Dubai: The Golden Visa was introduced in the country in 2019. Initially, it was awarded to those who made significant contributions to the country, but later, more relaxations were introduced, making it accessible to a larger group of people. A key attraction of this program is the 10-year UAE residency visa.
Usually, a sponsor is required for a residency visa in the UAE, either a company one works for or a family member with UAE residency. However, no sponsor is needed for the Golden Visa. Unlike regular visas that need renewal every two or three years, the Golden Visa does not require frequent renewals.
Holders of the Golden Visa can sponsor their spouses and children. Daughters can be sponsored regardless of their age if they are unmarried, while sons can be sponsored up to the age of 25, an increase from the previous limit of 18 years. There is no limit on the number of domestic workers that Golden Visa holders can sponsor. Another significant advantage is that the visa will not be cancelled even if the holder stays outside the country for more than six months.
According to the Dubai General Directorate of Residency and Foreigners Affairs, there was a 52% increase in the issuance of Golden Visas in the first half of 2023 compared to the same period in 2022. By November 2022, Dubai had issued over 150,000 Golden Visas. Eligibility for the Golden Visa extends beyond employment criteria to various categories:
Property Buyers
UAE expatriates buying property are eligible for the Golden Visa. The total property value must be at least 2 million dirhams. The benefit applies to those buying completed or under-consideration properties. Earlier, investors were required to make a down payment of one million dirhams, but this condition has now been waived.
Investors
Individuals who deposit at least two million dirhams for a minimum of two years in a local bank in the UAE are eligible for the Golden Visa. Most banks in the country offer necessary assistance to those who opt for this scheme.
Entrepreneurs
Owners or partners of startups with an annual income of no less than one million dirhams are eligible. Startups must be registered in the UAE as Small and Medium-sized Enterprises (SMEs). Additionally, owners or one of the owners of a business sold for at least seven million dirhams also qualify, but they require approval from the Ministry of Economy or equivalent local authorities.
Researchers
Individuals with significant achievements in the science and research fields can apply for the Golden Visa based on recommendations from the Emirates Scientists Council. They must hold a PhD or postgraduate degree from one of the top 100 universities worldwide (as listed by the UAE) in engineering, technology, life sciences, or natural sciences, and have notable research achievements.
Exceptional Students
Students maintaining high academic standards in UAE schools and those who have graduated with distinction from the top 100 universities worldwide (as recognized by the UAE) are eligible to apply for a 10-year visa. The Golden Visa will be granted based on criteria such as academic excellence, year of graduation, and university attended.
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