The UAE golden visa has allowed foreigner businessmen, investors, professionals, sports stars, students and humanitarian pioneers to stay and work in the UAE for a longer period. Those eligible for the golden visa can apply for a 5 or 10-year visa. Here’s what you need to know about the Golden Visa UAE.
GOLDEN VISA UAE
Golden visa UAE is a long-term residency visa for people of selected fields and talents to fulfil their dreams in the UAE. These visa holders enjoy exclusive benefits:
- The entry visa is valid for six months, with multiple entries leading to the issuance of residence.
- Renewable residence visa for a period of 5 or 10 years.
- A self-sponsored visa; no requirement of employment sponsor.
- No restrictions on living in the UAE during this period.
- Sponsoring your family members, including your spouse and children.
- Sponsoring domestic helpers
- Family members can stay in the country til the end of their permit in case of a death of a primary holder.
- Free of cost issuance of Esaad Card to 5 and 10-year Golden Visa holders in Dubai.
GOLDEN VISA UAE: ELIGIBILITY
Individuals falling into categories listed below are eligible for the golden visa in the UAE
Real estate investors are eligible for UAE golden visa if they:
- Buy a property for a minimum of AED 2M.
- Buy a property by obtaining a loan from specific UAE banks.
- Buy at least one or more off-plan properties worth a minimum of AED 2M from one of the approved real estate firms.
The requirements for this category include.
- Be a partner or sole owner of a start-up registered as an SME (Small and medium enterprise), which generates a minimum of AED 1M.
- Get approval for a start-up idea from the Ministry of Economy, a competent local authority or an official business incubator.
- Must have started a business project that generated a minimum of AED 7M in sales.
Read our guide to UAE business visa to begin your research.
On the recommendation of federal or local government authorities, innovators, inventors, and individuals with exceptional talents in the field of art, sports, culture, and digital technology can obtain the UAE golden visa. Qualification, employment status, professional level or salary are not considered.
Upon recommendation of the Emirates Scientists Council, researchers and scientists can get a long-term visa. To be eligible for the Golden Visa, one has to have a PhD or a master’s degree in the fields of technology, engineering, natural sciences and life sciences from the top universities in the world. Not to mention, substantial research work is also needed.
Workers with high educational qualifications and experience can be eligible for the UAE golden visa. Suitable fields include sciences and engineering, medicine, IT, education, law, business and administration, culture and social sciences.
Individuals also have to match the following criteria.
- Valid employment contract
- Grouped in the first or second occupational level according to the Ministry of Human Resources and Emiratisation classification
- Minimum of a Bachelor’s degree
- Minimum monthly salary is AED 30,000.
High-performing students from UAE’s secondary schools and UAE’s universities, as well as from the top 100 universities worldwide, are also eligible for the Golden Visa.
Individuals who have made noteworthy humanitarian contributions are also eligible. Requirements include:
- Outstanding members of regional or international organisations
- Highly contributing members of associations of public benefit
- Award holders in humanitarian fields
- Volunteers and sponsors of humanitarian causes
Frontline workers who have worked through crises are also considered for Golden Visas. For instance, medical professionals who have contributed during the Covid-19 pandemic can be awarded a golden visa.
THE DYNAMICS OF THE UAE MAY SHIFT
The 10 and/or 5-year golden residence permit would make an enormous difference to the perception that UAE is a short-term option for expats. As a result, interest in learning the local language and assimilation into the UAE culture may increase further.
EVEN MORE ENTREPRENEURS AND INNOVATORS WILL ARRIVE
Bayut CEO Haider Ali Khan welcomed the new Golden visa UAE as an opportunity to attract even more talent from around the world.
He said: “I think in the long term, the changes to the visa rules are going to help make Dubai and the UAE a hub for technical excellence. The way to build that excellence is by attracting the best talent available from around the world, and also having a good ecosystem in place to support that talent. These are the people who are going to innovate new enterprises, which in turn will go on to contribute to the economy and create more jobs. They can look towards building a long-term career in the UAE and adding value to society.”
Dubai is often referred to as ‘the city of the future’, and it has been suggested that it will be the world’s most innovative city in the next ten years thanks to its major innovation projects. The new UAE golden residency visas will be offered to specialists working in medicine, science, research and technical fields, including, doctors and engineers. This is a pool of people with much of the expertise needed to solve the world’s most pressing problems.
THE UAE COULD BECOME A GLOBAL HUB FOR SCIENCE
You probably know that the UAE has its own Mars mission, a remarkable feat for a country of its size, and is also a leader in sustainable development initiatives.
The new visas could offer a greater sense of security to scientists, allowing them to develop long-term careers in the UAE, rather than staying for a short period and then taking their expertise elsewhere.
PERCEPTIONS OF THE REGION MAY SHIFT
We may look back on this moment as a pivotal shift in worldwide perceptions of our region. We may see other countries follow suit depending on the success or the economic contribution made by these new rules. The sense of permanency for foreigners through the gold card visa in the UAE has a considerable impact potential, including greater assimilation. In the future the new UAE visa rules could be seen as a pivotal moment in the country’s history.
INTEREST IN UAE PROPERTY OWNERSHIP COULD INCREASE
While the new UAE long term visa won’t apply to all of us, it will undoubtedly give many expats a greater feeling of permanence in their adopted country. This will provide even more reasons to opt for owning property in the UAE instead of renting.
Our real estate experts agree with us on this, and you can read their detailed insights below. But, let’s not forget the UAE commercial property sector. We could see the focus shifting towards business owners buying offices in the UAE, as well as other commercial premises, rather than renting, as they consider a longer-term future thanks to the new UAE visa laws.
AGENT VIEWS: INPUT FROM INDUSTRY EXPERTS
We asked three industry experts for their opinions on what the law changes regarding UAE visas and UAE company ownership will mean for the property market and the UAE.
PAUL KELLY, OPERATIONS DIRECTOR, ALLSOPP & ALLSOPP
“I think that the UAE golden visa will undoubtedly generate more interest in property sales in the UAE, it’s really good for the market. If someone is on a 10-year visa or even a 5-year visa, it brings around a completely different mindset and approach to life in Dubai. There is more permanency to your situation, which in turns makes you think more long term about your time in Dubai. A part of this is purchasing a property. If you’re going to be anywhere in the world for a good few years, then it makes sense to purchase a property and invest in yourself and your future.”
There is a lot of talk and confidence injected into the market on the back of the announcement. What is going to happen is that there is going to be a lot more investment in Dubai and a lot more people encouraged to set up business here. This, in turn, will create jobs, population growth and more demand for property, both on the rental and the buying side.
I do agree that the new visa rules will encourage people to stay for longer and that this will have an effect on the property market. If I can give an example of my Aunty and Uncle, who moved to Australia from the UK in the 1980s. Within a year of being there, they felt that their long-term future lay in Australia – they bought a house and they are still there now. In that time, they have owned businesses and purchased numerous properties. Now, had they been on a two-year visa and been uncertain what there future held or how long they would have been able to stay in Australia, they may not have gone down the same path and they could have been back in the UK for the last 30 years, owning businesses there and investing in UK real estate.
MARIO VOLPI, UAE PROPERTY EXPERT
“This change of Federal policy will have the desired effect of bringing more stability to the current and new residents of the UAE. This improved sentiment will bring about a positive effect and will go a long way in getting residents to put down roots, resulting in an overall increase in homeownership for a lot of UAE residents.
The new ruling could be a game-changer as people in the future will see the UAE as their home, rather than just a temporary place to live and work. More people will look at their housing arrangements, and it is clear to me that the golden UAE visas will attract regular renters to invest and become homeowners. This particular market is huge, and if this market can be tapped, it will give a welcome impetus to the property market in general.
We believe these new laws will be game changers in the UAE property market.”
FAQS ABOUT UAE GOLDEN VISA
WHAT ARE THE UAE GOLDEN VISA APPLICATION CHARGES?
The cost of a five-year visa includes AED 2,280 residency fees and AED 575 ID fees. A ten-year residency fee is AED 2280, and the ID fee is AED 575.
HOW CAN ONE APPLY FOR A GOLDEN VISA UAE?
Specialists in Engineering and Science, Investors, and Creative Specialists in Culture and Art) can all apply for the Golden Visa via the GDRFA. Creative category golden visa applications also have to seek a recommendation from the Ministry of Youth and Culture.
You can visit the Abu Dhabi Residents Office website and use the eligibility tool to check your eligibility.
This concludes our look at the golden visa UAE. The policy change has already started to make a difference. By July 2022, over 65,000 people had been handed the Golden Visa. So it shows a big pool of educated, qualified individuals and investors are ready to commit their future to the UAE.
For more insights and information on the UAE, keep visiting MyBayut.