Everything You Need to Know About Golden Residency Visa

During the month of May 2019, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, launched a new UAE residency system, dubbed as the 'Gold Card'. He said, "It is a residency for investors and for exceptional workers in the fields of health, engineering, science and art.” He also mentioned about how UAE has opened its door to millions of people looking to pursue their dreams and get a better life. The Gold Card is a way to welcome all those people who are seeking to be a part of the UAE’s success story and making it a second home. Expats living and working in the UAE normally hold a renewable residency visa that lasts two or three years. But last year the government came up with the plans to reform its visa policies, and so it introduced the 5-years and 10-years residence visa for exceptional professionals and academics and for long-term investors. Hundreds of golden visas have been issued to people out in the UAE till date with a aim of 6,800 by the end of year 2019. How to apply: UAE-based individuals can apply at any immigration office or accredited offices. Non-UAE-based individuals can acquire the documents from the government site.

The following categories are entitled to apply for a 10-year residence visa in the UAE:

Investors The investment may take many forms such as:

• A deposit of at least AED 10 million in an investment fund inside the country
• Establishing a company in the UAE with a capital of not less than AED 10 million
• Partnering in an existing or a new company with a share value of not less than AED10 million
• Having a total investment of not less than AED 10 million in all areas mentioned, on condition that the investment in sectors other than real estate is not less than 60 per cent of the total investment.

Conditions: Granting a Golden Residency Visa is subject to the following conditions

• The amount invested must not be loaned
• The investment should be retained for at least three years
• There should be a financial solvency up to AED 10 million
• The long-term visa can include the spouse and children, as well as one executive director and one advisor

Specialized Talents This category includes specialized talents and researchers who belongs to fields of science, like doctors, specialists, scientists, inventors, as well as creative individuals in the field of culture and art. The visa extends it’s benefit to even spouse and children. It needs to be noted that all categories are required to have a valid employment contract in a specialized field of a priority in the UAE. Conditions: Granting a visa is subject to the following conditions

• Scientists must be accredited by Emirates Scientists Council or holders of the Mohammed Bin Rashid Medal for Scientific Excellence
• Creative individuals in culture and art, accredited by Ministry of Culture and Knowledge Development
• Inventors have to obtain a patent of value, which adds to the UAE's economy which needs to be approved by Ministry of Economy
• Exceptional talents must be documented by patents or a scientific research published in a reputed journal
• Executives must be owner of a leading and internationally recognized company or should hold high academic achievement
• Doctors and specialists need to meet at least two of the following conditions:
  • a Ph. D. degree, preferably from top 500 universities in the world (refer to ICA for information)
  • an award or certificates of appreciation in the field of the applicant’s work
  • contributed in a major scientific research in the respective field of work
  • published articles or scientific books related the respective field of work
  • membership in an organization related to the field
  • a Ph. D. degree, in addition to 10-year professional experience in his field
  • Specialization in areas of priority to the UAE.

The following categories are entitled to apply for a 5-year residence visa in the UAE without a sponsor

Investors with a property

• The investor must invest in a property of a gross value not less than AED 5 million to obtain investor visa in UAE
• The amount invested in real estate must not be on loan basis
• The property must be retained for at least three years

Entrepreneurs

• This category is for those who have an existing project with a minimum capital of AED 500,000, or those who have obtained an approval from an accredited business incubator in the UAE
• The entrepreneur is permitted with a multi-entry visa for six months, renewable for another six months. The long-term visa extends the inclusion of spouse, children, a partner and three executives

Outstanding students

• Outstanding students with a minimum grade of 95 per cent in public and private secondary schools
• University students in UAE as well as outside the country who have secured a distinction GPA of at least 3.75 upon graduation
• Long-term visa includes families of the outstanding students

Over the last year, the government of UAE took bold steps to open up the UAE market to global investors with the long-term visas, 100% company ownership and retirement visas. The new Golden Card, offers people a form of residency visa in the UAE is an extremely attractive proposition, especially considering the fact that this is one of the world’s safest countries. This initiative will encourage more expats to invest their assets within the UAE which will help both the nation and the investor to prosper exponentially. This blog is written by Ms. Nirmala, Business Advisor at Flyingcolour Business Setup, VAT and Accounting Services, Dubai, who firmly believes in exceeding client's expectation by providing quality business consultation. If you have any query related to business setup or investor visa in Dubai then feel free to call +971 4 4542366 today for a quality consultation or please send inquiry to info[at]flyingcolour[dot]com.