The United Arab Emirates’ UAE Golden Visa has become a coveted residency option, attracting investors, professionals, students, and entrepreneurs since its launch in 2019. The General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai reported a remarkable 52% increase in UAE Golden Visa issuances in the first half of 2023, and by November 2022, over 150,000 Golden Visas had been granted.
This 10-year residency permit brings with it various advantages, including the sponsorship of family members and flexible conditions for professionals. However, what sets the UAE Golden Visa apart is its accessibility to individuals without the need for a job, offering alternative pathways to those seeking long-term residency in the UAE.
1. UAE Golden Visa for Property Buyers: A Real Estate Passport
One of the most prominent pathways to the UAE Golden Visa is through property ownership. UAE residents and foreign investors can apply for the UAE Golden Visa by purchasing one or more properties with a total value of Dh2 million or above. A recent game-changer was the decision by Dubai to drop the down payment requirement to Dh1 million, making it more accessible for potential investors. This move has opened the door for many individuals to secure the 10-year visa by investing in both off-plan and existing properties within the country. It’s worth noting that the total property value must still meet the Dh2 million threshold for eligibility.
2. Cash Deposit: Wealth Unlocks Doors
For high-net-worth individuals seeking the UAE Golden Visa, a unique option exists: making a cash deposit. By depositing Dh2 million with a local bank for a two-year period, individuals can qualify for this prestigious residency permit. Several local banks in the UAE are actively supporting applicants who choose this route. This option not only provides a straightforward process but also allows individuals to retain their financial assets while enjoying the benefits of the Golden Visa.
3. Entrepreneurial Spirit: Building a Legacy
The UAE encourages entrepreneurship by offering the Golden Residency to individuals involved in startups registered in the small and medium enterprises (SMEs) category. Entrepreneurs must generate annual revenues of at least Dh1 million and meet specific criteria. Additionally, those who have been founders of previous projects sold for a total value of Dh7 million or more can also be eligible for the Golden Residence. However, approval from the Ministry of Economy or relevant local authorities is required for projects or ideas to qualify.
4. Scientists & Researchers: Contributing to Advancement
Acknowledging the importance of scientific achievements, the UAE Golden Visa is extended to scientists and researchers with significant impact in their respective fields. Recommendations from the Emirates Scientists Council play a crucial role in determining eligibility. Candidates must hold a PhD or Master’s Degree in engineering, technology, life sciences, or natural sciences from leading global universities. Substantial research achievements further strengthen their case, underlining the UAE’s commitment to fostering innovation and knowledge.
5. Outstanding Students: Nurturing Talent
The UAE Golden Visa is not limited to seasoned professionals; it also recognizes exceptional students. High-performing students in UAE secondary schools, as well as outstanding graduates from both UAE and the top 100 universities worldwide, can apply for the 10-year visa. Specific criteria, including academic performance, year of graduation, and university classification, determine eligibility. This pathway reflects the UAE’s commitment to nurturing and retaining talent, providing a unique opportunity for young achievers to secure their future in the country.
In conclusion, the UAE’s Golden Visa has become a symbol of inclusivity, offering diverse pathways for individuals seeking long-term residency without the constraint of a job requirement. Whether through real estate investment, a cash deposit, entrepreneurship, scientific contributions, or academic excellence, the Golden Visa opens doors to a brighter future in the Emirates. As the program continues to evolve and attract a growing number of applicants, it stands as a testament to the UAE’s commitment to welcoming talent, innovation, and diversity onto its shores.