UAE has had a huge shift in terms of its economy. It has transformed into a business world from an oil-fueled economy. Moreover, many multinationals and job seekers are willing to step into this amazing land. The authorities of the UAE are also making moves to capture the minds of people by introducing different programs. One such effort by the UAE authorities is the Golden Visa scheme.
Golden Visa program is a long-term residency program. Skilled and highly-potential workers and investors from all over the world are attracted by this scheme. Therefore, creating an attractive investment environment in the UAE. UAE does not issue permanent visas. But the Golden Visa scheme offers 10 or 5 years of renewable residency to eligible persons.
The Golden Visa scheme was first implemented in May 2019 to lure investors. Originally, the scheme was stated to be a permanent residency system. Later, the General Directorate of Residency and Foreign affairs notified to be long term visa that can be renewed. This was a grant issued to rich persons who are willing to invest in the UAE in return for residency. Later, in Nov 2020, this scheme has been modified. Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum declared the approval of the new visa system.
The UAE authorities issued golden visas to over 400 businessmen and their families in May 2019.
Qualified personals, professionals, scientists, doctors, and engineers, who are interested to invest in UAE are attracted by this scheme.
- Firstly, the new law includes certified doctors in the list as there is a shortage of doctors due to Covid-19.
- The latest eligibility criteria include Ph.D. holders from the top 500 universities in the world.
- Moreover, it also includes professionals in the field of electronics, active technology, electricals, computer engineers.
- Highly qualified individuals who have got 3.8/4 GPA (Grade Point average) or more from government approved universities.
- Scientist and researchers accredited by Emirates Scientist Council.
- Similarly, holders of Mohmmed Bin Rashid Medal for Scientific Excellence.
- The authority issues Golden Visa to inventors who have patented their product of value for the UAE’s economy. The Ministry of Economy approves the Patent.
- Investors who have invested AED 10 million that maybe by way of investment fund, setup of company and can include purchase of a real estate property.
- In addition, the authorities issue a renewable multiple entry visa for 6 months to entrepreneurs who have invested over AED 500,000 or selected business incubators .
- Secondary school or university students who have got 95% or more can apply for this visa along with their families.
- Artist and craftsmen can apply for Golden Visa after getting approval from the Ministry of Cultural and Knowledge Development.
- Executives with AED 30,000 or more salary can apply provided they have a bachelors degree, valid employment contract, and 5 years of experience.
How to get the Golden Visa
A person can apply for the Golden Visa from the official website. or you can always contact us for detailed information, documentation requirement, and processing.
In short, this Golden Visa provides an opportunity for investors and other professionals to get a long term residence visa in the UAE. The UAE also has the benefit of getting high potential professionals, investors for its development.