UAE INTRODUCES 10-YEAR GOLDEN VISA FOR PROFESSIONALS

The United Arab Emirates (UAE) recently decided to issue a 10-year golden visa to professionals that will include engineers, physicians, Ph.Ds. who are from UAE accredited universities who have scored Grade Point Average or GPA of 3.8 and above. The motive behind issuing this visa is to retain ‘talented people and great minds’ in the country.

The golden visa was introduced in 2019 as a long-term residency program by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai. After its launch, more than 400 investors, businessmen and some of their family members have been granted the visa.

REASONS FOR INTRODUCING THE UAE GOLDEN VISA

The reason for introducing the golden visa was to project the UAE as a destination for business investment and encourage business development in the region. The visa was introduced to recognize residents who have been here for the long-term and their contribution to their country’s development.

The golden visa is a means to recognize their contribution and to thank them with a log-term visa that is valid for ten years and can be renewed.

WHO CAN APPLY FOR THE GOLDEN CARD?

Five categories of non-residents can apply for the golden card, these include entrepreneurs, chief executives, investors, meritorious students and scientists.

REQUIREMENTS FOR FOREIGN INVESTORS

They must fulfil at least one of the following conditions:

• Must make a deposit of up to 10 million dirhams in an investment fund in the UAE.
• Must be an owner of a company with 10 million dirhams as capital investment or must be a partner in a company with a share of up to 10 million dirhams.

Apart from this, the following conditions must be fulfilled:

• Investment funds should be fully owned rather than be funded through a loan and adequate proof must be given
• The applicant must have held the investment for at least three years
• The applicant must have an insurance document for themselves and their family members

REQUIREMENTS FOR ENTREPRENEURS:

• Applicants must be owners of a project that has a value of 500,000 dirhams or above in a field certified in the UAE
• Applicant must be approved as a certified business incubator and a founder of the project
• Applicant must have health insurance coverage for himself and his family members

ELIGIBILITY CONDITIONS FOR SPECIALISTS

• Applicant can be a professor from any one of the top 500 international universities that is approved by the ministry of education
• Applicant with an award or certificate of appreciation for his area of specialization can also apply
• Scientists who have made major contributions to an area of study
• Ds. with 20 years of practical experience in their field of expertise
• Applicants who are specialists in fields significant to the UAE

ELIGIBILITY CONDITIONS FOR CHIEF EXECUTIVES:

• Must have a bachelor’s degree or its equivalent
• Must have experience of five years and above
• Must be earning a salary of 30,000 dirhams or more in the UAE and have a valid job contract
• Must be covered by health insurance which includes family members

ELIGIBILITY CRITERIA FOR OTHERS

As for the criteria for inventors, they must have a patent that should be of value to UAE’s economy and should have the approval of the patent from the ministry of economy.

Apart from this, the program includes art and culture specialists who must be approved by the Ministry of Culture and Knowledge Development in the UAE.