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?
Pursuant 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.
An individual is eligible to apply for a 10-year Golden Visa without a sponsor if his or her investments in the UAE are at least Dh2 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 Dh2 million; or the investor is the owner of a company in the UAE and pays tax of not less than Dh250,000 annually to the Federal Tax Authority. Under these categories, the investor may also include his or her spouse and dependents while applying for the Golden Visa.
Senior employees such as executive director or an advisor appointed by an investor in public investments may be entitled to apply for a Golden Visa without a sponsor.
Any individual who owns properties worth Dh2 million or more in the UAE is eligible to apply for a five-year Golden Visa. Under these categories, the properties should not have any loan on them. However, the investors whose properties are on loan may be eligible for the visa, provided that at least Dh2 million of the value of the properties are their own equity.
Individuals who do not fall under the investors or businessmen eligibility criteria may apply if they are a retired foreigner who are at least 55 years old and have Dh1 million investment or an income of Dh15,000 per month.
Individuals who are researchers in the fields of science and knowledge such as doctors, specialists, scientists, inventors as well as creative individuals in the field of culture and art may apply as well.
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 the long-term residency visas.
If any individual in the UAE falls under the aforesaid categories, they can apply for the Golden Visa through the website of the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP).
Benefits
- 10 years of renewable residence visa.
- No sponsor or employer required.
- The limitation period to stay outside the UAE does not apply for the visa holders; ie, 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 spouse 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 are valid for six months with multiple entries allowed until the visa processing procedures are completed.
- In the event of death of the original holder of the visa, 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.
News Source: Khaleej Times
