UAE Golden Visa | A Complete Guide
Overview:
In March 2019, the UAE government introduced the Golden Visa program, offering long-term residency visas of five or ten years to foreign nationals who invest in the country or possess significant talents. The goal was to issue 6,800 permanent cards, bringing in around 100 billion dirhams.
Initially, the financially requirement for investment-related Golden Visas was set at 5 million dirhams. However, in October 2022, the government relaxed the rules, lowering the minimum investment amount, removing the requirement for actual residence, and allowing real estate investors to rent out their properties.
Currently, there are six main criteria for obtaining a UAE Golden Visa:
1. Significant Personal Talent: Applicants must meet one of the following conditions: be recommended by the UAE’s Natural Sciences Committee, Ministry of Culture and Knowledge Development, or Ministry of Economy; hold a PhD from a top 500 global university; have a PhD and over 10 years of work experience in a relevant field; be a member of a top organization in the relevant field or have received significant honors; have published books or articles in important journals; possess outstanding expertise in a field urgently needed in the UAE; or be a leader at a globally recognized institution or company. This option grants a five-year residency permit.
2. Real Estate Option: Investing 2 million dirhams (approximately $545,000) in local real estate can secure a ten-year long-term residency permit.
3. Investment Fund Option: Investing 2 million dirhams (approximately $545,000) in a local investment fund, along with a commitment to pay more than 250,000 dirhams in taxes annually, grants a ten-year residency permit.
4. Deposit Option: Depositing 2 million dirhams in a UAE bank allows for a two-year renewable residency permit.
5. High-Tech Investment Option: Investing 500,000 dirhams (approximately $137,000) or more in UAE economic projects related to technical nature grants a five-year residency permit.
6. Other Top Talents: This category includes investors with significant reputation, company executives, athletes, creative talents in arts and literature, top talents in natural sciences, graduates ranked in the top 5% of the world’s top 100 universities, and humanitarian pioneers.
One of the key benefits of UAE residency is the favorable tax environment: there are no inheritance, gift, income, or property taxes. Companies with profits below 375,000 dirhams are exempt from taxes, and only those exceeding this amount (around $103,000) are subject to a 9% corporate tax, which is relatively low compared to other countries.
Currently, as of May 2024, Dubai alone has 158,000 Golden Visa holders.
Application Process:
For the UAE Golden Visa, the local government offers a one-stop online self-service application platform called “One Touch Service.” Applicants can access this service by visiting the ICP (Federal Authority for Identity, Citizenship, Customs and Port Security) website or by downloading the app. After registering an account, uploading the required documents, and paying the visa fee, applicants can complete all tasks related to applying for or renewing the UAE Golden Visa in one place.
Required documents for this program include:
1. Personal Identification Documents: This includes passports for all applicants, a passport-sized photo, and proof of relationship documents such as birth certificates or marriage certificates.
2. Criminal Record Certificate: All adult primary and secondary applicants need to provide a criminal record report issued by their place of residence, along with a certificate of good conduct obtained from the UAE Ministry of Interior.
3. Proof of Eligibility: This varies depending on the applicant’s category. Generally, it includes investment certificates, salary statements, recommendation letters from authoritative institutions, and even transcripts or other documents proving eligibility.
4. Proof of Visa Fee Payment: The visa fee varies depending on the application method and the applicant’s nationality. Typically, if applying from within the UAE, the Golden Visa fee ranges from 2,800 to 3,800 dirhams. If applying from outside the UAE, the fee ranges from 3,800 to 4,800 dirhams.
5. Medical Examination Certificate.
The processing time for the entire UAE Golden Visa application is generally more than two months.
Dependents:
For the UAE Golden Visa, the main applicant’s spouse, male children under 25, and unmarried female children of any age can all obtain the visa as dependents. The main applicant’s parents are eligible for a 1-2 year renewable family visa.
Visa Validity:
The UAE Golden Visa is valid for five or ten years and can be continuously renewed under the original conditions upon expiration.
In most cases, foreign nationals are only eligible to apply for UAE citizenship after legally residing in the UAE for 30 consecutive years and gaining proficiency in the Arabic language and culture.
Official Links:
UAE Golden Visa: https://icp.gov.ae/en/golden-residency/