Golden Visa: A GOLDEN chance to get permanent residency in the land of your dreams, UAE

Introduction

Then, you must be happy with the UAE government’s declaration of the Golden Visa system. It is one of the initiatives of UAE to improve its attractiveness to high net worth individuals. Let us learn everything about how to get permanent residency in UAE from this blog.

Grab the Golden (Visa) chance to live in UAE.

About the Golden Visa

Golden Visa is an opportunity for foreigners to live, work or study in UAE. This opportunity is given to only certain applicants with excellence in their field. In this opportunity, foreigners do not need a local sponsor. Also, they can have 100% ownership of their business in mainland UAE.
UAE introduced the Golden Visa system in 2019 as a long-term residency permit program. It is a way to attract foreigners who are exceptional in their field of work or study. It is different from expatriate visas and Emirati citizenship.
The Golden Visa duration is 5 years or 10 years. The applicant can renew it further if he or she continues to fulfill the expected conditions. The individual can nominate himself or herself for the Golden Visa. In some cases, senior Emiratis or government offices may nominate an individual. Once an individual gets a Golden Visa, his/her family (including spouse and children) can also apply.

Purpose of the Golden Visa system – How to get permanent residency in UAE

There are many talented and knowledgeable people from foreign countries living in the UAE. They contribute a lot to the country’s economy. The government does not want to lose such citizens. Through the Golden Visa system, the government aims to attract them.

This will ensure future security for the individuals getting it. It will also contribute to the country’s popularity as a key investment destination. It is a way to show such people that the government cares for them. And, so the government thanks them with the offer of a Golden Visa.

Possible applicants for Golden Visa – How to get permanent residency in UAE

The possible applicants for Golden Visa include the following types of individuals:

How to get permanent residency in UAE - Eligibility conditions for Golden Visa of 10 years

Investors – How to get permanent residency in UAE

For Golden Visa, foreign investors must meet one of the following conditions:

  • They must deposit at least AED10.0 million in a fully-owned investment fund in UAE
  • They must have a capital investment of at least AED10.0 million in a company
  • They must have share partnership of at least AED10.0 million in a new or existing company
  • They must have an investment of at least AED10.0 million in permitted areas, but investment in real estate must be less than 40% of the total

Besides these conditions, the investors must:

  • Have held that investment for at least three years
  • Submit enough proofs for the investment fund
  • Have insurance for self and family members

In this case, the Golden Visa includes the spouse and kids of the investor. It also includes one executive director and one advisor. Even business partners can be included in the visa, provided each contributes AED10.0 million.

Entrepreneurs – How to get permanent residency in UAE

For Golden Visa, foreign entrepreneurs must:

  • Own a project valuing AED500,000.0 or more in a field certified by the UAE government
  • Have approval as a founder and business incubator of the project
  • Have insurance for self and family members

The Golden Visa for entrepreneurs includes the spouse and children. A partner and three executives can also be granted a visa under this category.

Specialists – How to get permanent residency in UAE

For Golden Visa, specialists include doctors, inventors, coders, or scientists. This category also includes creative people with expertise in some arts or culture. Foreigners who specialize in any of these fields must fulfill the below conditions:

  • The field of specialization must be significant to the country
  • The applicant must have at least 20 years of experience in this field
  • The applicant can be a professor in a top 500 international universities as approved by the Education Ministry of UAE or can have a certificate or won an award in the field of specialization
  • The applicant must have contributed a lot in research and development in that field

Chief Executives – How to get permanent residency in UAE

For Golden Visa, the chief executives must:

  • Have at least a bachelor’s degree or equivalent
  • Earn at least AED30,000.0 in a job in UAE under a valid job contract
  • Have experience of at least five years
  • Have health insurance of self and family members

Students – How to get permanent residency in UAE

Exceptionally bright students can apply for the Golden Visa. These can be students with at least 95% marks in high school from private or public schools. Even local or foreign university students can apply for Golden Visa. They need to have a cumulative GPA of at least 3.75 or equivalent in specific scientific fields. This visa includes their family as well.

Other conditions – How to get permanent residency in UAE

There are other talented professionals in other fields, where the criteria are a bit different. The respective Ministry in UAE defines these criteria for applicants of Golden Visa. For example:

  • Art and culture experts must have approval from the UAE’s Ministry of Culture and Knowledge Development
  • Inventors must have a patent that is accepted as valuable by the UAE’s Ministry of Economy to the country
  • Scientists must have an accreditation from the Emirates Scientists Council
A valid employment contract is a necessary condition for all types of applicants. For a Golden Visa of 5 years, the eligibility conditions change a bit. For example, for investors, the minimum investment amount is AED5.0 million.

Application process – How to get permanent residency in UAE

To apply for the Golden Visa, applicants can nominate themselves. They need to register on the Federal Authority for Identity and Citizenship website of UAE. You need to fill in the needed personal details along with the category of nomination. Students can apply for the visa through Emirates Schools Establishment.

The approval or rejection of the application takes around 30 days. The applicant receives an email from the concerned authority. After the approval, the applicant needs to submit relevant documents for visa processing. The Federal Authority for Identity and Citizenship verifies the details and gives the Golden Visa.
An applicant already living in the country receives a one-month temporary visa. During this one month, he or she must convert it into a residency permit. An applicant not residing in UAE receives a six-month visa to enter the country. During this period, he/she must settle in their respective field and convert the visa to a residency permit.
The cost for a 5-year Golden Visa is AED650.0, out of which AED150.0 is for the application and AED500.0 is for issuance. The cost for a 10-year Golden Visa is AED1,150.0, out of which AED1,000.0 is the issuance charge.
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Conclusion

The above are clear details of the Golden Visa system of the UAE that help you How to get permanent residency in UAE. Now, since you are all aware of the Golden Visa, go for it. Check if you are eligible under any one of the specified categories. If you are eligible, you can nominate yourself. 

For any support in forming a business in UAE or help with application procedures, we are here. We, Business Setup HQ, help people with company formation in UAE. Our expertise is in providing professional services during the entire journey of business setup. 

Forming a company in UAE is not a difficult task. It is simple, easy, and does not take many days. Our expert consultants and business advisors help you with all the formalities. We support you with our competency in documentation and knowledge of all local laws. This ensures a quick company formation process with no hassles. 

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