The United Arab Emirates (UAE) introduced the Golden Visa in 2019, a 10-year residency program coveted by individuals working, studying, or doing business in the country. Recently, the UAE has witnessed a surge in the issuance of Golden Visas, with over 150,000 granted by November 2022.
Categories of Eligibility:
The Golden Visa is accessible through various avenues, and not all require employment. Here are five categories of eligible individuals:
- Property Buyers:
- Citizens and foreign investors can obtain the Golden Visa by purchasing homes totaling Dh2 million or more, covering existing and off-plan properties nationwide.
- Notably, Dubai has waived the Dh1 million down payment requirement for 10-year visas, though the overall property value must still exceed Dh2 million.
- Cash Deposit:
- Individuals with substantial funds can secure the special visa by depositing Dh2 million in a UAE bank for a two-year period, with many banks facilitating this plan.
- Entrepreneurs:
- Entrepreneurs meeting flexible criteria set by executive regulations can qualify for the Golden Residence. This includes ownership or partnership in a startup classified as a small or medium-sized business, generating at least Dh1 million in annual sales.
- Eligibility also extends to those who founded a business or were part of a prior venture that sold for a minimum of Dh7 million, subject to approval by relevant authorities.
- Scientists & Researchers:
- Accomplished scientists and researchers with a Ph.D. or Master’s degree from top global universities in fields like engineering, technology, life sciences, or natural sciences can secure the Golden Visa based on proposals from the Emirates Scientists Council.
- Outstanding Students:
- Exceptional graduates from UAE universities and the top 100 global universities, along with high-achieving secondary school students in the UAE, are eligible for the 10-year visa. Specific requirements include the year of graduation, university classification, and cumulative academic performance.
Benefits of the Golden Visa:
The Golden Visa brings a host of advantages, including the ability to bring family members to live in the UAE, even if they are older than 18 or unmarried. Special needs children are also eligible, and visa holders can hire as many helpers as needed. Importantly, the Golden Visa doesn’t expire due to extended periods spent outside the UAE.
The UAE’s Golden Visa program has evolved into an attractive proposition for diverse individuals, offering a decade of residency without the necessity of employment. Whether through property investment, substantial financial deposits, entrepreneurial ventures, scientific achievements, or academic excellence, the Golden Visa opens doors to a thriving life in the UAE.
