Golden Visa in UAE
UAE is a sea of endless opportunities inviting people from around the world to explore its unmatchable business avenues. However, people are often confused about visa requirements, documents needed, and other legal compliance relating to this. To help our readers, our best lawyers of Dubai are going to discuss a special visa (‘UAE Golden Visa’) which is specially designed to secure long-term residency in this gulf country.
Golden Visa: Key Highlights
The UAE Prime Minister “Sheikh Mohammed Bin Rashid Al Maktoum” launched the scheme of “Golden Visa” in 2019. This visa offered long-term residency (5-10 years) for a certain category of persons including investors, entrepreneurs, and specialized talent including outstanding students, medical professionals, scientists, researchers, doctors, lawyers, and artists. The main objective of this visa is to ensure that all expatriates, who are contributing to the development of the country in one way or another, shall be given security in terms of residence. The list of eligible people is not static and it is expanding frequently to cover all classes of people, such as job seekers, friends, and relatives of UAE residents, and many more.
Under the investor category, mainly those investors who have made a public investment of at least AED 10 million, or a deposit of at least AED 10 million in an investment fund in the UAE are allowed. The minimum period of investment is 3 years, and it must not be borrowed funds. This Visa also expands to those individuals who are a partner of a UAE-based company with a minimum capital of AED 10 million. The individuals applying under the specialized talent category need to demonstrate their high level of skills in a specified field. Dubai Government extended this Golden Visa to frontline responders in 2020, keeping in mind their dedicated efforts during the pandemic.
Benefits of Golden Visa
Our top immigration lawyers of Dubai have highlighted that it is a self-sponsored visa that can be easily renewed after 10 years. One of the special benefits of a golden visa is that even if the visa holder passes away, you will be allowed to stay in the UAE for the full duration of the golden residency period. After the expiry or cancellation of your visa, a grace period of 6 months is provided to leave the country. Further, Golden visa holders are eligible to sponsor an unlimited number of domestic workers. In Abu Dhabi, the holders of golden visas are provided special discounts and offer while purchasing cars, property, health insurance, etc. Some notable benefits include such as reduced mortgage fixed-interest rates, attractive interest rates on savings accounts, and lower premiums on annual health insurance plans.
In Dubai, the Golden visa holder will be gifted the Esaad privilege card which offers numerous offers and discounts within UAE and 92 countries worldwide. Generally, this card is issued to police officials, military, and civilian retirees.
How to apply for a UAE Golden Visa?
The application process is quite simple and straightforward and it is advisable to take assistance from a specialized legal consultant of UAE for this purpose. The major steps are as follows-
visit the GDRFA- Dubai website. Select the required service then fill out the Visa application form, attach all the required documents, pay the required fees, and submit the Visa application.
There is also another way where eligible applicants can apply through GDRFA -Dubai smart application. The steps for this are as follows-
- Visit the GDRFA- Dubai website and download the application form;
- Select the service in which you are employed;
- Fill out the visa application form;
- Attach the necessary documents, such as Passport, identity certificate, etc;
- Submit the visa application form.
This Golden visa is a boon for professionals and people carrying extraordinary talent to have long-term residency in UAE. This is a self-sponsored visa which is making a lot of buzz nowadays. To know more, you can contact our best law firm of Dubai. You can email us at firstname.lastname@example.org or call +97150 8014003