The United Arab Emirates (UAE), known for its towering skyscrapers, bustling markets, and luxurious lifestyle, has become a prime destination for global investors and professionals. One of the most enticing offers for those looking to make the UAE their second home is the Golden Visa, which allows foreigners to gain long-term residency in the UAE through investment, or based on their special skills. This guide offers a detailed look at how to obtain a UAE Golden Visa in 2024, outlining its benefits, eligibility criteria, and the step-by-step process for obtaining this sought-after residency.
Key Takeaways
- The UAE Golden Visa offers 5 to 10 years of renewable residency.
- Investors, entrepreneurs, exceptional talents, and outstanding students are among those eligible for the visa.
- Various sectors like real estate, business, and innovation offer pathways to securing a Golden Visa.
- Tax advantages, access to world-class infrastructure, and a safe living environment are some of the key perks.
What is a Golden Visa in UAE and How It Works
The UAE Golden Visa is a long-term renewable residency visa that allows foreigners to live, work, and study in the UAE while enjoying exclusive benefits. It can be granted for five or ten years and is renewable.
The UAE Golden Visa program was introduced to attract significant investment and top talents in fields such as arts, culture, science, and technology. This includes doctors, scientists, inventors, and creative individuals who have made significant contributions to their fields. Outstanding students with remarkable academic achievements are also eligible, encouraging the brightest minds to build their futures in the UAE.
Specialized experts in various industries, including AI, big data, epidemiology, and renewable energy, can apply based on their expertise and qualifications. Additionally, executives and specialists in high-demand fields may qualify if they meet specific salary and education criteria.
The program supports the UAE's vision of becoming a knowledge-based economy and global innovation hub. In 2023, the UAE saw a significant increase in the approval of Golden Visas. Specifically, the number of Golden Visas issued doubled to 158,000. This substantial rise reflects the growing popularity and benefits of the program.
Benefits of Getting a UAE Golden Visa as an Investor
The UAE is renowned for its high-quality living standards, offering a safe and secure environment, modern infrastructure, and access to world-class healthcare and education. Residents enjoy a cosmopolitan lifestyle with numerous cultural events, luxury shopping, and dining options.
As an investor, the UAE Golden Visa provides several compelling advantages. The 10-year, renewable residency provides a secure environment for long-term planning – eliminating the need for frequent visa renewals, and allowing you to focus on your business and personal growth without the constant worry of your visa expiring.
Moreover, you do not need a local sponsor, giving you the freedom to operate independently and make business decisions without external influence. You can fully own your businesses on the UAE mainland, which is a significant advantage over other visas that require partial ownership by a UAE national. This autonomy facilitates smoother business operations and allows for greater control over business strategies. And, with a growing number of skilled professionals, the UAE offers access to a diverse and highly qualified talent pool for your business needs.
Another major benefit is the favorable tax environment. The UAE offers zero taxes on personal income, capital gains, inheritance, and properties, making it an attractive destination for wealth preservation and growth. You can also purchase prime real estate in one of the world’s most dynamic markets, potentially yielding high returns on investment.
The UAE’s strategic location and global connectivity are additional perks. You have visa-free access to 176 countries, including the Schengen states, the UK, and Canada, enhancing your global mobility and opening up new business and travel opportunities. The country’s robust legal framework and support for businesses further enhance its appeal as an investment destination.
The UAE is also known for its world-class infrastructure, including state-of-the-art transportation, telecommunications, and utilities. This, combined with the country’s political stability and strong governance, creates a secure environment for long-term investments and business operations.
Additionally, you and your family can enjoy exclusive health benefits, including premium health insurance packages and access to top medical facilities. You can also employ and support an unlimited number of domestic helpers.
One of the greatest value propositions of the Golden Visa for families and professionals is the Esaad Card which encourages engagement in the country’s economy and tourism.
Investment Opportunities: How Can You Become an Investor in the UAE?
The UAE Golden Visa program offers unique opportunities for a diverse range of individuals looking to establish long-term residency in the Emirates. You can make the most of these benefits by understanding the application process and partnering with trusted advisors like Mirabello Consultancy.
Investors can get a UAE Golden Visa through public investment, partnerships in a company’s capital, annual government contributions, or if you’re a partner in an organization that pays $68,064.25 in tax annually. You can also quality if you are a partner in or owner of a small and medium enterprise (SME) within the UAE that generates more than $272,257.00 in annual revenue, if you have found an entrepreneurial project that was sold for more than $1.9 million, or if you have approval for a startup from an official business incubator.
If you have high recognition or influence in your field of expertise (including scientists, presidents, and professionals) or in the UAE’s education system, you could qualify too.
And, because of recent changes in the requirements to get a UAE Golden Visa, you can qualify if you have exceptional talents in vital fields like culture, art, sports, and digital technology, regardless of your educational qualification, employment status, financial status or professional level.
Humanitarian, healthcare and emergency workers helping in extraordinary circumstances can also apply.
Eligibility Criteria
There is a long list of financial, legal, and other requirements you will have to meet to get your hands on a UAE Golden Visa depending on the category you are applying for.
Financial Requirements
There are standard fees associated with submitting a Golden Visa application. These cover administrative costs and processing your residency application. The exact amount may vary, so it's advisable to check the latest free structure on the UAE government’s official immigration website or to consult with experts like Mirabello Consultancy for up-to-date information.
Investors and entrepreneurs will also be expected to make significant financial commitments before they are approved, including a deposit of more than $544,514.00 in a company’s capital.
If a property investor's investment is valued at $544,514.00 or higher, they can be eligible for the golden visa, regardless of whether the property is off-plan, completed, or mortgaged.
Additional costs may include health insurance premiums, translation fees for non-English documents, and any travel expenses incurred during the application process or for biometric scanning. Many applicants choose to work with consultancy firms specializing in Golden Visa applications as they can help you get the best deals on all of these.
Documentation and Paperwork
To apply for the UAE Golden Visa, you need to gather and submit several documents. You also need to complete various application forms, including a cover letter and detailed personal information. Partners like Mirabello Consultancy can help streamline the documentation process and ensure that your application meets all the necessary requirements.
Proof of Investment
Depending on your category (business, real estate, property, tax, etc) you will have to provide proof of your investment. Real estate investors have to present property purchase agreements, for example, whereas business investors will have to present registration documents and proof of capital deposit.
You will also require a letter from the Federal Tax Authority confirming your financial commitments to the government.
Proof of Talent
If you have exceptional talent, you have to prove you are classified as skilled in a specific field. This can be done by presenting a Master’s Degree or PhD in your relevant field, or a letter from the Ministry of Human Resources and Emiratisation.
Personal Identification
Copies of your passport with at least six months of validity and copies of your national ID card will be necessary.
Health Insurance
You will need proof of valid health insurance covering the UAE, which ensures you have access to healthcare services during your stay in the country.
Clean Criminal Record
A certificate attesting to your lack of criminal record from your country of residence. This document helps verify your suitability for long-term residency in the UAE.
How to Get a Golden Visa in the UAE?
To get your UAE Golden Visa you have to start with a preliminary due diligence check to address any issues that may arise later in the application process. Once approved, you have to take the following steps:
- Step One: Fill in the application forms and gather all the documents you need.
Once you’ve submitted the original documents and your application forms, lawyers have to translate, notarise and conduce consular legalization. Consultancies like Mirabello can take care of this part for you.
- Step Two: Make your investment.
There are many opportunities in the UAE and knowing which one to invest in can be overwhelming, especially if you are a foreigner. Partnering with consultants can help you identify the best place to put your money and ensure your financial sustainability and citizenship in the country.
- Step Three: Undergo medical evaluations.
You and your family will have to go to a UAE clinic to be assessed for any dangerous infectious diseases, preexisting conditions, or other health reasons that could impact your citizenship. You will receive a certificate of health status to include in your application.
- Step Four: Become part of the UAE.
When you are in the UAE with your family, you will have to go to the UAE Residency Agency office to provide biometrics and pledge allegiance to the UAE, committing to abide by their laws.
Challenges and Considerations
While these four steps may seem easy, obtaining a UAE Golden Visa comes with its challenges and requires careful consideration.
- Time: The Golden Visa offers up to 10 years of residency with opportunities for renewal. You have to think about your long-term plans, including business investments and opportunities, career prospects, and family relocation.
- Culture: Moving to a new country means adapting to new cultures. Understanding local customs, laws and business practices can help you integrate better and enhance the overall experience of living in the UAE.
- Family: If you are including family, you have to ensure all members meet the eligibility criteria and complete any additional paperwork that may be required.
- Tax: While the UAE offers favorable tax conditions, you should also consider your global tax obligations based on other residencies and investments. It’s important to understand the potential tax implications of getting a Golden Visa.
- Compliance: Once you have your UAE Golden Visa, you have to make sure that you remain compliant with the rules and regulations of the program and the country.
Keeping these considerations in mind can be a challenge in itself. You can partner with experts like Mirabello Consultancy to help you stay on top of them.
Post-Approval Process
It can take anywhere between five and seven days to consider your application for a UAE Golden Visa. If additional questions come up, you will have 30 days to answer them. Once the biometric scanning is completed, you will receive your residency permit and any associated identification cards.
It's important to keep track of the visa’s expiration date and ensure you renew it before it expires to maintain your residency status. Mirabello Consultancy can provide ongoing support to help manage your residency status and ensure timely renewals.
Conclusion
The UAE Golden Visa offers extended residency, tax benefits, and access to a thriving economy, making it an attractive option for those looking to make the UAE their second home. By understanding the eligibility criteria, investment opportunities, and application process, you can get a UAE Golden Visa in 2024 too. Partnering with specialists like Mirabello Consultancy can provide further guidance and support every step of the way.
