After the Cabinet Resolution approved the concept of Golden Visa in UAE, the Ministry of Human Resources and Emiratization implemented it in 2019. This Golden Visa is specifically for long-term residence visas of about five or ten years. The ministry has also mentioned mainly three sections that stand in need of this work permit.
The main concept of this new scheme of issuing work permits is to allow the foreigners to work, study and live in the United Arab Emirates. Several celebrities, scientists and professors given this Golden Visa so far.
What is this Golden Visa Scheme?
Golden Visa is a special kind of residence visa that is specifically for long-term residence. This scheme came into existence two years ago when it got approval from Cabinet Resolution. Only a few people can apply for this extended Visa. The most exciting part about this Visa is that it allows you to stay in UAE, work and study without having any national sponsor.
The main reason due to which the ministry released this Visa is to project the UAE as the most preferred destination for business investment. This will eventually lead to business Setup in the UAE. In addition, this Visa helped the Government to recognize people who have been in the state for a long time.
There are mainly two categories for this Golden Visa UAE, including a 5-year residence and a 10-year residence.
To whom does the Government give this Golden Visa?
There are a few specific categories of people to whom the Government will allow for this Golden Visa and will further issue work permits to them. The Government has decided to offer this Golden Visa to investors, entrepreneurs, researchers, outstanding high school pupils, and individuals with specialized talents.
However, according to this recent announcement, there are some eligibility conditions for these people to fulfil to get their Golden Visa and finally their work permit.
In which sectors will these work permits be issued?
The Ministry of Human Resources and Emiratization has mentioned that these new work permits will be needed in only three cases.
First, the category of people who were unemployed at the time they received their Golden Visa. But they now want to get employed by a certain employer.
Second, the category of people who are currently employed however they want to get employed under a new employer.
The third is for the employers who wish to renew their contract with their employees having Golden Visa.
What is the eligibility criteria for a 5-year Golden Visa?
For real estate investors, the primary requirement is that the investment amount should not be on loan. The investor must have a minimum investment of AED 2 million, and he or she should retain this investment for about three years. This 5-year Visa may get extended to their dependents.
For entrepreneurs, it is mandatory to have the approval of an accredited business incubator in the UAE. In addition, they should have a currently existing project with the minimal worth of AED 2000000. Entrepreneurs have a special option of multi-entry for a period of six months, and they can extend it for another six months. This extended Visa for entrepreneurs also include spouse, kids, partner (if any) and a total of three executives.
For brilliant university and high school students, it becomes imperative to rank good. The students who will top in the country with a minimal of 95% overall are eligible to apply for a golden visa in UAE. The students from universities having a total CGPA of 3.75 or higher upon graduation can also apply for a golden visa.
What is the eligibility criteria for a 10-year Golden Visa?
For investors, it is mandatory to invest at least AED 10 million. After that, they can invest their money either in some special investment fund or a specific company. But the most essential requirement is that a minimum of 60% of their entire investment should not be in real estate.
Additionally, the investor must have full ownership and not even a single penny of his investment should be in loan. However, the most vital thing is that the investor must retain this investment for about three years.
What is the eligibility criteria for people with specialized talents?
Individuals with specialized talents must have accreditations granted by their concerning sectors. This category of individuals includes doctors, professors, scientists, artists, and researchers.
Doctors who want to apply for Golden Visa in UAE must either have a PHD degree from one of the top universities or have received an award or certificate in their field. There is a full-fledged list of conditions for doctors to fulfill to receive their Golden Visa:
- Membership in any association relevant to their field of expertise.
- A vast experience in his specialization field, i.e. of about ten years.
- He must have his articles published or scientific books in different publications.
- The doctor must have contributed in a significant scientific research in his respective sector.
The doctors must fulfill any two eligibility conditions from the whole list we have mentioned above.
Scientists must have accreditation from Emirates Scientists Council or have received an award from the Mohammad Bin Rashid Medal. The individuals with creative skills in art and culture must hold accreditation from the Ministry of Culture and Knowledge Development.
These people can also have extended long-term Visa for their spouse and kids.
Whom can an investor include in his/her 10-year long-term Visa?
An investor having a minimal investment of AED 10 million will be allowed to get his Visa extended to his partners. But these partners must contribute a total amount of AED 10 million.
The Ministry of Human Resources and Emiratization also allows the investors having Golden Visa to include their spouse, kids and some professionals. These professionals include two persons: one executive director and an advisor. The investors who will retain this investment for a minimum of three years can also renew their Visa.
How can you apply for this Long Term Visa?
Those who are interested in applying for this extended residential Golden Visa can do it through different digital platforms. They can apply for this on the website of the Federal Authority for Identity and Citizenship.
Federal Authority for Identity and Citizenship (ICA) is a digital platform for citizenship and all the formalities regarding residency. Additionally, they can also apply through GDRFA (General Directorate of Residency and Foreigners Affairs).
The main difference between these two platforms is their working mode. ICA works on online mode only; however, the other one is available on both modes; online and offline. The entire process for applying for Golden Visa is very much straightforward.
You will only need to submit your necessary documents correctly.
A few other programmes have been include, To the Category of Foreign residents
The United Arab Emirates has given approval to several other programmed and residential laws. These laws now allow foreign students to bring their family members and stay with their entire family. In addition, they can now stay in the UAE for as long as they wish to.
Many celebrities from Bollywood and Hollywood have already received their Golden Visa, including Shah Rukh Khan, Sanjay Dutt, Cristiano Ronaldo, Luis Figo, Miralem Pjanic and many more. This work permit with a golden visa is a great way to motivate high school and university students to score excellent marks.
Many investors from India themselves has grabbed the benefit of Golden Visa. Additionally, this work permit will be a new start for many employees who want to get new jobs or want to start working for an employer.
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