Are You Eyeing a UAE Golden Visa? Here’s All You Need to Know

Owner's Profile

Pavitra Shetty, TLR

Published on March 19, 2024, 11:01:48

382

Are You Eyeing a UAE Golden Visa? Here’s All You Need to Know

 The UAE has introduced its Golden Visa programme, presenting an exclusive pathway to long-term residency for individuals across various categories.
This prestigious visa scheme, accompanied by stringent laws and regulations, has attracted widespread attention among foreign talents and investors looking to establish themselves in the UAE.

The Golden Visa is a long-term residence permit that allows foreign talents to reside, work, or study in the UAE while enjoying a range of exclusive benefits. These benefits include entry visas, renewable residence permits valid for five or 10 years, the ability to sponsor family members, and more.

Golden Visa Requirements

Investors in Public Investments: Investors must demonstrate a deposit of Dh2 million in an accredited investment fund or own a commercial or industrial licence with a minimum capital of Dh2 million. Additionally, they must pay the government no less than Dh250,000 annually and provide proof of medical insurance.

Real Estate Investors: Applicants must own properties worth at least Dh2 million or purchase properties with loans from specific local banks.

Entrepreneurs: Entrepreneurs must own an economic project of a technical or future nature based on risk and innovation, with a project value of not less than Dh500,000. They also need approval letters from an auditor, authorities in the emirate, and an accredited business incubator in the UAE.

Outstanding Specialised Talents: This category includes doctors, scientists, creatives, inventors, executives, athletes, and specialists in engineering and science. Specific requirements vary for each profession and may include approval letters from relevant authorities, university degrees, work contracts and recommendations.

Outstanding Students: High school and university students meeting specific criteria, including academic excellence and recommendations from educational institutions, are eligible for the Golden Visa.

Pioneers of Humanitarian Work: Individuals who have contributed significantly to humanitarian efforts, including frontline heroes during crises such as the Covid-19 pandemic, may qualify for the Golden Visa.

'One Touch' Golden Visa Service in the UAE

The 'One Touch' Golden Visa service is a comprehensive solution designed to simplify the application and renewal procedures for a Golden residence visa, easing the burden on applicants in terms of time and energy.

This service will assist applicants in submitting their visa applications, acquiring additional visas, regularising their status, obtaining residency and identity documents and completing all renewal processes seamlessly in a single step.

To avail of this service, applicants can apply through the ICP website or the ICP App, accessible on Google Play and the App Store.

Recent Updates to the UAE Golden Visa in 2024

Elimination of Minimum Down Payment: The previous requirement of a minimum Dh1 million ($272,000) down payment for property investments has been removed, making it more accessible for investors to qualify for the Golden Visa.

Updated Qualification Standards: Investors can now qualify for the Golden Visa by owning a property valued at Dh2 million ($545,000) or higher, regardless of the down payment or the property’s status.

Diverse Property Options: The revised regulations allow investors to choose properties valued at Dh2 million ($545,000) or more, expanding the options for long-term residency in the UAE.

Eligibility Criteria for Real Estate Investors

To qualify for the UAE Golden Visa under the updated regulations, real estate investors must fulfil the following conditions:

Confirmation of Property Ownership: Provide a letter from the land department of the respective emirate confirming ownership of properties valued at no less than Dh2 million ($545,000).

Loan Procurement: Alternatively, investors can acquire a property through a loan from specific local banks approved by the competent local entity.

Benefits of Obtaining a Golden Visa in the UAE

  • Unrestricted living, working and study opportunities in the UAE.
  • Ability to sponsor dependents and travel freely to and from the UAE.
  • Ownership of property and establishment of businesses.
  • Access to world-class healthcare, education and a high standard of living.

Recent Legal Developments

In a recent update, the UAE announced significant changes to its Golden Visa programme, expanding eligibility criteria to include additional categories of individuals. Notably, select retirees aged 55 and above can now apply for long-term residency under the Golden Visa scheme.

This legal development reflects the UAE's ongoing efforts to attract diverse talent and investment, further solidifying its position as a global hub for innovation, entrepreneurship, and cultural exchange.

Conclusion

The Golden Visa programme in the UAE provides a pathway to long-term residency for select individuals, with strict laws, rules, and regulations governing its acquisition and maintenance.

Recent legal developments, including expanded eligibility criteria, underscore the UAE's commitment to fostering a vibrant and inclusive community of residents and investors.

As the UAE continues to evolve as a global destination for talent and innovation, the Golden Visa remains a coveted opportunity for those seeking to establish roots in this dynamic and diverse country.

For any enquiries or information, contact ask@tlr.ae or call us on +971 52 644 3007Follow The Law Reporters on WhatsApp Channels.

Comments