apply through the Federal Authority for Identity and Citizenship (ICA) or the General Directorate of Residency and Foreigners Affairs. The application process for both of these channels is similar and involves filling out an official form with all the necessary details. The applications are then reviewed and approved by the authorities.
What is the UAE Golden Visa Program?
There are several criteria that must be met to obtain a golden visa in the UAE. The most common is the investment route, where the investor must invest a minimum of 2 million AED in the country. This can be in the form of buying off-plan real estate or putting up funds in a local business.
Entrepreneurs and startup owners can also get a golden visa by establishing or buying a business that creates at least 10 jobs for UAE nationals. This enables them to have complete ownership of their business, allowing for greater autonomy and control over their investments and initiatives.
Another way to gain a golden visa is by investing in a public-sector company. In this case, the investor must invest a minimum of AED 10 million in either the business or an investment fund. This amount must not be financed by a loan and the investment must be retained for at least three years.
A golden visa can also be obtained by outstanding students or those who fund humanitarian work. The former requires a recommendation letter from the university along with an academic record and graduation certificate. The latter, on the other hand, requires a cumulative grade point average of not less than 3.5 for A-class universities or 3.8 for B-class universities.
Those who are granted a golden visa can enjoy a range of benefits, including discounts and offers on cars, property, healthcare, and banking services. These are a result of the government partnering with various companies to give golden visa holders the best possible lifestyle. Additionally, the grace period for the renewal or cancellation of the visa has been extended from 30 days to 6 months, meaning that expats will not have to pay a fine if they miss their deadline. This is a significant improvement over previous policies.