Rapid development with the latest technology is the main distinguishing feature of the United Arab Emirates. It is difficult for the modern person to imagine that just half a century ago, there was an endless desert instead of stunning mosques, beaches, imposing buildings, and flowering gardens. Today it is the center of wealth and luxury.
The best conditions for the study and residence of foreigners in the UAE are provided by the Golden Visa program. It has significant opportunities and is available to the following categories of the population:
- business representatives;
- investment investors;
- front-line heroes;
- eminent scientists.
What is the principle of the Golden Visa program? UAE residency by investment is described in our article.
What is the UAE Golden Visa?
It is worth noting that the UAE Golden Visa allows foreigners to live, study, and work. The program provides citizens of other countries with the following opportunities:
- Obtaining a six-month entry visa allowing multiple entries to continue the issuance of a residency permit;
- Long-term renewable residence visa for a period of 5 or 10 years;
- The maintenance opportunities of members of his family, also spouses, and children, regardless of their age;
- eligibility for sponsorship of residency assistants;
- there is no need to make an investment;
- The right to leave the UAE for more than six months with a valid residency visa;
- In the case of the holder’s death of, a Golden Visa, his family members can stay in the UAE until the validity of their documents expires.
As noted by an expert on the investment program in St. Lucia Zlata Erlach (company Immigrant Invest), the duration of the Golden Visa is ten years, which gives the investor the right to settle and get a job in the UAE.
The New UAE Golden Visa Rules
As of today, the UAE government has expanded the Golden Visa program. Some UAE golden visa changes have been made. Additional opportunities have been introduced into the Golden residency scheme to simplify the requirements and expand the list of beneficiaries. Now the duration of the program is ten years. Dubai Golden Visa’s new rules are extended to the following categories of foreign residents:
- Students with high grades who are attending the world’s best institutions of higher learning and have academic achievements. Academic standing, year of graduation, and university classification should be specified.
- Researchers from world universities with a Ph.D. and master’s degree in technology, life and natural sciences, and engineering. Recommendation of the Emirates Council of Scholars is mandatory.
- Professionals with high qualifications (first and second professional level), a bachelor’s degree, and a minimum income of $8,167 with a contractual relationship in the UAE.
- The individual is an award-winning humanitarian.
- Sponsors, volunteers.
- Dear members of international and regional organizations.
- Prominent members of public benefit societies.
- Medical professionals with wide-ranging opportunities.
- Outstanding personalities in digital technology, art, innovation, culture, sports, medicine, law, and other areas. A letter of recommendation from the local government is required.
- Representatives in the field of culture: singers, artists, and painters with a letter of recommendation from the Ministry of Culture.
- Executive Directors with a bachelor’s degree with opportunities of five years of experience. The salary should be 50,000 UAE dirhams or more.
- Freelancers without an employer when proving financial solvency at residence.
The Government of the UAE has adopted the program about steps to simplify the requirements for opportunities for foreign residents or investors to stay in the country, providing the most comfortable conditions.
How the New Rules Impact Investors and Entrepreneurs
New rules for UAE Golden Visa were created to attract investment in the country. The program’s validity period has been extended from two to five years. The following requirements are imposed on the investor:
- approval, proof of investment;
- if there are several licenses, the total invested contribution is calculated;
- approval of the local authorities.
According to the law, an investor can get a Golden Visa with a residency purchase price of $5,44,528 or more. In addition, the new programs allow for a loan at certain local banking institutions. Today, emigrants have the right to change their status within six months.
Golden residence visa is available to entrepreneurs-investors with the condition that their company is registered in the UAE.
The holder of the Golden visa has the opportunity to live in residency, providing activities in the UAE without being tied to a particular employer. Thanks to the program, owners of foreign companies registered in the UAE have the opportunity to attract and interest valuable employees, offering a similar status. It will help to attract really valuable and talented people to the country.
UAE Golden Visa changes in 2023 provide Golden Residence owners with the opportunity to sponsor their family members and employees. Thus, the UAE government is fighting for talented, highly professional personnel, trying to attract more profitable investments.