The UAE Government has introduced the Long Term Residence Visa (Golden Card Visas). It is tailormade for the Investors, Property Owners, Scientists, Students, and High-earning Executives for continuing their living in the UAE.
The long term residence visa enables talented individuals to contribute more towards society and thereby support the economic growth in the region.
New Amendments to Golden Visa
Golden Visa is targeted towards the foreign investors and expatriate population living in UAE currently. It enables ex-pats to live, work and study in the country without the need of a national sponsor.
The golden visa eligibility is extended towards managers, CEOs, specialists in science, engineering, health, education, business management, and technology professionals.
The visa application process is simplified for highly skilled and specialized residents, investors, entrepreneurs, scientists, pioneers, leading students, and graduates. These visas are valid for a period of 5 or 10 years and are renewed automatically.
New UAE Residence Visa Reforms
Following are the Residence Reforms added along with Golden Visa amendments in the recent UAE Cabinet decision by the Government.
- Business trip permits extension from 3 to 6 months
- Parents Sponsorship under the visa of direct family members
- One-year residency extension for humanitarian cases
- Extensions of children’s age limit on parent’s residency from 18 to 25 years
- Extension of grace period to exit the country after a job loss or retirement from 30 to 90-180days
Green Visa and Freelance Visa
UAE has also announced a Green Visa that expands the self-residence status to investors, entrepreneurs, highly skilled individuals, top students, and graduates.
Also, there is a freelancer visa for self-employed workers based in UAE and overseas specialized fields such as artificial intelligence, blockchain, and digital currencies, etc.
All the latest residence visa amendments are aimed at retaining the best talents in UAE and inviting new ex-pats to the country. UAE is transforming itself into a competitive business and family destination to invite foreign investors to settle in the region.
UAE through the latest initiatives is creating a sense of stability and security for the residence, strengthen the labor market, facilitate sector growth and skill development of individuals present here in the country.
Long-term Residence Visas in the UAE
The UAE Government launched the Long Term Residence Visa for residents and foreign investors to extend their living in the UAE and contribute actively to the growing economy.
The Long-term Residence Visas will be issued for 5 or 10 years and will be renewed automatically.
Eligibility for a 10-year Visa without a Sponsor
For a 10-year Residence Visa in the UAE, there are the following categories.
1. Investors with Public Investments of at least AED 10 million
The investment can be of any form below:
- A deposit of at least AED 10 million in an investment fund inside the country
- Company Formation in the UAE with a capital of not less than AED 10 million.
- Partnering in an existing or a new company with a share value of not less than AED 10 million
The investor must have a total investment of not less than AED 10 million in the above areas. Also, on condition of having more than 60% of the total investment in sectors other than real estate.
Criteria for the Visa Application Processing
- The amount invested must not be in the form of any loans
- The investment should be retained for at least 3 years.
- There should be financial solvency up to AED 10 million
Visa can be extended to include business partners, provided each partner contributes to AED 10 million. The Long term visa can also cover spouse, children and one executive director and one advisor of the company.
To initiate the process of long-term visa and company formation in the UAE, the investors can apply for a multiple-entry permit for a 6-month tenure.
2. Individuals with Specialized Talents
Specialized talents and researchers in the field of science and knowledge are eligible for long-term visas. Professionals such as doctors, specialists, scientists, inventors, as well as creative individuals in art and culture can apply for the visa.
All the professionals must be having a specialized field of priority in the UAE.
Criteria for Processing the Visa Application
- A scientist must be accredited by Emirates Scientists Council or holders of the Mohammed Bin Rashid Medal for Scientific Excellence.
- Creative individuals must have accreditation by the Ministry of Culture and Knowledge Development
- For inventors, there must be holders of patents approved by the Ministry of Economy and the patent must add value to the UAE’s economy.
- Inventors & Researchers must have their patents or scientific research published in a world-class journal
- Executives must be highly qualified in academics and must be part of an internationally recognized company.
Doctors and specialists must be fulfilling at least 2 of the following conditions
- Ph.D. degree from one of the top 500 universities in the world
- An award or certificates of appreciation in the field of the applicant’s work
- Contribution to major scientific research in their domain
- Published articles or scientific books in renowned publications
- Membership in an organization related to their domain
- 10 years of professional experience in the domain with a Ph.D. degree. The domain must be in the areas of priority to the UAE.
Eligibility for a Golden Visa without requiring a Sponsor
1. Investing in a Property in the UAE – 10 Year Golden Visa
New Update: As per the latest update, for the Golden Visa (10 Year Residence Visa), there is no requirement of AED 1 Million Down payment for the property that is valued at AED 2 Million.
So, investors who have started the process of Property Purchase through Loan, Mortgage, Easy Monthly Installment, are now eligible for Golden Visa. Connect with our expert team to know more.
2. Entrepreneurs Five Year Visa
Entrepreneurs having an existing project with a minimum capital of AED 500,000 or those who have the approval of an accredited business incubator in the country.
The entrepreneur is eligible for a multiple entry visa for 6 months, renewable for another 6 months. They have to do the processing of long-term visas within the tenure. The entrepreneur can sponsor dependents including spouses, children, a partner, and 3 executives.
3. Outstanding Students
Students with a minimum grade of 95 percent in public and private secondary schools. University students within and outside the country having a distinction or a GPA of at least 3.75 upon graduation. The students are eligible to sponsor their families under the visa.
How to Apply for Long Term Residence Visas in the UAE
For the foreign investors, students, and academicians to start the long-term residence visa process, they can visit UAE on a Multiple-Entry Visit Visa valid up to 6 months (extendable to 6 months more).
Multiple Entry Visa – 6 Months for the Investors (New Visa)
Visa Application Steps Overview
- Submission of the application through the system (E-channel)
- Receive the application by the employee
- Checking the request. In case of errors, will be rejected
- Receive the Gold Visa Permit
- Dependent passport and color photo
- Bank letter as proof of Deposit
- 3-year bank deposit of AED 10 Million
- Attested Company Establishment Contract (Share of AED 10 Million proof or 6 Million if there is another real-estate investment of worth AED 6 Million)
- Certified Financial Auditing Company Report (Proof for the investments are not loaned or mortgaged)
- Real estate registration department (Proof that the real estate is not loaned or mortgaged)
For entrepreneurs, students and Special talents the process is similar to the investors, there is no requirement to furnish any investment or bank deposit.
They have to submit identity documents (passport copy, photo) and proof of long-term residency eligibility (employment contract, academic qualification, etc.)
Long Term Residence Visa is an initiative launched by the Government of UAE to strengthen the economy and drive foreign investment and fresh talent across industry verticals.
The launch of Long Term Residence Visas in the UAE is in line with UAE’s long-term plans of diversification of the economy, technology advancements, entrepreneurship, and build a better tomorrow.
To know more about the Long Term Residence Visa, connect with the experts Business Consultants right away!
Contact: Aurion Business Consultants