The Golden Visa: Everything you need to know
The Golden Visa: Everything you need to know
The Golden Visa is a long-term residence permit for a period of 10 years. This service was created by the Federal Authority for Identity to enable immigrants and their families to work, live and/or study in Dubai and the UAE. The big advantage of this is that the Golden Visa is a long-term residence permit that without an additional sponsor gets along in the country.
The authorities' aim is not only to make life in the UAE easier as an immigrant, but also to boost the economy. That is why the Golden Visa was also designed for investors, among others. This is because this enables them to buy real estate in Dubai or to make investments in the UAE in general. But the Golden Visa should also inspire other groups of people to come to the UAE and, thanks to their qualifications, to increase the country's competitiveness and promote economic growth. These will be discussed below.
Table of contents
The most important things in brief
Comparison with regular resident visas
Financing of family members and domestic help
What requirements do you have to meet to obtain the Golden Visa?
The different types of Golden Visa
Executive Director (Manager)
Specialized professionals (“talents”)
How much does the UAE Golden Visa cost?
What is the process for applying for a Golden Visa?
How long is a Golden Visa valid?
Can I spend more than 6 months outside the UAE if I have a Golden Visa?
The most important things in brief
- The Golden Visa is a special form of residence permit in the UAE.
- It can be applied for a period of 10 years and does not require local sponsors. As an immigrant, this gives you more flexibility and freedom during your stay in the UAE.
- The big advantage of this is that you can stay outside the UAE for more than 6 months if you hold a Golden Visa.
- The costs are usually around AED 20,000.
Benefits of a Golden Visa
The Golden Visa allows you to apply for a 10-year residence visa in the UAE as an immigrant. In addition, with this visa, you enjoy the following benefits:
- The privilege of not needing a sponsor
- You can sponsor your family members, including spouses, and children regardless of their age
- Permission for your family members to remain in the UAE until the end of your residence permit if you die early as the main Golden Visa holder
- Obtaining an entry visa for six months including multiple entry permits to obtain your residence permit
- You are allowed to stay outside the UAE for longer than the usual six months to keep your residence visa valid
Comparison with regular resident visas
Apart from the benefits just mentioned, the Golden Visa differs significantly from a regular resident visa, including in the following points:
Self-financed stay or work
As a Golden Visa holder, you can work, study and live in Dubai and in the rest of the UAE for the entire duration of your visa.
In addition, you may also work as a self-employed person or work for another (local) company without the need for individual funding.
The most important difference here, however, is that the Golden Visa allows you to stay in the UAE for a long time without having to work.
Financing of family members and domestic help
As mentioned above, as a Golden Visa holder, you can co-sponsor all family members. In addition, your relatives can benefit from your Golden Visa even if you die early.
In addition, you can employ an unlimited number of domestic helpers compared to a regular visa.
Expanded right of residence
With a regular resident visa, your right of residence is limited to two to three years. After that, you must renew it.
However, this is not the case with the Golden Visa, because as a holder, you are able to stay in the UAE for 10 years without having to apply for a residence visa again.
What requirements do you have to meet to obtain the Golden Visa?
As mentioned earlier, the Golden Visa allows individuals to obtain a residence permit in the UAE for 10 years. However, specific requirements must be met, which may vary depending on the type of stay.
The different types of Golden Visa
Executive Director (Manager)
As a manager or executive director in the public or private sector, you can apply for the Golden Visa for a period of 10 years. However, in order for you to be eligible, you must meet a few criteria.
These include, for example, a university degree that is recognized in the UAE and a monthly salary of AED 30,000. In addition, you must work as an Executive Director or hold a position in management and have at least 5 years of professional experience in this field.
If you meet these criteria, you must be able to provide proof of each of the points just mentioned in the form of certificates with your application.
Public investors
If you plan to invest in an investment fund, you will be granted the Golden Visa for a period of 10 years and without the need for a local sponsor. However, only under the following conditions:
You must provide a letter from an investment fund accredited in the UAE that proves that you have a deposit of AED 2 million or have a valid commercial or industrial license, as well as your articles of association showing that your capital is at least AED 2 million. The last option is to provide a letter from the Federal Tax Agency showing that you are paying at least AED 250,000 to the government annually.
In addition to these points, you must:
- be the owner of the invested capital, which means that it must not be a loan and
- provide proof of health insurance for yourself and, optionally, your family
real estate investors
The reason why many investors invest in real estate in the UAE and more specifically Dubai is the prospect of high returns. Both for sale and rental. Due to the fact that the real estate market in Dubai is booming, it is therefore also an advantage for investors to be able to stay in Dubai and the UAE for a longer period of time.
That is why the Golden Visa is also available to you as a real estate investor, for a period of 10 years. You do not need a sponsor to apply and you also have the option of extending your visa subject to the following requirements:
- You buy a property worth at least AED 2 million or with a loan from a local bank
- You buy one or more completed or off-plan properties worth at least AED 2 million from a list of approved local real estate companies. If it is specifically an off-plan property, i.e. a property that is still under construction, 50% of the purchase price should be paid and 50% of the project should already be completed.
In addition, the 90-day period for expiring and cancelling the residence visa in the UAE for property owners has been extended. That is why you now have 6 months to apply for a new visa or leave the country.
No fines will therefore be imposed within this period.
Good to know: We at EXTENT have many years of experience in buying and selling real estate and are therefore happy to advise you on your investment project.
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Entrepreneurs
As an entrepreneur, you can also apply for a Golden Visa for a period of 10 years, provided that you have a so-called “economic project of a technical or innovative nature.” You must also be able to provide:
- A letter from an auditor confirming that the value of your project is not less than 500,000 dirhams
- A confirmation from an Emirati authority that your project is a technical or future project
Specialized professionals (“talents”)
In addition to the group of people already mentioned, there is another larger group that can be grouped under the category “specialized professionals”:
- medical professionals
- scientists
- performer
- inventors
- athletes
- People with doctorates
If you belong to this group of people, you can also apply for a 10-year Golden Visa based on your professional knowledge, provided that you meet the relevant requirements for your category, which are detailed on the UAE Government website.
university students
As a student at a university, you can also apply for a Golden Visa, subject to the following conditions:
- Your university must have been classified in either class “A” or “B” by the Ministry of Education
- You need a letter of recommendation from your university and/or an accredited diploma that shows that your cumulative GPA is not less than 3.5 (A) or 3.8 (B)
- In addition, you must have completed your degree no more than 2 years ago.
Pioneers in humanitarian work
As a pioneer in humanitarian work, you can also apply for a Golden Visa. To do this, you must:
- Have worked for an international or regional organization for at least 5 years
- Have worked for civil associations and institutions of public interest for at least 5 years
- have received a recognition award from a local, regional or international organization related to your humanitarian work, or
- Be a funder of humanitarian work, but only insofar as the value of your aid does not fall below 2 million UAE dirhams or the equivalent
Frontline Heroes
You fall into the last category if you're a so-called “Frontline Hero.” This includes people who have provided exceptional services in crises such as the COVID-19 pandemic.
These include nurses and nurses, medical assistants, laboratory technicians and pharmacologists. As a Frontline Hero, you can also apply for and receive the Golden Visa on the recommendation of a competent authority.
How much does the UAE Golden Visa cost?
How much you pay for your personal Golden Visa depends largely on the category you fall under. Typically, the total price is AED 20,000 and includes application fees, medical examination, issuance fee, electronic services, smart services, and the ICP fee.
How do I apply for a Golden Visa?
Applying for a residence permit is often time-consuming. At EXTENT, we know that all too well, because we deal with these topics every day. But it is precisely because of this fact that we are also experts in this field and can relieve you of the bureaucratic hurdles associated with entering Dubai.
As our customer, you therefore benefit from a comprehensive service, which includes, among other things, applying for a Golden Visa. We will also extend all necessary documents so that your entry and regular stay in Dubai can run as smoothly as possible.
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conclusion
The Golden Visa is arguably the best way to come to the UAE as an immigrant to live, work or study there. But especially for investors in the real estate sector and for entrepreneurs, this type of residence permit represents a massive relief to establish a business in the UAE in the long term or invest in lucrative projects.
As our customer, you also benefit from various services. In this way, we initiate all steps for you to apply for your Golden Visa and also take care of various other necessary documents so that you can fully concentrate on your business and investments.
FAQ
How long is a Golden Visa valid?
The Golden Visa was originally designed to stay in the UAE for 5 years. However, the government has increased the period of validity to 10 years. In addition, as a Golden Visa holder, you have 6 months to complete your procedure in the UAE regarding your residence permit.
Can I spend more than 6 months outside the UAE if I have a Golden Visa?
Yes, it is possible. You can also stay outside the UAE for longer than 6 months. However, within these 6 months, you have time to change your status, obtain another residence visa or leave the country.
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