Question: I am planning to move to the UAE soon. I have heard of the UAE’s long-term residency called Golden Visa. Can you explain the scheme to me? Who can apply, and what are its benefits?
Response: According to your queries, it should be noted that the UAE Cabinet Resolution No. 56 of 2018 allows a foreign national to obtain long-term residency (Golden Visa) in the UAE. Multiple categories of residents can apply for the residency.
Individuals can apply for a 10-year Golden Visa without a sponsor if their investments in the UAE are at least Dh 2 million. These may be in the form of investment funds accredited in the UAE or a commercial or industrial licence of an investor, where the memorandum of association of their legal entity mentions the paid-up capital of the said company is not less than Dh 2 million or the investor is the owner of a company in the UAE and pays tax of not less than Dh 250,000 annually to the Federal Tax Authority. Under these categories, the investor may also include their spouse and dependents while applying for the Golden Visa.
Senior employees such as executive directors or an advisor appointed by an investor in public investments may be entitled to apply for a Golden Visa without a sponsor.
Any individual in the UAE who owns properties worth Dh 2 million or more can apply for a five-year Golden Visa. Under these categories, the properties should not have any loans. However, the investors whose properties are on loan may be eligible for the visa, provided that at least Dh 2 million of the value of the properties is their equity.
Individuals who do not fall under the investors or business people eligibility criteria may apply if they are retired foreigners at least 55 years old and have a Dh 1 million investment or an income of Dh 15,000 per month.
Individuals who are researchers in science and knowledge, such as doctors, specialists, scientists, inventors, and creative individuals in the field of culture and art, may also apply.
The specialised talented individuals may be granted a 10-year Golden Visa.
Further, outstanding students studying in recognised schools and universities inside or outside the UAE may apply for long-term residency visas.
Suppose any individual in the UAE falls under the categories described above. In that case, they can apply for the Golden Visa through the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) website.
Benefits
– 10 years of renewable residence visa.
– No sponsor or employer is required.
– The limitation period to stay outside the UAE does not apply for the visa holders; i.e., the visa is not cancelled if the holder stays outside the country for more than six months.
– The residence visa is granted to family members of visa holders, including spouses and children, with no age limit.
– There is no maximum limit to apply for domestic workers’ visas/work permits.
– An entry permit issued to potential visa holders is valid for six months, and multiple entries are allowed until the visa processing procedures are completed.
– In the event of the visa’s original holder’s death, the family members may stay in the UAE till the end of their residence permit.
For further clarifications related to this matter, you may contact the ICP and the General Directorate of Residency and Foreigners Affairs.
