United Arab Emirates (UAE) has become an exceptionally popular choice among ex-pats for relocation. Whether you are looking to relocate to Dubai, Abu Dhabi, or any other part of the Emirates, the government offers many great perks to its residents. One such perk is the UAE Golden Visa, which has recently been introduced to create an attractive environment for business growth and to offer foreigners an opportunity to make the UAE a place of preference to stay, work & live.

Here is everything that you need to know about the UAE Golden Visa.

What does the Golden Visa offer?

Launched in 2019, the UAE Golden Visa allows many professionals from various fields to reside, study and work in the country without the need for a national sponsor. This visa was introduced to attract professionals such as investors, entrepreneurs, specialized talents, and outstanding students with promising scientific capabilities to the country.

What are the benefits of the UAE Golden Visa?

Ever since it came into effect, the UAE Golden Visa has garnered the attention of many ex-pats with ambitions to secure permanent residency in the country. Foreign nationals can reap numerous benefits with this type of visa:

• The main benefit of the Golden Visa is the security and assurance of long-term residence that the holders can enjoy.
• The Golden Visa offers long-term residency in the UAE for 5 years or 10 years, depending on the category of the visa.
• The UAE government offers the opportunity to extend the visa to dependents such as children, spouses, parents, or guardians.

Eligibility for the UAE Golden Visa

The Golden Visa was initially introduced for investors and highly skilled professionals. However, its scope has gradually extended to include many professions and specialists in other sectors. As per the law, the conditions for eligible groups to acquire a Golden Visa are as follows:

• Entrepreneurs
  For entrepreneurs to be eligible for the Golden Visa, they must have an existing project of technical or future nature with a capital of at least AED 500,000. Likewise, they may be accredited by a business incubator in the UAE to establish the activity in the country.
• Outstanding Students
  Outstanding students with promising scientific capabilities are also eligible for the Golden Visa. University students must have a minimum of 95% grades along with an average grade point of 3.8 upon graduation to be eligible for the UAE Golden Visa. Whereas high school students must submit a recommendation letter from the Ministry of Education.
• Specialized Talents
  This category includes specialized talents such as scientists, doctors, executives, inventors, or creative individuals in the fields of art and culture. To be eligible for the Golden Visa:

1. Doctors must have the approval letter from the Ministry of Health in the country to practice medicine.
2. Scholars must have a letter of recommendation from the Emirates Council of Scientists or the Secretariat of the Sheikh Mohammed bin Rashid Al Maktoum Award for Academic Excellence stating that they are a recipient of the Academic Excellence Medal.
3. People of culture and art must have an approved letter from the Department of Culture and Arts in the relevant emirate.
4. Inventors must have a recommendation letter from the Ministry of Economy.
5. Athletes must have a recommendation letter from the General Sports Authority or one of the sports councils.
6. Executive Directors must hold a certified degree from one of the top 500 universities in the world. Additionally, they must have a minimum of five years of experience, a salary no less than 50,000 dirhams, and a valid work contract.
7. Holders of doctoral degrees and specialists in the fields of engineering and science must have a degree in one of these majors — epidemiology and viruses/artificial intelligence/big data/computer engineering, electronics, software, electrical, genetics, and biotechnology. They must fulfill at least two of the following conditions: a Ph.D. degree, an award or certificates of appreciation in the field of their work, contribution to major scientific research in the respective field of work, published articles or scientific books in distinguished publications in the respective field of work, membership in an organization related to the field and a work contract for a profession in one of the above-mentioned specializations.

Requirements for Golden Visa

Investors
For investors in public investments:

1. They require a letter from an investment fund approved in the UAE stating that there is a deposit of 2 million dirhams.
2. Alternately, a valid industrial or commercial license with the company’s incorporation contract with the investor may be submitted to ensure that the investor’s capital is at least 2 million dirhams.
3. An investor must have an investment in a new or existing company as a partner with funded capital of a minimum of AED 2 million. This investment should not be financed by a loan.
4. Or they must submit a letter from the Federal Tax Authority stating that they are the owner of a company that pays the government no less than 250,000 dirhams annually.
5. Alternatively, they are required to submit a letter from the Federal Tax Authority stating that they are a partner in an establishment that pays tax to the government and whose share in the tax is no less than 250,000 dirhams annually.

Real estate investors

Comfort letter from the Real Estate Registration Department in the Emirate stating that they own property(s) with a minimum value of 2 million dirhams, and those are not mortgaged.

Entrepreneurs

For entrepreneurs to be eligible for the Golden Visa, they must have an existing project of technical or future nature with invested capital of at least AED 500,000. Likewise, they may be accredited by a business incubator in the UAE to establish the activity in the country.

1. Outstanding Students
   Outstanding students with promising scientific ability

A Ministry of Education guideline (ensure that a Text message is received).

• a copy of the permit of residence (Emirate of Dubai).
• a photocopy of the passport
• Occupation at the time of application is unknown.
• Outstanding Student received a professional award.

• Specialized Talents
  To be eligible under this category for the Golden Visa:

1. Doctors must have the approval letter from the Ministry of Health in the country to practice medicine.
2. Scholars must have a letter of recommendation from the Emirates Council of Scientists or the Secretariat of the Sheikh Mohammed bin Rashid Al Maktoum Award for Academic Excellence stating that they have received the Academic Excellence Medal.
3. People of culture and art must have an approved letter from the Department of Culture and Arts in the relevant emirate.
4. Inventors must have a recommendation letter from the Ministry of Economy.
5. Athletes must have a recommendation letter from the General Sports Authority or one of the sports councils.
6. Executive Directors must hold a certified degree from the university. Additionally, they must have a minimum of five years of experience, a salary no less than AED 50,000, and a valid work contract.
7. Holders of doctoral degrees and specialists in the fields of engineering and science must have a degree in one of these majors — epidemiology and viruses/artificial intelligence/big data/computer engineering, electronics, software, electrical, genetics, and biotechnology. They must fulfill at least two of the following criteria: a Ph.D. degree, an award or certificates of appreciation in the field of their work, contribution to major scientific research in the respective field of work, published articles or scientific books in distinguished publications in the respective field of work, membership in an organization related to the field and a work contract for a profession in one of the above-mentioned specializations.

How Can Hexagon Advisory Help?

At Hexagon Advisory, we understand how taxing the process of obtaining a residency permit/visa can be. You may require clarification on various aspects of the process.

Hexagon Advisory is a UAE-based business setup and consultancy firm. We offer a unique blend of serviceability to guide our clients through every stage of their visa application process. Through our strong expertise, we make the application process completely transparent and hassle-free for our clients.

Looking to apply for the UAE Golden Visa or other residency permit schemes available? You can count on our team to walk you through the whole documentation process and save you time. Call us today!