Golden Visa Application in the UAE: Procedures, Costs, and Benefits
What you need to know about applying for a UAE Golden Visa: the process, the cost, and the benefits
What is covered in this article?
- What is a golden visa?
- How to Apply for UAE Golden Visa?
- Step-by-step Application process:
- How much does the golden visa application cost?
- Eligibility check for a long-term residence visa:
- Eligibility for students
- Eligibility for investors:
- Eligibility for Entrepreneurs:
- A researcher, an exceptional talent, or an individual with creative capabilities may be eligible for the following awards:
- Benefits of UAE Golden Visa:
What is a golden visa?
What is a UAE Golden Visa Application: Procedure, Cost, and Benefits? Golden visas are long-term residence visas for people who wish to live, study, invest and work in the United Arab Emirates for a longer period, such as 5 to 10 years. In 2019, the government introduced the golden visa application policy in the upheaval of economic problems due to the Covid-19 pandemic.
This visa can be applied by international students, business owners, traders, and residents without partnerships or Arab sponsors. These new sets of rules were developed to attract more foreign residents to boost the country's economy.
How to Apply for UAE Golden Visa?
The most common type of golden visa is the investor visa. But other categories like talented people, scientists, students, and entrepreneurs may also be eligible if they meet the government's criteria. If you've checked the eligibility requirements and want to apply for the Golden Visa, here's how to do it and what you might need.
Documents: Although it may vary depending on an individual's purpose and profession, here are some documents you must have when applying for a visa: entry permit, medical certificate, settlement cards immigration, passport, and photos. Also, depending on the purpose of your application, you will need bank statements, business trade licenses, and other documents to substantiate your application.
Obtaining the entry permit: If you do not already have one, you must first obtain the entry permit to apply for a long-term stay visa. This can easily be done from the official website or the electronic portal. You will need your photos, business licenses, patent documents, medical test results, and other documents.
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Visa applications for the UAE can be submitted in a number of ways
Step-by-step Application process:
- Go to the official website of the Federal Authority for Identity and Citizenship and register under individual registration
- Request the entry permit and when it is issued you can download it from the portal.
- After that, go to the GDRFA website or to the nearest typing centers for the issuance of residence visas.
- Submit a nomination request, which may be under review for up to 30 days.
- Then you need to upload all the required documents and you will receive the visa once approved. You can retrieve it online and offline.
How much does the golden visa application cost?
There are application fees and issuance fees for the Golden Visa. For the request, the fee is 150 Dirham or 40.84 USD. And, the issuance costs 500 Dirhams or 136.13 USD for a 5-year golden visa and 313.09 USD for a 10-year visa.
Eligibility check for a long-term residence visa:
According to the organization of the residence permit issued in 2018, this category of people can apply for a golden visa in the UAE.
- Investors
- Contractors
- Researchers
- Business owners
- Important personalities
- Extremely deserving students
Eligibility for students:
The visa is granted to people who can contribute to the resources, skills enhancement, finances, or intellectual properties of the country. For example, only the top 2000 students and their families in the high school graduate category will be granted the Golden Visa. The standard for students is to score 95% or higher on the Grade 12 exam held by the UAE Ministry of Education. Apart from this, university students from all over the world will be eligible for a golden visa if the cumulative GPA is above 3.75 or respective of a particular major.
Eligibility for investors:
- For investors, the eligibility condition is not very simple and they have to go through all the given criteria.
- For a 5-year visa, the investor must have at least AED 5 million of public investment and at least AED ten million of public investment in the form of property and funds.
- If the investment is in funds, they must not be lent, and in the case of real estate, the investor must own the property.
- The property or fund investment must be held for at least three years.
- The investor must have insurance for himself and his family members.
Eligibility for Entrepreneurs:
Entrepreneurs must have a share of at least 5,0000 Dirhams in a project and must be one of the main owners of intellectual property in the company. According to ADDED and ICA policy, if the entrepreneur is eligible, he and family members and up to three CEOs will be granted a 5-year golden visa to develop and grow the business.
A researcher, an exceptional talent, or an individual with creative capabilities may be eligible for the following awards:
Scientists and researchers in scientific fields must be delegated by the Emirates Scientist Council or must have published research papers in globally recognized journals and hold patents. Creative individuals are considered for the Golden Visa based on their accreditation from the UAE Ministry of Culture and Youth.
Benefits of UAE Golden Visa:
100% Business Ownership: The UAE Golden Visa is a great opportunity for business investors and entrepreneurs as it does not require a partnership or other complicated formalities to have your own business in the UAE. You can have 100% ownership of the business if it is located in a free zone with growth potential like nowhere else.
In addition to the personal tax exemption, a Golden Visa for long-term residence offers a significant reduction in corporate taxes as well.
Growth Prospects: The UAE currently has the most stable economy in the Middle East despite exhaustion. It should stabilize during the 2021-2025 financial years.
Obtaining bank accounts: You can obtain a bank account in any bank in the UAE, and the documents will also help you in other establishments.
Driver's license and insurance: You and your family will be able to benefit from a driver's license in the country, and insurance coverage is offered hassle-free when you buy a car.
If your work or studies allow you to live in the UAE, applying for a golden visa will make your life thousand times easier. It allows you to claim many facilities and rights similar to citizens. Moreover, having a golden visa guarantees the safety and protection of your family. Golden visas can be renewed depending on your company or professional situation.
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