The United Arab Emirates (UAE) has always been a prime destination for investors and professionals seeking to work and live in an environment that offers lucrative business opportunities, excellent infrastructure, and a high-quality lifestyle. Recognizing the value of attracting and retaining global talent, the UAE government has introduced the Long-Term Residence Visa, also known as the UAE Golden Visa.
In this blog, we delve into the various aspects of the UAE Golden Visa, and key benefits of securing one to help you make an informed decision about your future in the UAE.
What Is The UAE Golden Visa?
The UAE Golden Visa is a prestigious residency program offered by the United Arab Emirates (UAE) government to eligible individuals who meet specific criteria. This program allows individuals to obtain a long-term residency permit in the UAE, providing them with the opportunity to live, work, and invest in the country for an extended period.
The UAE Golden Visa was introduced in 2019 as part of the UAE government’s efforts to attract high-net-worth individuals, investors, entrepreneurs, and skilled professionals to contribute to the country’s economic growth and development. The program offers a pathway to obtain residency in the UAE for up to 10 years, depending on the category of eligibility, and can be renewed thereafter.
Who Is Eligible For The UAE Golden Visa?
The UAE Golden Visa is designed to attract a diverse range of individuals who can contribute to the growth and development of the UAE’s economy and society. The program offers multiple categories, each with its own eligibility requirements. Let’s take a closer look at who can qualify for the UAE Golden Visa:
- Investors: If you’re looking to invest in the UAE, the Golden Visa offers an attractive option. Investors who invest in real estate, business, or financial assets in the UAE may be eligible for the Golden Visa. The minimum investment requirements vary from AED 5 million – AED 10 million depending on the type of investment and location, but it presents a unique opportunity for individuals looking to grow their wealth through strategic investments in the UAE.
- Entrepreneurs: If you’re an aspiring entrepreneur, the UAE Golden Visa can be a gateway to establishing and growing your own business in the UAE. To be eligible, you need to establish a business in the UAE and fulfil the criteria for the size, turnover, and innovation of your business. This category is aimed at encouraging innovative and forward-thinking entrepreneurs who can contribute to the UAE’s thriving business landscape.
- Highly Skilled Professionals: The UAE is known for its world-class infrastructure and cutting-edge industries. Highly skilled professionals with specialized skills or expertise in fields such as science, technology, engineering, and arts may qualify for the Golden Visa. You need to demonstrate a proven track record of excellence in your field and be able to contribute to the UAE’s economic growth through your skills and expertise.
- Outstanding Students: The UAE is home to renowned educational institutions, and the Golden Visa recognizes and rewards outstanding students. If you’re a student with exceptional academic achievements and enrolled in a UAE-based educational institution, you may be eligible for the Golden Visa. This category aims to retain top talent and provide opportunities for young achievers to contribute to the UAE’s knowledge-based economy.
It’s important to note that the eligibility criteria for the UAE Golden Visa may change over time, and it’s essential to consult with a qualified professional or the relevant UAE government authorities for the latest and most accurate information.
Key Benefits Of The UAE Golden Visa
The UAE Golden Visa program offers a range of benefits to eligible individuals who are granted this prestigious residency status. Here are some key advantages of obtaining the UAE Golden Visa:
- Long-Term Residency: The UAE Golden Visa provides individuals with the opportunity to reside in the UAE for an extended period, typically ranging from 5 to 10 years, depending on the category of eligibility. This allows individuals to establish roots in the UAE, build a stable life, and plan for the future with confidence.
- Prestige and Recognition: The UAE Golden Visa is a symbol of prestige and recognition, signifying the individual’s contribution to the UAE’s economic growth and development. Holding a Golden Visa elevates an individual’s status and reputation, both locally and internationally, providing access to exclusive networks and opportunities.
- Family Sponsorship: The UAE Golden Visa allows eligible individuals to sponsor their immediate family members, including spouses, children, and parents, for long-term residency in the UAE. This enables families to stay together and enjoy the benefits of living in the UAE as a united family unit.
- Travel Flexibility: Golden Visa holders enjoy the convenience of multiple entry permits, allowing them to travel in and out of the UAE with ease. This provides flexibility for business travel, leisure trips, and family visits, making it convenient for individuals to maintain their international connections.
Business And Investment Opportunities
- Diversified and stable economy: The UAE boasts a stable and diversified economy, with significant growth in sectors such as tourism, technology, renewable energy, and logistics. This economic stability and diversification provide investors with numerous opportunities for investment across a wide range of industries.
- Tax advantages and financial incentives: The UAE offers numerous financial incentives for investors, including tax exemptions on corporate and personal income, no foreign exchange controls, and the ability to repatriate profits without restrictions. Additionally, the country has established various free zones that provide further tax breaks and a more relaxed regulatory environment, attracting businesses from around the world.
- Strategic location connecting East and West: The UAE’s strategic location serves as a global business hub, providing easy access to major markets in Asia, Europe, and Africa. Its world-class infrastructure, including state-of-the-art ports and airports, facilitates efficient trade and logistics, making it an ideal base for businesses looking to expand internationally.
Lifestyle And Social Benefits
- High quality of life and safety: The UAE, particularly Dubai, is renowned for its high quality of life and safety. In 2022, Dubai ranked second in the best cities for foreign nationals worldwide. The country’s strict law enforcement and low crime rates create a secure and comfortable living environment for residents.
- Rich cultural diversity and tolerance: The UAE is home to 8 million expats from over 200 countries, fostering a diverse and tolerant society. The government promotes cultural understanding and respect, creating a welcoming atmosphere for people of all nationalities and religions.
- Access to World-Class Education and Healthcare: The UAE is known for its excellent healthcare facilities, top-rated international schools, and state-of-the-art infrastructure, making it an ideal destination for families seeking a high standard of living. Healthcare services in the UAE are provided by both public and private institutions, ensuring accessible and high-quality medical care for residents. Additionally, the country boasts a strong educational system, with numerous international schools offering diverse curricula to cater to the diverse expat community.
- Thriving expat community: The large expat community in the UAE offers excellent networking opportunities and a supportive environment for newcomers. Various social clubs, sports teams, and cultural events cater to the diverse interests of the expat population, making it easy for new residents to connect with like-minded individuals and establish a social network.
- Social Security: The UAE is renowned for its safety and security, providing a stable and secure environment for individuals and families. Golden Visa holders can enjoy the peace of mind that comes with living in a country with a low crime rate and a stable political and social climate.
High Returns On Property Investment
- Rapid growth in the real estate market: Over the span of just a few decades, Dubai has established a stellar reputation in the global real estate market. With ongoing development projects and strong demand for property, the UAE’s real estate sector continues to thrive.
- Competitive returns on investment: Compared to many of its counterparts throughout the world, including New York City and Hong Kong, Dubai offers some of the highest returns on property investment. Investors can expect returns upward of 6%, even hitting double digits in certain areas and on specific properties.
- Lucrative option for savvy investors: For savvy investors, Dubai’s real estate market presents a very lucrative option. With a wide range of property types and attractive prices, investors have the opportunity to diversify their portfolios and maximize their returns.
- Enhanced Financial Planning: The UAE is known for its favourable tax policies, with no personal income tax, corporate tax, or capital gains tax. This presents significant advantages for individuals holding the UAE Golden Visa in terms of financial planning, wealth preservation, and investment opportunities.
Application Process For Foreigners Looking To Obtain The UAE Golden Visa
- Applying For A UAE Entry Permit
Foreigners looking to obtain the UAE Golden Visa must first apply for a UAE Entry Permit, which allows multiple entries and remains valid for six months. There are various types of entry permits, including those for investors, entrepreneurs or special students, and specialized talents.
Once you have entered the UAE with an Entry Permit, you can approach the relevant visa-issuing authorities to request a Long-Term Residence Visa, which corresponds to the UAE Golden Visa.
- Applying For The UAE Residence Visa
UAE Residence Visa applications are processed at the General Directorate of Residency and Foreigners Affairs (GDRFA) in the emirate where you plan to reside. Complete a medical fitness test before applying for the residence visa.
Please note that the Investor Visa for the UAE is a unique category, and you may require an attorney or legal representative’s assistance for the application process and identifying investment opportunities in the UAE.
TASC Corporate Services Is Your Trusted Partner in Securing the UAE Golden Visa
The UAE Golden Visa offers an exceptional opportunity for talented individuals, investors, entrepreneurs, and foreigners who meet the eligibility criteria to gain long-term residency in a thriving, stable, and diverse economic environment. With numerous benefits, including access to world-class facilities, high quality of life, and lucrative investment opportunities, the UAE Golden Visa is undoubtedly a top destination for investment.
Navigating the complexities of obtaining the UAE Golden Visa can be a daunting task. That’s where TASC Corporate Services comes in. With over 15+ years of local and global experience, our team of experts has a strong on-the-ground presence in the UAE, allowing us to provide unparalleled guidance and support throughout the entire Golden Visa application process.
Contact us today to learn more about how we can help you achieve your dreams in the UAE.
