Launched about two years ago, the UAE Golden Visa 2022-23 program quickly gained popularity, especially among Indians looking to establish a base in Dubai. Additionally, the recent changes have increased its allure and promise to help many more people realise their dream of living in Dubai in high quality.
If you are a first-timer, do note that the UAE introduced a program for permanent residency in 2019. Simply put, this visa program enables visitors to live, work, and study there. You can expect to get full ownership of their companies. Moreover, you will not necessitate a national sponsor.
As per the experts, the “Kafala” sponsorship system typically only grants foreigners temporary residence permits and is the first one of its kind in the Gulf.
The UAE Golden Visa: Explained
Going by the books, you may never forget that the Golden Visa Dubai program primarily grants 5 or 10 years of long-term residency in the UAE. So if you are an investor, entrepreneur, or an outstanding student, you may consider this visa program.
There’s no disputing that security will be the visa’s main advantage. It is noteworthy that the UAE government has made it clear that it is committed to giving ex-pats and investors their homes. This is one more reason to feel secure about the future with the issuance of the Golden Visa.
The UAE Golden Visa Is Available To Who?
The application procedure is straightforward: you must ideally provide the required documentation and be prepared to move to the UAE. According to how long the visa is valid, the eligibility requirements change.
You can opt for a ten-year visa if you are an investor or individual with specific talents. Alternatively, investors, entrepreneurs, and deserving students can choose five-year visas.
Golden Visa Requirements– What Qualifications Must You Meet?
If you are gunning for a 10-year visa, you may ideally have public investments totalling at least AED 10 million (roughly Rs. 20 crores). This could be in the form of investment funds, capital in a UAE company, or partnerships with either new or existing businesses. However, when qualifying for a 5-year visa, an investor must invest at least AED 5 million (Rs.10 crore).
If you are an entrepreneur, you may seek the approval of a nation-based certified business incubator. Moreover, you should also present an existing project with a minimum investment of AED 500,000 (Rs. 1 crore).
Suppose you belong to either of doctors, scientists, inventors, or artists and other cultural creator communities. In that case, you must obtain approval from institutions such as the Emirates Scientists Council or the Ministry of Culture and Youth. Additionally, you will necessitate internationally renowned companies or have your accomplishments documented in international journals.
You must have a minimum grade average of 3.75 and a minimum grade point average of 95% to apply for a five-year UAE residency visa as a graduate.
How Do I Get A UAE Golden Visa?
It’s noteworthy that the Federal Authority for Identity and Citizenship and the General Directorate of Residency and Foreigners Affairs’ official websites provide online application forms for Golden Visas. However, in contrast to the latter, the former has both online and offline outlets.
Recent Change in the Visa Program
It’s worth mentioning that the new visas are intended to be more family-friendly. This will ideally enable you to plan your long-term future in the UAE. Sponsored children must now be at least 25 years old instead of 18, as previously. Furthermore, there is no minimum age requirement for unmarried daughters.
The most significant adjustment in this regard is that the other family member’s ability to remain in the UAE until the expiration of their visas is not impacted by the death of the primary visa holder.
Therefore, the new adjustments will make it simpler for business owners, professionals, and investors to relocate to the UAE. Hopefully, this will lure capital and talent while boosting the country’s economy.