The UAE’s much sought-after Golden Visa has been awarded to thousands of investors, professionals, students and entrepreneurs since its launch in 2019.
According to the General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai, there was a 52 per cent increase in issuance of Golden Visas in the first half of 2023. As of November 2022, the emirate had issued more than 150,000 Golden Visas to eligible property buyers, investors, professionals and others.
The 10-year visa offers various advantages for holders, including issuing residence permits for family members, including spouses and children. The age limit for sponsored children has been increased from 18 to 25 years, and there is no age restriction for unmarried daughters. Residence permits are granted to children of determination, regardless of their age. Additionally, there are no restrictions on sponsoring the number of domestic workers, and the Golden Residence remains valid without any limitations on the maximum duration of stay outside the UAE.
Professionals working in healthcare, media, IT and other industries with a monthly salary of Dh30,000 or above are eligible for the Golden Visa.
However, there are certain categories where people are not required to have a job to apply for a 10-year visa.
Here are five of them:
Property buyers: UAE residents and foreign investors who buy one or more properties with a total value of Dh2 million and above can apply for the Golden Visa. This includes both off-plan and existing properties in the country.
In a major announcement, Dubai dropped the Dh1 million down payment requirement for the property buyers to be eligible for the 10-year visa. However, the total value of the property should still be Dh2 million and above to meet the eligibility criteria.
Also read: UAE Golden Visa: Dubai drops minimum down payment required for property owners
Cash deposit: High-net-worth individuals can deposit Dh2 million with a local bank for a period of two years to be eligible for the prestigious visa. Many local banks in the country are offering help to the people who opt for this scheme.
Entrepreneur: The executive regulations set flexible requirements for entrepreneurs eligible for the Golden residency. An entrepreneur should own or partner in a startup registered in the country in the small and medium enterprises (SMEs) category and generate annual revenues of not less than Dh1 million.
Moreover, if the person is a founder or one of the founders of a previous entrepreneurial project(s) that was sold for a total value of not less than Dh7 million, he/she will be entitled to the Golden Residence. The approval of the Ministry of Economy or the competent local authorities is required for projects or ideas.
Scientist & researchers: Golden visa residency is granted to scientists and researchers with high achievements and influence in their field based on recommendations from the Emirates Scientists Council. The candidate should have a PhD or Master's Degree in the disciplines of engineering, technology, life sciences and natural sciences from the best universities in the world, as well as substantial research achievements.
Outstanding students: High-performing students in UAE secondary schools, and outstanding graduates from UAE universities and the best 100 universities worldwide could apply for the 10-year visa. Specific criteria include academic performance (cumulative average), the year of graduation, and the university classification.
News Source: Khaleej Times
