The UAE government, in 2019, made an unprecedented move in its immigration policies by introducing the Golden Visa. As glamourous as its name sounds, the benefits attached to the UAE or Dubai golden visa are specifically designed to attract foreign individuals of significant worth.
The Dubai golden visa is lucrative because it allows expats residency in the UAE up to 10 years. Moreover, its benefits also include the ability to live, work, and study in UAE with no need of a local sponsor, 100% business ownership, and multiple-entry permit to the UAE to name a few. Already, over 44,000 residents in Dubai have received the golden visa since its launch.
Given the attraction of the UAE golden visa, it is natural that there would be several questions surrounding it. How to apply for a golden visa? Who is eligible to get it? What are the benefits, requirements, and costs of the golden visa? Finally, here are all the answers.
UAE Golden Visa: Who is eligible for it?
The UAE government has set pre-defined conditions for Dubai golden visa application eligibility. For instance, the people qualified to receive the UAE golden visa are:
Investors, business owners and entrepreneurs
Highly educated individuals such as Ph.D. holders
People with specialized talents or researchers in domains of science and knowledge
Students showing promise in their selected field of education.
What documents do investors need to apply for the 10-year golden visa?
Investors need to have certain documents ready based on the type of investment they are looking into while applying for the Dubai golden visa.
Investment in commercial or industrial trade license
Investors with commercial/industrial trade license need the following documents to be eligible for the golden visa:
Emirates ID copy
Original passport
Medical insurance
Personal photo whit white background
Individual investment in trade license(s) of at least AED 2 million or above
Complete Audit report dating up to past two years
Trade license copy of auditor’s company
Auditor’s certificate
Personal bank statement of 6 months
Company’s bank statement of 6 months
VAT return certificate of previous two years
Free zone issued letter/NOC for golden visa (if company is under free zone)
Bank investment
Investors can get a 10-year UAE golden visa by investing a certain amount in banks as well. To do so, they will need:
Copy of Emirates ID
Original passport
Personal photo white white background
Medical insurance copy
Letter from bank confirming minimum investment of AED 2 million (as a safe deposit and is refundable after 2 years)
Personal bank statements for 6 months
Federal Tax Authority letter
Another way for investors to get a Dubai golden visa is by getting an official letter from the Federal Tax Authorities, UAE. The documentation for that includes:
Copy of Emirates ID
Original passport
Personal photo with white background
Medical insurance copy
Letter from Federal Tax Authority showing proof of ownership in a company paying AED 2,50,000 annually in taxes
Personal bank statement of 6 months.
5-year Golden Visa for investors in UAE
Investors can also try to get a 5-year golden visa in UAE by investing in real estate. The parameters for the 5-year golden visa are:
Real estate investment
Investment in property of minimum gross value of AED 2 million
Invested funds should not be loaned
The property needs to be maintained for at least a period of 3 years
Steps to apply for golden visa in UAE?
Once investors fulfill the eligibility criteria, they can finally go ahead with the application process. The steps involved in applying for the golden visa are:
Identify the category the investor wants to apply in
Assimilate all government required documentation
Then pay the required fees
Wait for approval; approximately 72 hours to two weeks at most
Cancel current residence visa
Submit golden visa application
Get UAE golden visa stamped on your passport
Start preparing your finances today!
Once you are sure you will apply for UAE golden visa, get your documents in order. Furthermore, investors with commercial or industrial trade license need to start compiling detailed business reports.
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