Key things to know about UAE Golden Visa

What is Golden Visa in UAE?

The UAE is committed to building itself each day and provide umpteenth amount of opportunities to foreign investors, business and people to flourish here. It ensures that its roadmap to building its economy into the biggest and most influential one is fulfilled by its citizens and those willing to invest here. This also helps the investors in profiting through these measures and flexibility, thereby creating a balanced commercial ecosystem. With the recent trends, the most pivotal thing to grow in UAE lies in its visas and its types. Of all these, the UAE Golden Visa is the most sought after, for those looking for long-term investments.

The UAE Golden Visa was instituted by the UAE government in 2019, allowing investors, entrepreneurs, professionals, and specialized talents in the field of science, knowledge and sports to apply for it. It is a new system for long-term residence visas, thereby enabling its foreign residents to live, work and study in the UAE without a need for an Emirati sponsor, along with 100% ownership of their business.

Two types of UAE Golden Visas:

There are two types of UAE Golden Visa:

• The 10 year visa
• The 5 year visa

1. 10 Year Golden Visa: Investors applying for the 10 year Golden Visa in UAE should have no less than AED 10Million worth of public investment, either as an investment fund or a company. It however, lays the condition that at least 60% of the total investment must not be from real estate, and the investment amount shouldn’t be loaned. In case of assets, investors must assume full ownership.
2. The visa can include the investor, his spouse, and children, as well as one Executive Director and one Advisor. These investors may be granted a 10-year UAE Golden Visa following the delegations granted by their respective departments and fields.

2. 5 Year Golden Visa: For attaining the 5 year visa the terms and conditions are largely the same, however the only difference being the investment required is to be at least AED 5Million. Students exceptional in their studies are eligible for a 5-year visa. Additionally, foreign nationals looking to setup their business may also apply for permanent residency (5 years) through this scheme provided they fulfill the conditions

What does the Golden Visa in UAE offer?

The UAE Golden Visa offers a long-term residency (5-10 years) to foreign residents that fulfill the above criteria. The main reason why people seek a Golden Visa is because it provides investors with an added sense of security about their future with the perks mentioned below:

Benefits of the UAE Golden Visa program:

• Zero taxes applicable to any kind of personal income
• Access to financial activities in UAE
• Being able to work and invest in Dubai freely
• Access to health services and insurance, ranked amongst the best in the world
• Being able to apply for UAE driving license

Eligibility for UAE Golden Visa / Requirements for application for Golden Visa in Dubai:

1. People with special talents: Artists, doctors, scientists, specialists and inventors can apply for this Visa
2. Exceptional Students: Students from the high-school or college with a 95% in public/private colleges or 3.7GPA upon graduation from certain universities can apply for a Golden Visa in Dubai
3. Entrepreneurs: Eligible for 5 years visa, with a minimum capital of AED 500,000, or those with accreditation from business incubator in the country.
4. Investors: Investor looking for a 10-year visa requires an investment of AED 10M and that of 5 years’ requires AED 5M

How to apply for Golden Visa UAE- for Entrepreneurs & Investors:

• The investor applying for a Golden Visa must make an investment in a property not let than AED 5Million
• An Entrepreneur applying for a Golden Visa in Dubai requires a minimum capital of AED 500,000
• The property that an investor owns should not be mortgaged and retained for 3 years
• Also, it’s important to go through the Federal Authority for Identity and Citizenship
• All necessary documents should be submitted and the investor should be willing to relocate to the UAE to carry on with his business venture
• A deposit of at least AED 10Million in an investment fund inside the country for 10-year Golden Visa, and AED 5Million for a 5-year visa.
• a financial solvency up to AED 10Million is mandatory

How MBG can help

MBG is one of the leading consultancies in Dubai and other emirates of the UAE providing business setup services which include the application of the different types of visa as well. Whether you are an investor, or an entrepreneur, we have you covered. Depending upon your needs, we offer customized services to you and ensure that the entire process of setting up a business or obtaining a visa gets smoother and quicker. Our expert consultants and seasoned professionals help you through the process seamlessly.

For more info, reach us at: Business Setup in UAE