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NAM Accountants

UAE Golden Visa: Benefits, Procedure and Eligibility

Since the launch of the UAE Golden Visa, the country has witnessed an influx of enquiries from entrepreneurs, investors, business leaders and long-term UAE residents. The Golden visa offers unprecedented benefits to the visa holders and their families while creating an attractive environment for business and growth.
However, it’s an important document with clear eligibility, so not all expats can apply for it.
In this article, you’re going to learn about the UAE Golden Visa benefits as well as the application process. In addition, you can understand how a service provider can help you obtain it. Let’s observe:

  • UAE Golden Visa: Benefits, Procedure and Eligibility
  • What are the benefits of the golden visa?
  • Who can apply for the UAE Golden Visa?
  • What is the procedure to obtain the UAE Golden Visa?
  • How much does the Golden Visa cost?
  • What are the requirements to obtain the Golden Visa?
  • How can NAM Accountants assist you to obtain the UAE Golden Visa?

UAE Golden Visa: Benefits, Procedure and Eligibility

The UAE is one of the top destinations of the world. For this reason, many foreign investors, professionals and entrepreneurs look for ways to establish in this country.
In addition, the UAE Government has launched several initiatives with the aim to attract top talent to boost the economy. One of these initiatives is the UAE Golden Visa.
Inherently, expatriates in the UAE are usually given limited duration residence permits under a sponsorship system.
This new visa scheme; launched in 2019, fundamentally removed the sponsorship requirement, and offered long-term residence visa for individuals and enables foreigners to work, live and study in the UAE.
However, there’s a significant difference since individuals won’t need a sponsor.
In all the other visa schemes, individuals must have a national sponsor, or employment, or owner of a business in UAE. But, with the new golden visa, it’s no longer required.
Therefore, there are many UAE Golden Visa benefits that people can get once they receive this visa.

What is the UAE Golden Visa?

The Golden Visa is a legal document that grants long-term residency (10 years) to foreigners. The UAE has several visa schemes, so individuals can apply for the most convenient for them.
The most interesting aspect about the UAE golden visa is the fact that it offers residency for 5 to 10 years. This is highly appealing for expats that want to live in the UAE and don’t want to worry about renewals so often. 5 years is silver visa and 10 years is Golden visa
Nevertheless, the UAE Authorities have established strict regulations regarding who can receive this document. So, it’s important to know if you’re eligible and how you can apply.

So, what’s the big attraction?

For one, freedom to work and travel within the UAE area that includes 7 emirates that have no other types of border control. For another, very low crime rates, security to families and dependents, with the right to live in a stable environment, excellent international schools and robust and modern health care system. The UAE’s vibrant melting pot of cultures benefits each sub strata to confidently express itself in its neighbourhoods. From the South Asian diaspora to the Filipino milieu and to the European neighbourhoods in new Dubai, there are multiple forms of cultural expressions to be found, as an increasingly confident city, cultural integration can be seen all across the UAE; With all due respect to the visionary Sh. Mohamed Dubai wears its crown and is coined as a “successful city” — a platform that created a multiplicity of choice.
What are the benefits of the golden visa?
With the UAE Golden Visa, the individual can receive the following benefits:

  • Long-term residency in the UAE (5 or 10 years)
  • Golden visa is 10 years and Silver visa is 5 years
  • Security about their future in the country
  • Live, work and study in the UAE
  • 100% ownership of businesses in the UAE’s mainland
  • No need to look for a national sponsor
  • You can be away from UAE for more than six months without any cancellations.

If you want to get all these Golden Visa advantages, you need to first know if you’re eligible.
Primarily, it’s a straightforward process. However, adequate personal and professional profiling is required timely submission of documents and knowledge of immigration rules is critical, so if you need assistance, you can always Contact Us.

What is the purpose of the UAE Golden Visa?

The UAE Government launched the golden visa with the purpose to retain talented people in the country. By eliminating the restriction of needing sponsor, individuals who meet the eligibility criteria can know apply easily. This is a great initiative and stride forward for the UAE as a part of rewarding and to recognize residents who have been here for the long term and their contribution to the country’s development. Invariably, the UAE’s leadership continue to reflect the incredible commitment of the country towards all its residents who have chosen UAE as their second home.

Who can apply for the UAE Golden Visa?

Once you know all the advantages that you can get with the UAE Golden Visa, you must know if you can apply.
The following individuals are the ones who can apply:

  • Scientists, PhD holders and data experts
  • Chief executives
  • Medical doctors
  • Outstanding students (their family can apply to)
  • University graduates with a 3.8 GPA score or more
  • Investors
  • Real estate investors
  • Entrepreneurs

If you belong to one of the previous categories, you can obtain the golden visa. So, you should know how to apply for Golden Visa UAE.

What are the new changes made to the Golden Visa?

The UAE Government introduced some changes to the Golden Visa to expand the eligibility. This is with the purpose of attracting a wide range of foreign professionals. In addition, they want to attract bright student so they can explore their careers locally.
Previously, the regulations stated that only top investors, business owners, wealthy executives and scientists. But recently, the UAE Authorities added that the following changes will come into effect from December:

  • UAE-based physicians
  • Engineers: computer science, electricity, electronics, programming and biotechnology
  • Executives with a salary of Dh30,000 or more can apply for the visa too. The applicant should have at least a bachelor’s degree or its equivalent and five years of work experience. They must also have a valid employment contract.

What is the procedure to obtain the UAE Golden Visa?

To obtain the UAE Golden Visa you must follow a straightforward process. It’s very easy, but you must make sure to have your documents ready since you must submit them too. In addition, even if you meet the eligibility criteria, you must comply with the requirements.
Here’s the steps you must follow to apply:

  • Enter the website: – https://u.ae/en/information-and-services/visa-and-emirates-id/residence-visa/long-term-residence-visas-in-the-uae
  • Apply for a nomination
  • The UAE Authorities have 30 days to review your application
  • You’ll receive an email with the outcome of your application
  • If your nomination gets approved, you’ll receive a link by email where you must upload the documents
  • The Federal Authority for Identity and Citizenship will verify the application and The Authorities will issue the Golden Visa

Keep in mind that travel outside UAE during the application process is restricted. All dependents must be in the country in order to complete the Golden Visa process. The Golden visa is likely to take 10 working days

How much does the Golden Visa cost?

Another important aspect in relation with the Golden Visa is the fee you should pay for this document; The price will vary depending on the validity of the visa.
Here we have the fees for each one of them:

  • For 10-year golden visa: AED 4850. Plus, you must add AED150 for application costs and AED 1000 for issuance. It means that you’ll have to pay AED 6000 in total.
  • The approval for a 10 Year Golden Visa comes within 48 hours.

What are the requirements of the golden visa for Foreign Investors?

A foreign investor can apply for a 10-year golden visa, if he or she complies with the following requirements:

  • A minimum of AED 2 million in public investment (investment fund or a company)
  • Minimum 60% of total investment shouldn’t be in real estate
  • The investment shouldn’t be on loan. For assets, the investor must have full ownership

The investor must retain the investment for a minimum of 2 years
The foreign investor can extend this visa to business partners, but if they provide AED 2 million in contribution for the investment. In addition, the holder can sponsor his or her spouse and children, one advisor and one executive director. The visa can be renewed after 10 years.

What are the requirements of the golden visa for Individuals with specialized talent?

Among the individuals listed with specialized talent are doctors, investors, artists, scientists and researchers.
They may receive a 10-year golden visa once they get the accreditations from their respective fields. In addition, they may sponsor their spouses and children.

  • Doctors: doctors can obtain the golden visa by applying online between the months of July 2021 and September 2022. If you’re a Dubai licensed professional, you can also apply.
  • Coders: if you’re looking for knowing how to apply for golden visa UAE for engineers, coders from all ages and nationalities can apply for the golden visa. They can do it through the Office of Artificial Intelligence in the UAE Government.

Regarding coders, those who can apply are distinguished experts and talents in the area of coding, individuals who have worked for pioneering technological firms and graduates of computer sciences, hardware engineering, artificial intelligence, software engineering, data science, electrical engineering and big data.

Which requirements do Real estate investors need?

The requirements for Real Estate Investors are practically the same as for general investors. The only difference relies in the fact that they can apply for a 5-year residency, and the investment is AED 2 million.
Holders of this Dubai Visit visa can also sponsor their dependents.

What are the requirements of the golden visa for Students and Specialists?

When it comes to outstanding students or specialists in education, they must comply with one of the following requirements:

  • Come from one of the top 500 international universities.
  • Award or appreciation certificate in area of expertise
  • High school student with a minimum 95% grade and university students with remarkable grades (3.8 GPA or higher)
    When it comes to specialists, such as scientists they must prove they have made a significant contribution to his or her area of study. Scientists can get a 10-year residency visa.

Creative individuals can also obtain a 10-year residency visa, and they must receive an accreditation by the Ministry of Culture and Youth.
Doctors and specialists must comply with one of the following requirements: PhD degree, award or certificate, published articles, scientific books, membership in an organization, or a specialization in an area of priority for the UAE.

Which requirements do entrepreneurs need to fulfil?

Entrepreneurs are eligible for a 5-year residency visa. The requirements are the following:

  • Have an existing project with a capital of AED 500,000 as minimum or have the approval of an accredited business incubator
  • Approval of an officially recognized business start-up centre
  • Health insurance documents for the entrepreneur and his or her family

Entrepreneurs can sponsor their spouse and children, as well as three executives and a partner.

What are the requirements for Chief Executives?

Chief Executives can also apply for a golden visa, if they fulfil the following requirements:

  • Have a bachelor’s degree
  • Have a 5-year experience or more in his or her relevant field
  • Earn an AED 30,000 salary or more in the UAE and have a legal job contract
  • Health insurance, along with the family

How can NAM Accountants assist you to obtain the UAE Golden Visa?

If you’re interested in obtaining the UAE Golden Visa but you’d like to get assistance with the process, you can trust in NAM Accountants to help you. Our team of specialists will guide you through each stage so you can obtain your important legal document.
We have been providing our service for the past two decades to individuals and businesses alike. Want to benefit from the Golden Visa and have a great quality of life by living in one of the safest countries of the world? Get in touch with us today!