UAE Golden Visa: Benefits, Process and Costs

The UAE recently stated its intention to attract $150 billion in foreign investment over the next ten years. In doing so, 50 initiatives will be implemented, including the creation of new visas to attract talented individuals who can significantly contribute to the UAE’s economy.

The Golden Visa is one of these visas. This is a long-term residency visa that went into effect in 2019, but the requirements and application process have since changed.

In this article, we have included every detail you need to know about getting a UAE Golden Visa, in terms of its eligibility requirements, cost, processing times, who is it for and more.

What is UAE Golden Visa?

The UAE’s ‘Golden visa’ is a long-term residency visa that allows foreign talents to live, work, or study in the UAE while enjoying exclusive benefits.

The UAE officials has extended the time that foreign businessmen, investors, professionals, sports stars, students, and humanitarian pioneers can stay and work in the UAE. Those who qualify for the golden visa may apply for a 5-year or 10-year visa.

The UAE Golden Visa comes with several benefits such as:

• an entry visa for six months with multiple entries to proceed with residence issuance
• a long term, renewable residence visa valid for ten 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 an unlimited number of domestic helpers
• if the primary holder of the Golden visa dies, family members may remain in the UAE until the end of their permit period.

Golden Visa benefits specific to Dubai

Driver’s License

According to the authorities, foreign residents in Dubai with a golden visa and a driving license from their home country can now take the UAE driver’s test without having to take any additional lessons.

Furthermore, golden visa holders who hold a driver’s license from one of 32 approved countries, including the United States, the United Kingdom, Australia, Italy, Saudi Arabia, South Africa, Spain, New Zealand, Qatar, Kuwait, and Ireland, will be automatically eligible for a UAE driver’s license.

Discounts for Students

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has announced that a 10-year residency Golden Visa will be granted to outstanding expatriate students and their families in Dubai. They will also be given discounts to pursue their higher education in international university branches in Dubai.

Esaad Card

Esaad Card issuance is free of charge for 5 and 10-year Golden Visa holders in Dubai. According to the Dubai Media Office, Golden Visa holders in Dubai will be given the coveted Esaad privilege card. Holders of 5-year and 10-year Golden Visas in Dubai will receive the card free of charge.

The Esaad card will be issued to certain categories of Golden Visa holders in Dubai. Among these categories are

• Public investment fund investors
• Investors in real estate
• Entrepreneurs
• Scientists, doctors, specialists, and inventors are examples of people with specialized talents and researchers in science and knowledge.
• People who are culturally and artistically creative
• Executive directors
• Academics with specialized knowledge
• Professional athletes
• PhD holders with a specialty in engineering or science, as well as humanitarian aid workers
• Outstanding high school and university graduates

Insurance

Golden Visa holders can apply for comprehensive insurance coverage, which can range from AED 2,000 to 50,000 depending on factors such as age, health, hospitals/clinics covered, and so on.

The National Health Insurance Company (Daman) has introduced Golden Visa holders with health insurance packages that are valid for one year and can be renewed annually. Premiums for all insurance plans will vary depending on age and plan option.

Applying for UAE Golden Visa

All interested individuals who wish to apply for the Golden Visa may do so online through the ICA smart services platform. Candidates must submit the necessary documents and be willing to relocate to the UAE as part of their business venture.

Eligibility for UAE Golden Visa

Investors, entrepreneurs, people with specialized talents, researchers in various fields of science and knowledge, and outstanding students with promising scientific potential are all eligible to apply for the Golden Visa.

Individuals nominated for Golden Visas by distinguished Emiratis or government institutions are also eligible, as are those who apply online. Individuals who invest AED 2 million in real estate may also be eligible.

According to the UAE Government’s Official Portal, those eligible for the Golden Visa are as follows:

UAE Golden Visa for real estate investors

Real estate investors who meet one of the following criteria may be eligible for the Golden Visa:

• purchase a property worth no less than AED 2 million, or
• purchase a property with a loan from one of a list of approved local real estate companies, or
• purchase one or more completed or off-plan properties worth no less than AED 2 million.

UAE Golden Visa for Entrepreneurs

Entrepreneurs may obtain a Golden Visa if they fulfil one of the following conditions:

• owner or partner in a start-up registered as a small and medium enterprise (SMEs) in the UAE with the company generating annual revenues of not less than AED 1 million, or
• obtain approval for a start-up idea from an official business incubator or from the Ministry of Economy or other competent local authorities, or
• have founded an entrepreneurial project that was sold for a total amount of not less than AED 7 million

UAE Golden Visa for Exceptional Talents

Individuals with exceptional talents in the fields of art, sports, culture, and digital technology can obtain the UAE golden visa on the recommendation of federal or local government authorities. Qualifications, employment status, professional level, and salary are not taken into account.

UAE Golden Visa for Scientists

Researchers and scientists may be granted a long-term visa on the recommendation of the Emirates Scientists Council. To be eligible for the Golden Visa, one must have a PhD or a master’s degree from one of the world’s top universities in the fields of technology, engineering, natural sciences, or life sciences. Not to mention the extensive research required.

UAE Golden Visa for Professionals

Professionals or highly skilled workers with advanced degrees and professional experience in all fields, including medicine, science and engineering, information technology, business and administration, education, law, culture, and social sciences, are eligible for the Golden Visa if they:

• have a valid employment contract in the UAE;
• are classified in the first or second occupational level according to the Ministry of Human Resources and Emiratisation’s classification;
• hold a Bachelor’s degree or equivalent; and
• earn at least AED 30,000 per month.

UAE Golden Visa for Students

The Golden Visa is available to high-achieving students in the UAE’s secondary schools as well as outstanding graduates from the UAE’s universities and the world’s top 100 universities. Academic performance/cumulative average, year of graduation, and university classification are all criteria.

UAE Golden Visa for Humanitarian Pioneers

Individuals who have made significant humanitarian contributions are also considered. Among the requirements are:

• Outstanding representatives from regional or international organizations
• Members of public benefit organizations who make significant contributions
• Humanitarian award recipients
• Humanitarian volunteers and supporters

UAE Golden Visa for Doctors & Nurses

The UAE has been granting long-term residency to doctors and nurses, the first line of defense, in “recognition of their efforts and sacrifices.”

Between July 2021 and September 2022, all doctors licensed by the UAE’s health regulatory bodies can apply for the Golden Visa through the ICA’s golden residency services for doctors.

Nurses and medical personnel, the unsung heroes of the UAE’s COVID-19 fight, are now also eligible for the prestigious Golden Visa.

For doctors and nurses who want to apply for visas in person, seven centers affiliated with the Federal Authority for Identity and Citizenship have been established across the Emirates.

Documents required for a UAE Golden Visa

Investors must submit the following documents when applying for a 5-year or 10-year Golden Visa:

• Copies of valid passports
• A passport photograph
• A current UAE resident visa and a valid Emirates ID

Depending on the type of visa applied for, investors are required to provide the following additional documents, which vary depending on the assets owned:

• Evidence of investment
• Bank statements are acceptable as proof of deposit and value in the UAE, as is a property valuation certificate from the Department of Urban Planning and Municipalities.
• Additional documentation certifying that the property or investment has not been loaned or mortgaged
• Other documents required for different categories of golden visas have previously been mentioned, but are further detailed on the ICA website.

Benefits of the UAE residency visa

1. Moving to the UAE or creating a “safe haven”

The UAE, one of the richest and most developed nations in the world, welcomes investors and their families. They are only giving you more reasons to move into Dubai.

They are also free to travel there whenever they want. Living in the UAE is not required.

To maintain their status, investors with residency visas are allowed to travel to the UAE once or twice a year.

2. Tax optimisation

In the United Arab Emirates, there are no taxes on income, capital gains, inheritance, gifts, or real estate.

Additionally, there is currently no tax on corporate profits, but starting in 2023, if a business makes profits of AED 375,000 or more, there will be a 9 percent tax. Compared to many other nations, the corporate tax in the UAE will be lower.

3. Opening a bank account in the UAE

Accounts in USD, Euros, Dirhams, or other currencies can be opened in UAE banks by UAE Golden residence permits. Savings and international transfers are both appropriate for accounts.

4. Getting a driver’s license

To drive a car in UAE, a resident must obtain a UAE driver’s license. However, citizens of the US, UK, Germany, Australia, Turkey, Spain, India, and some other nations may simply exchange their license. Normally, you would need to pass a driving test.

5. Access to the UAE healthcare and educational systems

Clinics in the nation are open to foreigners with residency visas for the United Arab Emirates. Specialists in dentistry, orthopaedics, dermatology, and reproduction are in high demand in the UAE, which is a hub for global medical tourism.

Children of UAE Golden Visa holders may enroll in educational institutions in the UAE. There are some international schools operating there, and English is the primary language of instruction for higher education.

6. An opportunity to get UAE citizenship

After 30 years of residence, foreigners may apply for naturalization to become citizens of the UAE.

However, some people might be given citizenship in exchange for exceptional services. With a UAE passport, you can travel to 175 nations without a visa, including the Schengen region, the UK, and Canada.

FAQs on UAE Golden Visa