The United Arab Emirates (UAE) has long been a beacon for international investors, entrepreneurs, and professionals. Recognizing the potential of attracting global talent and investment, the UAE introduced the Golden Visa program in 2019.
This program offers long-term residency options for those willing to invest in the country, making it an attractive proposition for many.
UAE Golden Visa program – an overview
The UAE Golden Visa is a special residency visa designed for investors, entrepreneurs, scientists, professionals, and those with exceptional talents.
Unlike traditional residency visas, the Golden Visa offers longer validity periods and comes with a host of benefits tailored to the needs of high-net-worth individuals and their families.
Introduction of the visa in 2019 and changes in 2022
Initially, when the program was launched in 2019, obtaining a Golden Visa required an investment ranging from AED 5 million to 10 million.
However, recognizing the evolving needs of the global investment community and striving to make the UAE more competitive in the residency-by-investment landscape, the government introduced new conditions in 2022.
These changes included a reduced investment amount, more flexibility regarding the duration of stay in other countries, and the opportunity to invest in off-plan properties and avail mortgages.
These revamped rules came into effect in October 2022, further enhancing the program’s appeal.
Eligibility criteria
The government has set forth specific eligibility criteria to ensure the integrity and objectives of the UAE Golden Visa program. These criteria ensure that the program attracts genuine investors and talents who can contribute to the UAE’s socio-economic landscape.
Who can apply: Investors, entrepreneurs, scientists, professionals, and exceptional talents
The UAE Golden Visa is not limited to just investors. A diverse group of individuals, including entrepreneurs, scientists, qualified professionals, and those with exceptional talents, can apply.
This inclusivity ensures that the UAE attracts a mix of individuals who can contribute to various sectors of the economy.
Historical investment requirements vs. new conditions
In the initial phase of the program, obtaining a Golden Visa required an investment between AED 5 million to 10 million. However, with the 2022 changes, the government has made the program more accessible. The revised conditions have reduced the investment amount, removed restrictions on the duration of stay in other countries, and introduced the opportunity to invest in off-plan properties with the possibility of taking a mortgage.
Real estate investment options: AED 2 million for a 10-year visa and AED 750,000 for a 2-year visa
One of the most significant changes in the program’s conditions is the reduced investment requirement for real estate. Now, individuals can secure a 10-year Golden Visa by purchasing real estate in the UAE worth AED 2 million ($545,000).
Alternatively, for those looking for a shorter-term commitment, an investment of AED 750,000 ($204,000) in real estate can fetch a 2-year residence visa. This flexibility ensures that the program caters to a broader range of investors with varying investment capacities.
Golden Visa requirements for entrepreneurs
Entrepreneurs play a pivotal role in driving innovation and economic growth. Recognizing their significance, the UAE offers a dedicated pathway for entrepreneurs to obtain the Golden Visa. Here’s a detailed look at the requirements tailored for them:
Eligibility for entrepreneurs
If you’re an entrepreneur, you can qualify for a Golden Visa with a validity of 5 years. The primary condition is that you should own an economic project that is technical or futuristic and is based on risk and innovation.
Specific requirements include:
Project Value: An approval letter from an auditor in the UAE is required, stating that the project’s value is not less than 500,000 dirhams.
Nature of the Project: Authorities in the respective emirate must provide a letter stating that the project is of a technical or future nature.
Business Incubation: Entrepreneurs must have an approval letter from an accredited business incubator in the UAE. This letter should confirm the establishment of the proposed activity in the country.
By meeting these criteria, entrepreneurs can leverage the UAE’s dynamic business ecosystem and enjoy the myriad benefits that come with the Golden Visa.
Golden Visa requirements for investors
Investors have always been at the forefront of economic growth and development. With its investor-friendly environment, the UAE offers the Golden Visa as a testament to its commitment to global investors. Here’s a comprehensive breakdown of the requirements tailored specifically for investors:
Eligibility for investors
Investors can obtain the Golden Visa based on their public or real estate investments. The visa’s duration and conditions vary based on the nature and amount of the investment.
Requirements for investors in public investments:
Investment Fund: Investors can be granted a 10-year Golden Visa without the need for a sponsor if they invest in an accredited investment fund in the UAE. They must provide:
– A letter from the investment fund accredited in the UAE, confirming a deposit of AED two million.
– A Commercial or Industrial License: Investors can also qualify based on their business investments. They must provide a valid commercial or industrial license and a memorandum of association confirming that the investor’s capital is not less than AED two million.
Tax Contribution: To further validate their contribution to the UAE’s economy, investors must provide a letter from the Federal Tax Authority confirming that the investor pays the government no less than AED 250,000 annually.
Ownership of Capital: The invested capital must be fully owned by the investor. It should not be in the form of a loan.
Medical Insurance: Proof of medical insurance for the investor and their family (if applicable) is mandatory.
Key benefits of the UAE residency visa
The UAE Golden Visa is not just a residency permit – it’s a gateway to many opportunities and benefits in one of the world’s most dynamic and prosperous nations. Here’s a deep dive into the advantages that come with this coveted visa.
Relocation and flexibility: No mandatory stay requirements
One of the UAE Golden Visa’s standout features is its flexibility. While it allows beneficiaries and their families to relocate and live in the UAE, there’s no obligation to reside there continuously. This means investors can maintain their global commitments while enjoying the benefits of UAE residency. Whether you wish to make the UAE your permanent home or visit occasionally, the choice is yours.
Tax benefits: Exemptions on various types of income and upcoming corporate tax changes
The UAE is renowned for its tax-friendly environment, and Golden Visa holders can reap these benefits to the fullest. From exemptions on income, capital gains, inheritance, and gifts to no property tax, the financial advantages are substantial. Moreover, even with the introduction of a 9% corporate tax on profits exceeding AED 375,000 in 2023, the UAE’s tax regime remains competitive compared to many other countries.
Banking advantages: Opening accounts in multiple currencies
With a UAE residency visa, investors can seamlessly open bank accounts in the country. Whether you prefer to transact in dollars, euros, dirhams, or other currencies, UAE banks offer a wide range of services tailored to international clients. These accounts are ideal for savings and facilitate efficient international transfers.
Driving in the UAE: Obtaining a driver’s license
For those who wish to drive in the UAE, the process is streamlined for residents. While a driving test might be necessary for some, citizens from countries like the US, UK, Germany, Australia, and several others can simply exchange their existing licenses for a UAE one.
Access to healthcare and education: Benefits for residents and their families
The UAE boasts world-class healthcare and educational facilities. Golden Visa holders and their families can access the country’s top-tier medical institutions, many of which are at the forefront of medical tourism.
Whether it’s dentistry, orthopedics, or dermatology, UAE healthcare standards are exemplary. Additionally, investors’ children can enroll in some of the best schools and universities in the UAE, with many international institutions offering programs in English.
Simplified visa process: No need for employer sponsorship
Unlike other residency visas, the Golden Visa process is straightforward. Applicants don’t need to seek an employer or another sponsor. Moreover, they’re provided with a six-month visa to enter the UAE even before the residency is finalised, ensuring they can set up their investments and other necessities in advance.
Family inclusion: Visa options for spouses, children, and parents
The UAE understands the importance of family. Hence, main applicants can sponsor their immediate family members, ensuring families can stay united. Whether it’s spouses, children, or even parents, the Golden Visa program has provisions to include them.
Application requirements
Ensuring the integrity of the UAE Golden Visa program is paramount. As such, there are specific requirements that applicants must meet to be considered for the visa. These requirements are designed to maintain the program’s prestige and attract genuine and qualified individuals.
Criteria for investors
Age: All investors must be over 18 to apply for the Golden Visa.
Legal income: Applicants must provide evidence of their legal income sources. This ensures that the funds used for investment are legitimate and not linked to illicit activities.
Criminal record: A clean criminal record is a prerequisite. The UAE government conducts thorough background checks to ensure that applicants have not been involved in criminal activities.
Health: The UAE places a high emphasis on public health. As such, applicants must not have any socially dangerous diseases, such as HIV or tuberculosis.
Criteria for family members
Spouse:
Age: Spouses must be over 18 years old.
Criminal record: Just like the main applicant, spouses must also have a clean criminal record.
Health: Spouses should not have any socially dangerous diseases.
Children:
Sons: Unmarried sons under 25 can be included in the application.
Daughters: Unmarried daughters of any age are eligible for inclusion.
Health: Dependents over 18 must not have any socially dangerous diseases.
By adhering to these requirements, applicants can ensure a smooth application process and increase their chances of obtaining the coveted UAE Golden Visa.
Investment costs and options
The UAE Golden Visa program offers a range of investment options to cater to different financial capacities and preferences. Understanding the associated costs and the available choices is crucial for potential investors to make informed decisions.
Breakdown of costs for the 10-year visa option
Real estate purchase: A minimum investment of $545,000 (AED 2,000,000) is required to obtain a 10-year UAE residency visa. This investment allows investors to buy properties in the Freehold Zones, areas designated for foreign real estate ownership.
Registration fee: The process involves a registration fee of approximately $21,800 (AED 160,000).
State fees: For issuing visas and identity cards, there’s a fee of $1,043 (AED 3,860) per person.
Medical check-up: Each person must undergo a medical check-up, costing around $220 per individual.
Health insurance: A mandatory requirement, health insurance costs start from $400 per person.
Document processing: Translation of documents, notarization, and consular legalization come at an estimated cost of $1,000+ per person.
Step-by-step application process
Navigating the application process for the UAE Golden Visa can seem daunting, but with a clear roadmap, applicants can ensure a smooth journey. Here’s a detailed breakdown of the steps involved in obtaining a UAE residence visa through investment in real estate.
Preliminary due diligence
Duration: 1 day
Before diving deep into the application, Immigrant Invest conducts a preliminary check. This step is crucial to identify potential issues and enhance the chances of visa approval. The check remains confidential and is overseen by a Certified Anti-Money Laundering Officer familiar with the UAE’s due diligence procedures.
Preparation of documents and getting a six-month visa
Duration: 5-7 weeks
Applicants receive a list of required documents from Immigrant Invest lawyers. Once the original documents are submitted, they undergo translation, notarization, and consular legalization. To facilitate property viewing, medical checkups, and the Golden Visa application in the UAE, applicants are granted a 6-month visa.
Purchase of real estate
Duration: 5-6 weeks (concurrent with document preparation)
Investors have the flexibility to buy property without physically being in the UAE. Immigrant Invests real estate experts provide suitable property options aligned with the investor’s goals. Legal assistance is also provided to finalize the purchase agreement and register the property ownership.
Medical checkup
Duration: 1-5 days
All applicants and family members aged 18 and above must undergo a medical examination in a UAE clinic. This includes tests for specific infectious diseases and a fluorography scan to obtain a health status certificate.
Due diligence and getting the UAE residence visa
Duration: Up to 30 days
Applicants and their families must visit the UAE to formally apply for the visa and provide biometric data to the General Directorate of Residency and Foreigners Affairs. Immigrant Invest lawyers assist throughout this process.
Typically, the application review takes about five to seven days. If additional queries arise, there’s a 30-day window to address them. Upon approval, the investor and their family receive their residency visas.
By following this structured process and with the right guidance, obtaining the UAE Golden Visa can be a seamless experience, opening doors to a world of opportunities in the UAE.
Conclusion
The UAE Golden Visa program is a testament to the country’s commitment to fostering global collaboration and investment. With its myriad benefits and opportunities, the program is an attractive proposition for those looking to establish a strong foothold in the Middle East’s economic powerhouse.
If you’re considering the UAE Golden Visa as your gateway to a brighter future, Knightsbridge Group is here to assist. With our expertise and deep understanding of the program, we can guide you through every step, ensuring a seamless application process.
Don’t miss out on this golden opportunity. Contact Knightsbridge Group today and embark on your journey to UAE residency.
