Last Updated on August 19, 2024
What is the UAE Golden Visa?
In 2019, the United Arab Emirates (UAE) introduced a new pathway for long-term residence visa holders: Golden Visa. The UAE creates an environment that encourages innovation and economic prosperity by embracing globalism and supporting entrepreneurship. The Golden Visa is a self-sponsored, long-term residence visa granted to foreign nationals to live, work and study in the UAE.
The country’s aim with the visa is to attract further long-term investment in the country, which will produce a thriving business hub, especially for tech and AI.
The visa is intended for highly skilled foreign national investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian staff and frontline workers who have received government-approved nominations to apply for it.
The UAE aims to become a hub for startups and unicorns by 2031, positioning itself as a global player in the entrepreneurial landscape. Their vision of becoming among the top three countries in the Global Entrepreneurship Index reflects their determination to create a thriving business, creativity, and human capital ecosystem.
“The Golden visa allows people to have a length of visa stay in the country of up to 10 years, while the traditional visa allows two years. This visa was introduced to retain talent in the market and enable people to be here longer on a longer-term basis. It initially favored talent such as doctors, highly educated people, business owners and economic leaders. But it’s now become more available in the market. And so, there’s a connection to education, to capacity behind it.”
Benefits of the UAE’s Golden Visa
Unlike traditional work and residence visas, the Golden Visa allows foreign nationals to reside, work and study in the UAE without employer sponsorship. It has a validity period of five to ten years and automatic renewal options.
The Golden Visa provides stability and security, allowing individuals to confidently pursue their professional and personal goals. Moreover, the Golden Visa aims to promote entrepreneurship and knowledge exchange, positioning the UAE as a global hub for talent.
The Dubai Golden Visa comes with several privileges. For example, holders of this visa are permitted to sponsor their spouses and dependent children on their residency permit. They can also sponsor their parents and secure visas for unlimited housemaids and drivers.
Golden Visa holders can also access the loyalty program, the Esaad Card, issued by the Dubai Police, which grants holders certain privileges. For instance, these individuals benefit from specific discounts in shops, educational institutions, healthcare, housing, etc.
UAE Golden Visa Eligibility and Requirements
UAE officials approve Golden Visa for foreign nationals if they can provide proof of meeting one of the following categories of applicants:
- Investors in Public Investments;
- Real estate investors;
- Entrepreneurs;
- Outstanding Specialized talents and researchers in various fields of science and knowledge;
- Inventors;
- Executives (directors/managers)
- Athletes
- Creative people of culture and arts
- Doctors and Scientists
- Specialist in the Scientific field
- Artificial intelligence
- Big data
- Engineering in Electronics, Computer, Software, Genetics & Biotechnology.
- Highly talented students with promising scientific capacities
- Pioneers of Humanitarian work
- Frontline Heroes
Specific salary requirements apply depending on the applicant’s background or the category they apply under. For example, investors must be willing to invest AED 10 million. Entrepreneurs must provide proof of a successful business venture and proof of holding a minimum investment of AED 500,000.
Providing an evidence deposit of AED 2 million makes investment through an accredited investment fund in the UAE possible.
Through company ownership, the applicant must prove the following:
- Investment capital of AED 2 million stated on the company memorandum of association
- Copy of commercial registration
- Annual Federal Tax payment of no less than AED 250,000.
Throughout the application process, applicants must undergo a criminal record background check and more.
Navigate the Golden Visa Application Process with Envoy Global
Applying for the UAE Golden Visa involves meeting specific eligibility criteria tailored to each category of applicants, such as possessing a higher education degree, demonstrating specialized skills or expertise, or showcasing innovative capabilities.
Envoy Global’s Middle East Immigration Team assists interested applicants in completing a nomination request form of interest. This form is a required pre-step in the Golden Visa process and is reviewed by the UAE Federal Authority for Identity and Citizenship (ICA).
Once an interested applicant has been granted a nomination slot, Envoy Global will offer expert guidance and support, ensuring that applicants understand the requirements, compile essential documentation, and confidently navigate any complexities.
By leveraging Envoy Global’s knowledge, experience and platform, individuals can streamline their Golden Visa application journey, maximizing their chances of success and seizing the abundant opportunities that await in the vibrant landscape of the UAE.
Since its conception in 2019, the Middle East team has processed more than 300 golden visas for executives, entrepreneurs and their family members, proving that the UAE successfully attracts talent and fosters economic development.
This blog was prepared in collaboration with Florabel Bautista, General Manager of Envoy Global’s Middle East immigration team. Content in this publication is for informational purposes only and not intended as legal advice, nor should it be relied on as such.
For additional information on the issues discussed, consult an attorney at Corporate Immigration Partners, P.C., or another qualified professional of your choosing. On non-U.S. immigration issues, consult your Envoy representative, or another qualified representative of your choosing.
