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The United Arab Emirates provides an ideal commercial as well as an economic environment for investors and entrepreneurs. Being a developed nation with a strong economy, UAE is well-celebrated for its advanced infrastructure, professional expertise along with the diversified economic base. This makes it indeed the best and the most competitive over other countries. And therefore, people are gradually taking interest in starting a business in the mega city of Dubai in UAE and creating a new life. Hence, with the best residency systems, UAE implemented a new agenda for long-term residence visas – Golden Visa Dubai, which allows expats to live, work, and study in the UAE. Moreover, they won’t need a sponsor for the same and also attain 100% responsibility over their business in the UAE.
What is a Golden Visa?
The UAE Golden Visa scheme was initiated by the government of UAE. This is by far one of the most attractive residency programs offered to foreign investors and business people who wish to settle in Dubai, UAE. This scheme further allows them to not just stay in the country, but also enjoy its exclusive benefits. The fundamental purpose to implement this program is to retain the global talents in the country as well as attract new talents into the country by offering them what they need for their commercial projects.
The Golden Visa UAE is basically offered to investors, engineers, doctors, property owners, students with promising abilities and specific skill sets, and expertise in different fields of science and information. The validity of this visa is 5-10 years and is auto-renewed accordingly.
Advantages of Golden Visa UAE
Multiple-entry visa – Allows the holder to travel in and out of the UAE for six months.
Auto-renewable after a period of 10 years.
Non-requirement of the presence of a guarantor or guarantor in the country.
Allows the holder to apply for residence visas for family members as well as workers for similar periods.
Provides the benefit to the children and family members of the golden visa holder to stay in Dubai until the expiry of the visa, even after the death of the holder.
Full ownership of the business, even in the mainland Dubai
Holders can sponsor children up to the age of 25, wherein there is no age limit for unmarried daughters and disabled children.
The Golden visa holder staying outside of the UAE will not nullify the residence visa.
Other significant benefits of Golden Visa UAE:-
No sponsors required
The new UAE golden visa allows foreigners to live, work and study in the country without having to depend on a sponsor. Moreover, entrepreneurs can also fully own their businesses established in the region.
Open multiple accounts
It is indeed a great idea to have multiple bank accounts in multiple countries. More banks mean less danger to funds. Golden Visa Dubai facilitates its holders to have another protected vault for their reserve funds by enabling multiple account opening options for them.
Ease of travel
With Golden Visa, the holders are treated as same as UAE citizens. Hence, the traveling part also becomes easier and more convenient. In simple words, the holders do not have to apply for visas, again and again, every time they travel in and out of the UAE.
As a golden visa holder, you get the opportunity to make money out of the property you purchase for the visa. Usually, expats buy houses to get residence visas by investment. Apparently, the housing market of UAE is frequently mounting. Thus, it turns out that the property you purchase as a part of the Golden Visa requirements is not merely a simple expense of the program, but a lucrative opportunity to earn profit for the long term.
Generally, investors and business tycoons travel to Dubai and start their ventures due to its tax-free regime. The taxation policy for foreign investors is as same as that for local investors. Hence, as a part of this policy, foreign investors with Golden Visa Dubai can acquire a tax residence certificate from UAE in order to avoid tax in their country. They can either invest in UAE properties, bonds or any business setup in Dubai.
Also read the post: Top Trending Home Based Business Ideas in Dubai
Eligibility criteria to acquire the Golden Visa Dubai
Real estate investors
Students with special talents
Scientists and specialists in Science and Engineering
Medical professionals (Doctors, Nurses, and Pharmacists)
Specialists in the field of Culture and Art
Types of UAE Golden Visa – Long-term Residence Visa
Below are the two types of UAE Long-Term Residence Visas with their own requirements and eligibility criteria.
Long-term residence visa for 10 years
You need to meet the below criteria to be eligible for the 10-year UAE long-term residence visa –
Invest in the public sector with at least AED 10 million
Specialized talents such as a doctor, scientist, inventor, specialist, an expert in the field of culture and art, and engineers of computer programming, electronics, electrical, and biotechnology
Long-term residence visa for 5 years
On the other hand, you need to fulfill the below conditions to get a 5-year UAE long-term residence visa –
Invest in a UAE property or partner with an existing business project in the UAE with at least AED 500,000
An outstanding student with a minimum grade of 95% in a public or private secondary school
A graduate with a GPA of at least 3.75 in a national or an international university
Documents required to apply for Golden Visa Dubai
Before applying for a long-term residence visa in UAE, you first need to acquire an entry permit, for which you must submit the following documents:
Passport copy of the applicant
Passport-sized photograph of the applicant
Bank statement (of last 6 months)
Copy of trade license of any existing business
Partnership contract, if any
ID proofs of other partners, if any
MOA of the company
Proof of certification by the relevant UAE authority (for specialized talents)
Proof of patent
Once you obtain a UAE entry permit, you can further apply for the Golden Visa Dubai on the Federal Authority for Identity and Citizenship (ICA) or the General Directorate of Residency and Foreigners Affairs (GDRFA). In addition, you need to present several documents to support your purpose of the application, such as –
UAE entry permit
Medical test results
Immigration Establishment Card
Other documents related to the purpose of travel
Once you complete the online application, you will receive a confirmation email on your given email ID within 30 days notifying the result of your application. If approved, you will receive your Golden visa UAE within no time.
Since the Golden visa is more of a sensitive nature, the applicant might need to seek approval from the UAE authorities prior to applying for this visa with the help of an attorney or other authorized legal entity. Moreover, the documentation process might also differ for each case.
The business experts at Shuraa can guide you with the same and also share with you relevant information regarding all the legal requirements to acquire a Golden Visa Dubai without any hassle.
For more detailed information on UAE Golden Visa, consult with the right, trusted, and reasonable business setup and advisory at Shuraa Business Setup.
Contact : +971 44081900, +971 507775554(WhatsApp)
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Published on November 14, 2022
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