Dubai is one of the most successful cities in the world, impressing foreign investors with its open culture and exponential economic growth. It has become extremely popular among entrepreneurs looking for places to set up shop in the past few years. In a world of international uncertainty, Dubai stands out as a commercial oasis due to its tax free incentives, ease of doing business, and access to many of the fastest emerging markets.
Recently, the UAE government announced several initiatives intended to attract talented individuals, professionals and investors, and one was the Golden Visa, a 10-year visa. Essentially, the new system enables foreigners to live, work, and study in the UAE without having to seek national sponsorship, and with 100% ownership of their businesses on the UAE’s mainland. These visas are valid for a period of five or ten years and can be renewed subject to certain conditions.
If you’re thinking of living and establishing a business in the UAE long-term, obtaining one of these golden visas would be the ideal option.
Benefits of Golden Visa
Talent recognition –Golden visas are an excellent option for creative artists, specialized talents and researchers seeking to work in the UAE long-term. Applicants are eligible to extend the visa to their spouses and children. The new category of people who are offered the golden visa is people who have pioneered humanitarian work in the UAE.
Opportunities for outstanding students –Students with minimum 95% grades in public or private schools, as well as university graduates with at least a 3.75 GPA in distinction, can apply for a Golden visa. A portal has been launched in Abu Dhabi to check eligibility for the Golden Visa following the announcement from Emirates Schools Establishment (ESE) that 2,036 exceptional students have been qualified to apply for the visa, 950 of whom study in Abu Dhabi. All parents need to do is enter the student number and Emirates ID at www.adro.gov.ae. Parents can go to any TAMM Service Centre or Tas-heel Center’ to begin the application process for qualified students.
Residency by Investment –The residency by investment programs allow you to live in the country in which you apply, but they do not compel you to do so. In other words, you can still become a resident in that relevant country, but you don’t have to. Residency by Investment allows many of its applicants to live their lives with flexibility and freedom. UAE Golden visas offer this advantage.
Investors can enter UAE multiple times and don’t need to worry about not being in the country every six months like other types of visas.
Eligibility Criteria’s for Investors and Entrepreneurs looking to do business in Dubai
For 10-year Visa:Public investments must be at least AED 10 million and can be in the form of a deposit in an investment fund inside the UAE, a company registered in the UAE with a capital of at least AED 10 million, or an existing or new company partnership. Investments must be retained for at least three years and cannot be financed by loans. Financial solvency should be at least AED 10 million.
Visas can be extended to business partners, as long as each contributes AED 10 million.
In addition to the spouse and children, one executive director and one advisor may be included on the long-term visa.
For 5-year Visa:This visa is applicable for property investors, entrepreneurs and outstanding students.
Real estate investors:Investors must invest in a property with a gross value of at least AED 5 million. Real estate investments cannot be financed by loans. Three years of property retention is required.
Entrepreneurs:A company that has an existing project with a capital of at least AED 500,000 or has been approved by an accredited business incubator can qualify for this category. For six months, the entrepreneur will be allowed to enter the country on a multiple entry visa, which will be renewable. The long-term visa covers the spouse and children, a partner and three executives.
Outstanding Students:The program includes outstanding students in public and private secondary schools who have achieved a minimum grade of 95 percent, as well as university students in the country and abroad with a distinction GPA of at least 3.75 upon graduation. Visas for outstanding students include their families.
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