UAE Golden Visa Requirements and Costs in 2024
Introduction
The UAE Centennial Plan 2071, outlines its ambitions to become the best country in the world by its centennial year. This vision includes advancements in technology, sustainability and science.
If you meet the UAE Golden Visa requirements, you can become part of this transformative journey. The UAE government offers a range of incentives and support programs for startups in the AI, blockchain and fintech space, offering promising opportunities for venture capital and angel investors to support innovative startups.
The Hope Probe's successful mission to Mars also marked a significant milestone in the UAE's space program, inspiring a new generation of scientists and engineers that will expand the country’s economic opportunities in the space sector.
The country has also laid out its UAE Energy Strategy 2050, a comprehensive roadmap outlining its ambitious goal to increase clean energy contribution to 50% of the total energy mix by 2050, presenting lucrative investment opportunities for alternative energy projects.
With a Golden Visa, investors can tap into these opportunities. But before you can benefit, you have to understand the UAE Golden Visa costs and requirements. Experts like Mirabello Consultancy can give you the guidance you need.
Key Takeaways (Bullet Points)
- The UAE provides diverse investment avenues in technology, sustainability, space, and clean energy sectors.
- The UAE Golden Visa offers five to ten-year renewable residency without the need for local sponsorship, granting investors independence and greater control over their business strategies.
- Qualify through public investments, company partnerships, significant annual contributions, owning profitable SMEs, successful entrepreneurial projects, or approved startups.
- The UAE Golden Visa involves a government fee of $760 to $1,310, medical exams, Emirates ID processing, and health insurance starting at $220.
The UAE Golden Visa: A Gateway to Opportunities
The UAE is experiencing a massive influx of top talents in the technology, science, and ESG fields because of the recent economic developments. This includes doctors, scientists, inventors, and creative individuals who have significantly contributed to their fields, as well as other specialized experts and executives in high-demand fields. The UAE Golden Visa offers long-term, renewable residency to foreign investors interested in these opportunities.
What sets this five to 10-year residency apart from other visa opportunities, is that you do not need local sponsorship. This means investors can operate independently, giving them more control over their business strategies, without worrying about their visas expiring.
Investors also benefit from the favorable tax environment in the UAE, with various Economic Free Zones offering relief on personal income, capital gains, inheritance, and property taxes. It also has robust legal and security frameworks, a stable political environment, and strong governance that protects investors and their investments.
The UAE’s world-class infrastructure in areas such as transportation, telecommunications, and wifi (for example), makes doing business more efficient. Its connection to 176 other GCC countries, including the Schengen states, the UK, and Canada makes it possible to do business on a much larger scale too.
For those seeking to take advantage of these opportunities, Mirabello Consultancy specializes in facilitating the UAE Golden Visa process, which means you can focus on your investments while we take care of the requirements for you.
How much does a UAE Golden Visa cost?
The UAE Golden Visa applicants must pay a government processing fee of between $760 and $1,030 if currently in the UAE, and between $1,030 and $1,310 if outside the UAE. This can vary depending on the category you are applying for. You will be refunded 60% of this fee if your application is denied.
On top of this, you have to pay around $270 for a medical examination and an Emirates ID processing fee. You also have to get UAE health insurance, with prices starting at $220. With UAE health insurance, investors can use the country’s state-of-the-art healthcare systems, adding extra value to your Golden Visa investment.
Check the latest free structure on the UAE government’s official immigration website before you apply, or consult with professionals like Mirabello Consultancy for up-to-date information.
As of 2024, investors and entrepreneurs have to make significant financial commitments to qualify for a UAE Golden Visa, including a deposit of more than $544,514.00 in a company’s capital. Property investors with investments valued at $544,514.00 or higher are also eligible, regardless of whether the property is off-plan, completed, or mortgaged.
You might also be required to pay additional fees for translating non-English documents, as well as any travel expenses incurred during the application process, or for biometric scanning. Consultancy firms specializing in Golden Visa applications can help you get the best deals.
UAE Golden Visa requirements for investors
Investors can obtain a UAE Golden Visa through several avenues. One option is through public investment or partnerships in a company’s capital. Another pathway is via significant contributions to the government on an annual basis. Alternatively, if you are a partner in an organization that pays at least $68,064.25 in taxes annually, you qualify as well.
Moreover, if you are a partner in, or owner of, a small and medium enterprise (SME) within the UAE that generates over $272,257.00 in annual revenue, you can also be eligible. Similarly, you meet the UAE Golden Visa requirements if you have found an entrepreneurial project that was sold for more than $1.9 million, or received approval for a startup from an official business incubator.
Proof of your investment based on your category (business, real estate, property, tax, etc) will be required. This can be a proof of purchase or proof of capital deposits, for example, as well as a letter from the Federal Tax Authority confirming your financial commitments to the government. You also need to prove that you have valid health insurance covering the UAE, and submit a certificate attesting that you do not have a criminal record from your home country.
You will need to complete various application forms, including a cover letter and detailed personal information (copies of your passport with at least six months of validity and copies of your national ID card will be necessary). Mirabello Consultancy can help streamline the documentation process and ensure your application meets all the UAE Golden Visa requirements.
How to get a UAE GoldenVisa?
To make your transition into the UAE as smooth as possible, you can follow the below steps. Mirabello Consultancy can help with document preparation, legal compliance, and investment selection, ensuring a smooth application process and higher approval chances.
Step 1: Do your due diligence
The first step involves a preliminary due diligence check to identify and address any potential issues that could arise later in the application process. This initial assessment, conducted by a Certified Anti-Money Laundering Officer, helps increase your chances of visa approval by verifying the authenticity and compliance of your documents.
Step 2: Preparation and planning
You will receive a list of required documents for your application that you need to fill out. This is also where you ensure you have all the relevant “proof of” statements and documents you need.
Once you have submitted the documents, they need to be translated (if required) and notarized. Consular legalization will also be conducted.
Step 3: Make your investment
The next step involves making your investment. Once you have identified a category you would like to invest in, you can speak to your consultants to help you conclude the deal.
Step 4: Medical evaluation
You and your family members over the age of 18 must undergo medical evaluations at a UAE clinic. These evaluations check for dangerous infectious diseases and other health conditions that could impact your eligibility for the visa. You will receive a certificate of health status, which must be included in your application.
Step 5: Pledge your allegiance
Once in the UAE, you and your family need to visit the UAE Residency Agency office to provide your biometrics. Additionally, you must take an oath of allegiance, pledging loyalty to the UAE and committing to abide by its laws. This step formalizes your residency and integration into UAE society.
Step 6: Final review and approval
Your application is then reviewed by the General Directorate of Residency and Foreigners Affairs. The review process typically takes about five to seven days. If additional information is required, you will have 30 days to provide the necessary details. Once your application is approved, you will receive your UAE Golden Visa.
Conclusion
Securing a UAE Golden Visa offers a unique opportunity to be part of the UAE’s ambitious journey towards becoming a global leader by 2071. The process, while detailed, is straightforward with the right guidance and preparation. By leveraging the expertise of professionals like Mirabello Consultancy, you can navigate the complexities of the application process and focus on the vast opportunities awaiting you in the UAE. Embrace this opportunity to grow your business and personal endeavors in one of the most forward-thinking countries in the world.
