UAE introduces 10-year Golden Visa for professionals
The United Arab Emirates (UAE) recently decided to issue a 10-year golden visa to professionals that will include engineers, physicians, Ph.Ds. who are from UAE accredited universities who have scored Grade Point Average or GPA of 3.8 and above. The motive behind issuing this visa is to retain ‘talented people and great minds’ in the country.
The golden visa was introduced in 2019 as a long-term residency program by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai. After its launch, more than 400 investors, businessmen and some of their family members have been granted the visa.
About the United Arab Emirates
The United Arab Emirates (UAE) is a federation of seven emirates – Abu Dhabi, Sharjah, Dubai, Ajman, Umm Al Quwain, Khaimah, and Fujairah.
Together the seven emirates make up the Federal Supreme Council.
The federal capital lies at Abu Dhabi, the largest among all the emirates that make up the UAE. Abu Dhabi takes up more than three-fourths of the total land area of the UAE.
With the presence of many multinationals amidst several skyscrapers, the port city of Dubai is the capital of the emirate of Dubai.
The UAE has an estimated population of around 9.9 million individuals.
Prominent cities in the UAE include –
- Dubai
- Zayed City
- Sharjah
- Abu Dhabi
- Dibba
- Al Ain
- Ajman
- Ras Al Khaimah
- Fujairah
- Um Al Quwain
- Khor Fakkan
Reasons for Introducing the UAE Golden Visa
The UAE Golden Visa was introduced to position the UAE as a global hub for business, investment, and innovation. The visa aims to:
- Attract foreign investors, entrepreneurs, and skilled professionals to boost economic growth.
- Recognize and reward long-term residents for their contributions to the UAE’s development.
- Provide a long-term residency solution, offering stability and security to individuals and their families.
The Golden Visa is valid for 10 years and can be renewed, making it an attractive option for those looking to establish a long-term presence in the UAE.
Who Can Apply for the Golden Visa?
The UAE Golden Visa is available to five main categories of non-residents:
- Investors
- Entrepreneurs
- Chief Executives
- Meritorious Students
- Scientists and Specialists
Requirements for Foreign Investors
To qualify for the Golden Visa as an investor, applicants must meet at least one of the following conditions:
- Deposit AED 10 million in an investment fund in the UAE.
- Own a company with a capital investment of AED 10 million or hold a partnership share of AED 10 million in a company.
Additional Conditions:
- The investment must be fully owned (not funded through loans), and proof of ownership is required.
- The applicant must have held the investment for at least three years.
- Health insurance coverage for the applicant and their family members is mandatory.
Requirements for Entrepreneurs
Entrepreneurs applying for the Golden Visa must meet the following criteria:
- Own a project valued at AED 500,000 or above in a field certified by the UAE.
- Be approved as a certified business incubator and the founder of the project.
- Provide proof of health insurance for themselves and their family members.
Eligibility Conditions for Specialists
Specialists, including scientists, researchers, and professionals, must meet one of the following criteria:
- Be a professor or researcher from one of the top 500 international universities approved by the UAE Ministry of Education.
- Have received an award or certificate of appreciation in their field of specialization.
- Have made significant contributions to their area of study or expertise.
- Hold a PhD with 20 years of practical experience in their field.
- Specialize in a field deemed significant to the UAE’s development.
Eligibility Conditions for Chief Executives
Chief executives applying for the Golden Visa must meet the following requirements:
- Hold a bachelor’s degree or its equivalent.
- Have at least five years of professional experience.
- Earn a minimum salary of AED 30,000 in the UAE with a valid job contract.
- Provide health insurance coverage for themselves and their family members.
Eligibility Criteria for Others
- Inventors: Must hold a patent approved by the UAE Ministry of Economy, with the patent adding value to the UAE’s economy.
- Art and Culture Specialists: Must be approved by the UAE Ministry of Culture and Knowledge Development.
UAE Green Visa
In addition to the Golden Visa, the UAE also offers the Green Visa, which is designed for skilled professionals, freelancers, and investors. This visa provides 5-year residency without the need for a sponsor, offering greater flexibility and independence.
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