What is UAE Golden Visa Application: Procedure, Cost and Advantages? Golden visas are long-term residence visas for people who want to live, study, invest and work in the Arab Emirates for a more extended period, like 5 to 10 years. In 2019, the government implemented the golden visa application policy in the upheaval of economic problems due to the Covid-19 pandemic.
This Visa can be applied by international students, business owners, traders and residents without partnership or having any Arab sponsors. These new sets of rules were made to attract more foreign residents to boost the countries’ economy.
The most common type of golden Visa designated is investor visa. But the other categories like talented individuals, scientists, students and entrepreneurs can also be eligible if they meet the government’s criteria. If you have checked the eligibility requirements and want to apply for the Golden Visa, here is how to do it and what you may require.
- Documents: While it may vary on the purpose and profession of an individual, here are some documents you must have when applying for the Visa: the entry permit, medical certificate, Immigration establishment cards, passport and pictures. In addition, depending on the purpose of your applying you will require bank statements, Company Trade licenses, and other documents to support your reason for application.
- Obtaining the entry permit: If you don’t have already one, you first have to obtain the entry permit to apply for the long-term residence visa. It can easily be done from the official website or the e-portal. You will require your pictures, commercial licences, patent papers, medical test results and other documents.
Step-by-step Application process:
- Go to the official Federal Authority for Identity and Citizenship website and register under the individual registration
- Apply for the entry permit, and on its issuance, you can download it from the portal.
- After that, go to the GDRFA website or the nearest typing centres for the issuance of residence visas.
- Apply for nomination, which can be under review for up to 30 days.
- .Then, you have to upload all the required documents, and you will receive the Visa once approved. You can collect it both online and offline.
There is an application fee and an issuance fee for the Golden Visa. For the application, the fee is 150 Dirham or 40.84 USD. And, the issuance costs 500 Dirham or 136.13 USD for a 5-year golden visa and 313.09 USD for 10 years long Visa.
According to the organization of residence permit given in 2018, this class of people can apply for a golden visa in the UAE.
- Extremely meritorious students
- Business owners
- Important personalities
The Visa is granted to people who can contribute to the country’s resources, skill enhancement, finances, or intellectual properties. For example, only the topmost 2000 students and their families in the high school graduate category will be granted the golden Visa. The standard for the students is to score 95 per cent or higher in the grade 12 exam conducted by the education ministry of UAE. Other than that, university students all over the globe will be eligible for a golden visa if the cumulative GPA is higher than 3.75 or respective of a particular major.
For Investors, the requirement for being eligible is not very simple, and they must pass through all the given criteria.
- For a 5-year visa, the investor must have at least 5 million AED public investment and at least ten million AED public investment in the form of property and funds.
- If the investment is in the funds, they should not be loaned, and in the case of real estate, the investor should own the property. dx
- The real estate or the fund investment must be retained for at least three years.
- The investor should have insurances for themselves and their family members.
Entrepreneurs must have a share of at least 5,0000 Dirham in a project and must be one of the key intellectual property holders of the company. According to the policy ADDED and ICA, if the entrepreneur is eligible, they and the family members and up to three CEOs will be granted a 5-year long golden visa to grow and develop the company.
Scientists and researchers in the science fields must be delegated by Emirates Scientist Council or must have published research papers on globally recognized journals and have patents. The creative individuals are considered for the golden Visa depending on their accreditation from the Ministry of Culture and Youth of UAE.
- 100% ownership of company: The UAE golden visa is an excellent opportunity for business investors and entrepreneurs as it does not require partnering or other complicated formalities to have your own company in the UAE. You can have 100% ownership of the company if it’s located in a free zone with growth potential like nowhere.
- Tax exemption for companies: If you obtain the golden Visa for long-term residence, you do not have to pay personal tax, and corporate taxes will also be reduced significantly.
- Growth Prospect: the United Arab Emirates currently have the most stable economy in the middle east despite the depletion. It is expected to stabilize in the financial years between 2021-2025.
- Obtaining bank accounts: You can obtain a bank account in any of the UAE banks, and the documents will also help you in other facilities.
- Driver’s licence and insurance: You and your family will be eligible to avail a driver’s license in the country, and the insurance coverage is offered alongside without hassle when you buy a car.
If your work or studies enables you to live in the UAE, the golden visa application will make your life a thousand times easier. It enables you to claim many facilities and rights similar to the citizens. Also, having a golden visa ensures the safety and protection of your family. Golden visas can be renewed depending on your company or work situation. Also read our article about All you need to know about: Schengen Visa Requirements for French Embassy