Unleashing New Horizons: Exploring the Cost of UAE Golden Visa and its Pathways
The United Arab Emirates (UAE) has introduced a game-changing initiative called the UAE Golden Visa, revolutionizing the concept of residency and offering individuals and families an unprecedented opportunity to live, work, and invest in the country. The UAE Golden Visa program has gained significant attention, becoming a trending topic due to its exceptional benefits and the potential it holds for individuals seeking a prosperous future. In this article, we will delve into the details of the UAE Golden Visa, exploring its advantages, eligibility criteria, and the trending buzz around this innovative initiative.
1. UAE Golden Visa: Definition and Significance
The UAE Golden Visa is a long-term residency program designed to attract exceptional talent, investors, entrepreneurs, and innovators from around the world. By obtaining a Golden Visa, individuals and their families can enjoy extended periods of residence, job opportunities, and various economic benefits in the UAE. It serves as a pathway to unlocking limitless possibilities in one of the fastest-growing economies in the world.
2. Benefits of the UAE Golden Visa
The UAE Golden Visa offers a range of benefits that make it highly appealing to global citizens. Some of the key advantages include:
- Residency Security: Holders of the Golden Visa enjoy long-term residency, providing stability, peace of mind, and an opportunity to build a life in the UAE without the need for frequent renewals or worrying about visa expiration.
- Work Opportunities: Golden Visa holders have the freedom to explore employment options across various sectors, contributing to the UAE’s diverse and thriving job market.
- Business Ventures: Entrepreneurs and investors can establish and expand their businesses, leveraging the UAE’s business-friendly environment, infrastructure, and global connectivity.
- Education and Healthcare: Golden Visa holders can avail themselves of world-class education and healthcare services, ensuring a high quality of life for themselves and their families.
- Family Sponsorship: The Golden Visa extends to immediate family members, allowing them to reside and benefit from the opportunities available in the UAE.
3. Eligibility Criteria for the UAE Golden Visa
Golden Visa UAE for real estate investors
Real estate investors may obtain the Golden Visa for 10 years if they fulfil one of the following conditions:
- Purchase a property worth no less than AED 2 million,
- Purchase a property with a loan from specified local banks, or
- Purchase one or more completed or off-plan properties of no less than AED 2 million from a list of approved local real estate companies
If you own a property or a group of properties, you may be granted a Golden visa for a period of 10 years, renewable on the same conditions, subject to the:
- Provision of a letter from the land department of the respective emirate stating that they own one or more properties whose value is not less than AED 2 million
- Purchase of a property with a loan from specific local banks approved by the competent local entity.
Golden Visa UAE for public investors
If you invest in an investment fund, you may be granted a Golden Visa for a period of 10 years:
- Submission of a letter from an investment fund accredited in the UAE stating that the investor has a deposit of AED 2 million, or
- Submission of a valid commercial licence or industrial licence and a memorandum of the association stating that the investor’s capital is not less than AED Two million
- Submission of a letter from the Federal Tax Authority stating that the investor pays the government no less than AED 250,000 (two hundred and fifty thousand) annually.
- Own the invested capital completely; it must not be a loan and
- Provide proof of medical insurance for himself and his family (if any).
Golden Visa UAE for entrepreneurs and start-up owners
Start-up investors may now obtain a Golden Visa, provided their company is registered within the UAE. It should fall under the small and medium enterprises (SME) category with annual revenues of AED 1 million or above. Furthermore, the Golden Residence for Entrepreneurs can also be obtained if:
- The person is a founder or one of the founders of a previous entrepreneurial project that was sold with a total value of not less than AED 7 million.
- The approval of the Ministry of Economy or the competent local authorities is required for projects or ideas.
If you are an entrepreneur, you may get a Golden visa if you own an economic project of a technical or future nature based on risk & innovation. In addition, you must have an approval letter from each of the following:
- An auditor in the UAE stating that the project value is not less than AED 500,000
- The authorities in the emirate stating that the project is of a technical or future nature
- An accredited business incubator in the UAE to establish the proposed activity in the country.
Golden Visa UAE for exceptional talents
Under the category of exceptionally talented individuals, talented individuals in the field of art, culture, digital technology, sports, innovation, medicine, law and others are eligible to apply for the UAE Golden Visa scheme. Some outstanding specialised talents include:
- Creative people of culture and art
- An approval letter from the Department of Culture and Arts in the respective emirate.
- A recommendation letter from the General Sports Authority or one of the sports councils
- Doctoral degree holders
Moreover, the 10-year visa will be awarded solely based on the individual’s talent. It will not depend on educational qualification, employment status, monthly salary or professional status. However, the recommendation or approval of a federal or local government entity will be required.
Golden Visa UAE for executives
- Copy of a university degree accredited by the Ministry of Education with educational attainment not less than a bachelor’s degree
- Letter of experience of no less than 5 years holding the same position
- Salary certificate with a salary of AED 50,000, at least
- Valid work contract.
Golden Visa UAE for specialists in engineering and science
The requirement includes a copy of a Bachelor’s or a Master’s degree certified by the Ministry of Education and a work contract.
Subjects relating to engineering and science include:
- Artificial Intelligence
- Big Data
- Epidemiology and viruses
- Genetics and biotechnology
Golden Visa UAE for scientists
The Golden Visa will now be granted to scientists and researchers who meet the following conditions:
- PhD or Master’s degree in engineering, technology, life sciences and natural sciences from the world’s best universities.
- A recommendation from the Emirates Scientists Council to avail of this Visa, or a letter from the Secretariat of the Mohammed bin Rashid Medal for Scientific Excellence stating that the applicant has been awarded the Medal of Scientific Excellence.
Golden Visa UAE for skilled professionals
The UAE Golden Visa for skilled professionals applies to all fields and disciplines, including but not limited to education, law, science and engineering, information technology, social sciences, and numerous others.
Skilled professionals can qualify for the Golden Visa scheme:
- They hold a valid contract of employment in the UAE
- The job must fall under the occupational level one or two as defined by the Ministry of Human Resources Emiratisation.
- The minimum monthly salary is not less than AED 30,000
- The skilled worker must have a bachelor’s degree as well.
Golden Visa UAE for students
Students with exceptional academic excellence, having obtained high scores either in UAE secondary schools or universities, are also eligible to apply for the 10-year Golden Visa scheme.
If you are a high school student (with a minimum grade of 95 per cent in public or private secondary school), you may be granted a Golden visa, subject to submission of a recommendation letter from the Ministry of Education.
Furthermore, talented students who have studied at the world’s best universities are also eligible to apply for the Golden Visa scheme. Criteria include academic performance/cumulative average, year of graduation and university classification.
If you are an outstanding university student, you may be granted a Golden visa provided that:
- The university must be rated either A or B class by the Ministry of Education
- A recommendation letter from the university or an accredited graduation certificate or an accredited academic record stating that the cumulative GPA is not less than 3.5 for A-class universities and 3.8 for B-class universities.
- It has not been more than 2 years since graduation.
Outstanding students of foreign universities may be granted a 10 year UAE Golden visa:
- The university is rated among the best 100 universities globally according to the rating system recognized by the Ministry of Education.
- The cumulative GPA is not less than 3.5.
- It has not been more than 2 years since graduation.
- The graduation certificate accredited by the UAE Ministry of Education.
Golden Visa UAE for humanitarian pioneers
Pioneers of humanitarian work may also get a UAE Golden visa for 10 years.
- Members and outstanding employees who have worked for international and regional organisations for a minimum of five years.
- Members and outstanding employees who have worked for civil associations and institutions of public interest for a minimum of five years.
- Individuals who have received an appreciation award from a local, regional or international organisation that focuses on humanitarian work.
- funders of humanitarian work provided that the value of the support does not fall below AED 2 million or its equivalent.
Golden Visa UAE for doctors and nurses
Seven centres affiliated with the Federal Authority for Identity and Citizenship have been established across the Emirates for doctors and nurses who wish to apply for visas in person.
Doctors will need to provide an approval Letter from the Ministry of Health and Prevention in the UAE to practice the profession of medicine.
UAE Golden Visa for exceptional coders
Application eligibility extends to:
- Distinguished experts and talents who achieved success in various areas of coding.
- Those who work for pioneering international technological firms
- Graduates of software engineering, computer sciences, hardware engineering, information technology, artificial intelligence, data science, big data, and electrical engineering.
4. The Trending Buzz Around the UAE Golden Visa
The UAE Golden Visa has garnered significant attention and trending interest for several reasons:
- Global Recognition: The Golden Visa positions the UAE as a global hub for talent, entrepreneurship, and innovation, attracting skilled individuals from around the world.
- Economic Growth: The program fuels economic growth by encouraging investment, job creation, and knowledge transfer, further bolstering the UAE’s diverse and thriving economy.
- Regional Leadership: The UAE’s introduction of the Golden Visa program establishes it as a frontrunner in the region, inspiring other nations to adopt similar initiatives to attract global talent.
- Pathway to Citizenship: Speculations around the Golden Visa evolving into a pathway to UAE citizenship have further amplified its popularity and buzz.
5. UAE Golden Visa price
The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has now revised the entry permit fees for those applying for the 10-year Golden Visa UAE.
There are application and processing fees associated with the Golden Visa application depending on the type of visa, number of applicants (individuals or families) and the scheme being applied under, it typically starts from AED 5,000.
It’s important to note that the cost mentioned above are subject to change, and it is advisable to seek professional advice for the most up-to-date and accurate information on the current costs of obtaining a Golden Visa in the UAE.