Requirements For Golden Visa In Dubai

Dubai remains to have one of the most powerful economies in the world. It is also an international financial hub attracting people from different parts of the world, thanks to its liberal visa regulations. Investment in real estate is one way foreigners can obtain a visa as it enables them live and work in Dubai for a period up to 25 years or so depending on the residency program. Let us examine some of the requirements for Golden Visa in Dubai that you need to consider before investing in property

Anyone who is seeking to invest in Dubai must first have a look at the requirements for obtaining a Golden Visa. The Golden Visa scheme has been running for almost one and half years and has proven to be extremely useful for various business organizations seeking foreign investments.

A new visa category was introduced in Dubai by the Minister of Economy on 2nd November. The Golden Visa (GV) is a residence visa that enables individuals, resident in the UAE, to invest or transfer an amount not less than one million AED (approximately £219,000) into one of the eligible investment options of the law regarding the investment or contribution in businesses and real estate in order to be granted a residence visa for an initial period of 60 months for each family member; subsequent extension may be possible after five years from making the main GV investment.

Requirements For Golden Visa In Dubai

The Golden Visa program is an important and integral part of the UAE. Launched in 2013, it has gone on to become one of the leading Golden Visa programs in the world, with a major multi-million-dollar investment program for property investors and a whole host of other valuable benefits.

What is the UAE’s Golden visa?

The UAE’s ‘Golden visa’ is a long- term residency visa which enables foreign talents to live and work or study in the UAE while enjoying exclusive benefits which include:

• an entry visa for six months with multiple entries to proceed with residence issuance
• a long term, renewable residence visa valid for 10 years
• a self-sponsored visa, as there is no need for an employment sponsor
• ability to stay outside the UAE for more than the usual restriction of six months in order to keep their residence visa valid
• sponsoring their family members, including spouse and children regardless of their ages
• sponsoring unlimited number of domestic helpers
• allowing family members to stay in the UAE until the end of their permit duration, if the primary holder of the Golden visa passes away.

Who is the Golden visa for?

The Golden visa is for:

1. Investors

Real estate investors can obtain a Golden visa in the UAE if they fulfil one of the following conditions: 

• purchase a property worth no less than AED two million or
• purchase a property with a loan from specific local banks or
• buy one or more off-plan properties of no less than AED two million from approved local real estate companies.

     2. Entrepreneurs

Entrepreneurs can obtain a Golden visa if they fulfil one of the following conditions:

• ·own or partner in a start-up registered as a small and medium enterprises (SMEs) in the UAE, and the company generates annual revenues of not less than AED one million
• ·obtain an approval for a start-up idea from an official business incubator or from Ministry of Economy or other competent local authorities
• must have founded an entrepreneurial project that was sold for a total amount of not less than AED seven million.

3. Exceptional talents

Inventors, innovators, and exceptional talents in vital fields such as culture, art, sports and digital technology can obtain a Golden visa regardless of their educational qualification, employment status, monthly salary or professional level. The visa requires a recommendation or approval from a federal or local government entity.

4. Scientists and professionals

Scientists

Scientists and researchers with high achievements and influence in their field can get the Golden visa based on a recommendation from the Emirates Scientists Council. A candidate should have a PhD or a Master’s degree in one of the disciplines of engineering, technology, life sciences and natural sciences from the best universities in the world, as well as substantial research achievements.

Professionals

Professionals or highly-skilled workers with high educational qualifications and professional experience in all disciplines, including medicine, sciences and engineering, information technology, business and administration, education, law, culture and social sciences can get the Golden visa if they:

• have a valid employment contract in the UAE
• are classified in the first or second occupational level as per the classification of Ministry of Human Resources and Emiratisation
• hold a Bachelor’s degree or equivalent
• have a monthly salary of not be less than AED 30,000.

5. Outstanding students and graduates

High performing students in the UAE’s secondary schools and outstanding graduates from the UAE’s universities and the best 100 universities worldwide can get the Golden visa. Criteria includes academic performance/cumulative average, year of graduation and the university classification.

6. Humanitarian pioneers

Humanitarian pioneers such as the following can get the Golden visa:

• distinguished members of international and regional organisations
• ·outstanding members of associations of public benefit
• recipients of recognition awards in humanitarian fields
• distinguished volunteers and sponsors of humanitarian efforts.

7.Frontline heroes

Frontline workers with extraordinary efforts in crises, such as the COVID-19 pandemic can also get the Golden visa.

Aiming at attracting and retaining talents, the UAE updates the Golden Residence rules as a part of the new Entry and Residence Scheme. The scope of beneficiaries is expanded offering more benefits including 10 years renewable residence pic.twitter.com/WwWWBWh9jY