During a time when Dubai has been booming with business and growth opportunities, there cannot be a better time to move to the city and commence a new life. With the UAE Golden Visa initiative, it has become much easier. This program which began in 2019 by the UAE government, provides a 10-year renewable visa to investors, entrepreneurs, and professionals looking to turn a new leaf and make the most out of the opportunities in UAE. Dubai Golden Visa opens doors to living, working, and thriving in the UAE without any national sponsorship and being able to own or invest in some of the landmark housing projects of Dubai like Marina Cove by Emaar.
However, the appeal of the Golden Visa stretches beyond the 10-year residency as it includes various benefits like tax exemption, access to top-tier healthcare, and educational opportunities for family members. This initiative has become a cornerstone for those who are looking to invest in the booming real estate sector of not just Dubai but the entire UAE. Moreover, with Golden Visa, you can also bring your immediate family members to the country itself, and they, too, can avail themselves of the perks and benefits of Golden Visa Dubai.
What is a Golden Visa?
As discussed above, it’s a long-term residency visa program that was introduced to attract foreign investment and specialized talent. This Golden Visa grants eligible individuals a 10-year renewable residency visa which allows them to live, work, and study in the UAE without having any national sponsor.
Eligibility Criteria For Golden Visa UAE
These criteria can range from being an investor, entrepreneur, student, or talent. Based on this list of categories, it becomes important to know the specific requirements for each category and how you can meet them. Before diving further into the specifics, let’s first look at those categories and discuss some of the requirements.
Investors
- Real Estate Investors: In this category, applicants must invest in a housing real estate property like Marina Cove by Emaar with a minimum investment value of 2 Million AED or more. They must also make sure that the property is fully owned or mortgaged under certain conditions to be able to qualify.
- Business Investors: Here the investors need to showcase a substantial amount of capital investment in a UAE-based Business or startup. The business needs to meet legal and operational requirements in the UAE.
Entrepreneurs
This category also has been divided into 2 Parts.
- Startup Founders: Entrepreneurs must have established or invested in a startup that gets certification from a UAE business incubator or a relevant authority. Their startup also needs to meet the minimum valuation requirements to be eligible.
- Innovators: Applicants who have introduced innovative ideas or businesses in UAE that have received government recognition and support.
Specialized Talent
- Scientist & Research: They should have made important contributions to scientific research or held prominent positions in research institutes. However, they need an endorsement or recommendation from the UAE government.
- Medical Professionals: Doctors, specialists, and other healthcare professionals need to have recognized qualifications and proven track records in their fields.
- Creative Professionals: These are for some of the top-rated artists in their country including artists, writers, and other creative professionals who have been able to contribute to their fields significantly. This includes a diverse range of published works, exhibitions, or even cultural impact which gets recognition from the UAE government.
Golden Visa for Students
- Top Students: Students with high academic achievement from UAE schools or universities are considered eligible.
- Graduates from foreign universities: Students with exceptional academic displays from internationally recognized universities can also qualify for the Golden Visa based on their academic excellence.
Golden Visa Application Process
Now that we have understood the categories in which applicants can apply for a golden visa, the next step is to understand how the application process works which is the cornerstone behind applicants getting the golden visa smoothly.
- Gathering required documents: Collecting all necessary documents like proof of investment, educational qualification, or employment verification.
- Submitting Application: Here the applicants are required to submit the application form through the Federal Authority for Identity and Citizenship website of UAE or the General Directorate of Residency & Foreign Affairs in the UAE.
- Paying the fees: The next step will be to pay the fee which will depend on the category and duration of the residency.
- Approval Waiting time: Concerned authorities will review your application. Processing times can vary but generally, it can take several weeks to a few months.
- Collecting UAE Golden Visa: After all the essential requirements have been ticked off and approved by the concerned authorities, you can begin enjoying the perks and benefits of the Golden Visa Dubai.
Tax Benefits for Golden Visa Holders
There are an array of benefits that are available to Golden Visa holders like having access to Esaad privilege cards which provide them discounts on various sectors like healthcare, education, retail, and more. However one of the most important benefits they can avail is enjoying tax benefits which include exemption from income tax, corporate tax, and capital gains.
Conclusion
The hassle-free process and numerous benefits of the UAE golden visa make it an attractive option for HNI, investors, and highly skilled professionals looking to turn a new leaf in their lives. Compared to other long-term residency programs, Golden Visa provides tax redemptions and does not require any sponsor.