UAE Golden Visa Eligibility
UAE Golden Visa announcement: Online quiz revealed to check UAE Golden Visa Eligibility in 2 minutes
The test will help users understand if they are eligible to receive a Golden Visa.
The UAE has revealed a new online tool to help users understand if they are eligible to receive a Golden Visa.
The tool, which is available on the Federal Authority for Identity & Citizenship’s website, is a short quiz that will inform users if they are eligible for a Golden Visa. The quiz can be conducted in a couple of minutes, and asks users questions about their investments in the UAE, job role, and contribution to the country’s economy.
The UAE recently announced reforms for its Golden Visa rules and long-term visit visas, paving the way for more people to access the system. Unlike a normal job visa, the Golden Visa is not tied to employment, meaning the bearer can stay in the UAE. The visa lasts 10 years.
The benefits of Golden Visas extend to immediate family members. Children can be sponsored by a Golden Visa or Green Residence visa holder until the age of 25 – an increase from the previous rule of 18 years – with no age limit for unmarried daughters. Children of determination are granted a residence permit, regardless of their age.
The UAE Golden Visa residency programme was first implemented in 2019 and enables expats to live, work, and study in the UAE without the need of a national sponsor and with 100 percent ownership of their business on the UAE’s mainland.
New reforms recently eased the criteria to apply for the 10-year visas, with more people across a diverse set of professions offered the opportunity to apply for the Golden Visa.
Under the new regulations, the UAE Golden Visa will grant 10-year residence to investors, entrepreneurs, exceptional talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers, and frontline heroes, who meet certain eligibility parameters.
As part of its expansion, more professionals and highly skilled workers with educational qualifications and professional experience in all disciplines can now qualify for a Golden Visa. This includes those working in medicine, sciences and engineering, information technology, business and administration, education, law, culture, and social sciences.
Golden Visa for Athletes
Under this category, the Golden Residency Visa for specialised talents and researchers in various fields of science and knowledge is granted for 10 years without a sponsor and is subject to renewal.
Requirements:
- Applicants would need a recommendation letter from the General Authority of Sports in Dubai OR Dubai Sports Council.
- A copy of the sponsored passport.
Golden Visa for creative specialists in Culture and Art
Under this category, the Golden Residency Visa for specialised talents and researchers in various fields of science and knowledge is granted for 10 years without a sponsor and is subject to renewal.
Requirements:
- Applicants will need a recommendation letter from Dubai culture and Arts Authority.
- A copy of the sponsored passport.
Golden Visa for Executive Directors
Under this category an Executive Director and his family members can be granted a Golden Residency Visa for specialized talents and researchers in various fields of science and knowledge for a period of 10 years without a sponsor and subject to renewal.
Requirements:
- Executive Directors would require an “NOC” letter from the company that does not mind the golden residency, also mentioned that the service period is not less than 5 years as a general manager – executive director – chairman of the board of directors.
- Attested bachelor’s degree or higher degree.
- Salary certificate which should not be less then AED 50,000 monthly.
- Labour contract with the same profession and salary at the salary certificate.
- Bank statement for the last 6 months.
Golden Visa for Entrepreneurs
This category grants a Golden Residency Visa for 5 years to an entrepreneur who owns an economic project of a technical or future nature based on risk & innovation.
Requirement:
The applicant would require an approval letter from Dubai Future Foundation.
Golden Visa for Retired Foreigners
Under this category, a retired foreigner can be granted a Golden Residency Visa for a period of 5 years without a sponsor and subject to renewal.
Requirement:
The applicant would need a bank letter with a deposit value or income of AED15,000 or real estate ownership with the value of one million AED.
Golden Visa for Investors
Under this category, an investor can be granted the Golden Residency Visa for 5 or 10 years.
It is automatically renewed if the same conditions are met.
Requirements:
The applicant should be an investor in an investment fund (commercial investor) –
- Applicant would require the company’s financial report for the previous year – made by the company’s financial auditor.
- The company’s trade license and photocopy of the list of partners’ names.
- A copy of the sponsored residency.
- The company’s bank statement for the last 3 months.
- The company’s VAT return for the previous year.
The applicant should be an investor in an investment fund (deposit) –
- A letter from the bank in Arabic form showcasing a “fix deposit”. A note must be mentioned in the letter. (The fix deposit will not be broken for the next two years, OR in case the fix deposit was broken for any reason, the General Directorate of Residency and Foreigners Affairs – Dubai must be notified)
- A copy of the sponsored passport.
- Tenancy contract.
Investor in (Tax Return Investor) –
- A letter from the Federal Tax Authority.
- Company’s Trade license and photocopy of the list of partners’ names.
- A copy of the sponsored residency.
Golden Visa for Specialists in Engineering and Science
Under this category, an applicant and his family member can be granted a Golden Residency Visa for specialised talents and researchers in various fields of science and knowledge for 10 years without a sponsor and subject to renewal.
Requirements:
- Applicants would require an attested degree (bachelor’s degree or higher), or a letter of equivalency for the academic degree from the Ministry of Education (for certificates from outside the country).
- A copy of the sponsored residency.
- A work contract in one of the following disciplines: (Epidemiology and Viruses – Artificial Intelligence – Big Data – Computer Engineering – Electronics Engineering – Software Engineering – Electrical Engineering – Genetic Engineering – Biotechnology Engineering).
Golden Visa for Inventors
Under this category, a Golden Residency Visa can be granted to an applicant and his family member for specialized talents and researchers in various fields of science and knowledge for 10 years without a sponsor and subject to renewal.
Requirements:
- Applicant would require a recommendation letter from the Ministry of Economy.
- A copy of the sponsored passport.
Golden Visa for Scientists
Under this category, a Golden Residency Visa can be granted to an applicant and his family member for specialized talents and researchers in various fields of science and knowledge for 10 years without a sponsor and subject to renewal.
Requirements:
- Applicants would require a recommendation letter from “Emirates Scientists Council” or a letter from “Rashid Award for Scientific outstanding” that he/she has been awarded the Medal of Scientific outstanding.
Golden Visa for Outstanding Students
Under this category a Golden Residency Visa is granted for outstanding students for a period of 5 or 10 years and automatically renewed if the same conditions are met.
Requirements for a high school graduate:
- A recommendation letter from the Ministry of Education.
- Copy of the sponsored residency – applicable only for Dubai residents.
- Copy of the sponsored passport.
Requirements for a university graduate:
- Attested degree (bachelor’s degree or higher) along with the academic transcript.
- Copy of the sponsored residency applicable for Dubai residents only
- Copy of the sponsored passport.
Golden Visa for Doctors
Under this category, a Golden Residency Visa can be granted to an applicant and his family member for specialised talents and researchers in various fields of science and knowledge for 10 years without a sponsor and subject to renewal.
Requirements:
- Applicants would require a copy of their labour card.
- A copy of labour contract from MOHRE.
- A copy of the sponsored residency.
The UAE Golden Visa residency programme, which was first implemented in 2019, enabled expats to live, work, and study in the UAE without the need of a national sponsor and with 100 percent ownership of their business on the UAE’s mainland.
With the new rules, the criteria to apply for the 10-year visas have now been eased, as more people across a diverse set of professions will be offered the opportunity to apply for the Golden Visa.
Here’s an overview of the impact UAE’s latest Golden Visa rules will have on the region:
- How the Golden Visa rules will impact students, families, and the business of education in the UAE
- UAE’s new Golden Visa rules to encourage more doctors, nurses and healthcare professionals to move to the UAE
- How UAE’s Golden Visa reforms will lead to more expat investment
- How the updated UAE Golden Visa rules have changed the talent market
- How UAE’s new Golden Visa rules will impact businesses
- How UAE’s new Golden Visa rules will benefit startups in the region.
How the Golden Visa rules will impact students, families, and the business of education in the UAE :
Academic institutions, students, families, as well as the business and state of education will improve considerably following the recent set of sweeping amendments made to long-term visa policies in the UAE, an expert told Arabian Business.
Under the new executive regulations, the UAE Golden Visa programme will grant 10-year residency to high-performing students in UAE secondary schools, and outstanding graduates from UAE universities, as well as students from the best 100 universities worldwide who meet specific elibility criteria.
The criteria includes submitting proof of cumulative average of their academic performance, the year of graduation, and the university classification.
“The new visa regime approved by the UAE Cabinet assures incredible flexibility to its beneficiaries. The updated visa structure enables educational institutions to shift the cost of securing visas for education away from the student and his/her family,” explained Danielle Butterworth (below), the executive director for Finance and Administration at the University of Wollongong in Dubai (UOWD).
“Such government initiatives not only positively impact the business of education here in the UAE, but also enhance the state of education in the country, attracting more foreign students than ever, and reaffirming the UAE’s pioneering role as an international education and knowledge hub.”
The positive policy reforms will further enable educational to facilitate uninterrupted education preventing students and their families from the hassle of re-applying or purchasing an alternative visa type.
Butterworth added: “The UAE Golden Visa expanded scheme will also incentivise students in UAE secondary schools and universities to aim for high performance. This will further fuel student interest and intake across universities, allowing educational institutions to attract and retain exceptional talent.”
The UAE Cabinet has also approved a special entry permit for those attending training and academic courses and/or participating in internship programmes.
The sponsor can be universities or educational or research institutions licensed in the country or government or private entities.
“Universities form the crux of UAE’s academic landscape and any policy reforms that impact entry and retention for students across universities, also increase the flexibility of the education market.
“The updated rules contribute to a more accessible academic environment. The visa overhaul places students and academics at the fore, building effectively on the competitiveness of the UAE as a pioneer in education,” Butterworth concluded.
UAE’s new Golden Visa rules to encourage more doctors, nurses and healthcare professionals to move to the UAE :
Healthcare has received a huge boost in the UAE with the new rules for 10-year Golden Visas and 5-year Green Residence visas, which are expected to attract top professionals to the nation, an industry expert said.
The UAE Cabinet has eased the eligibility criteria for long-term visas in the UAE. The new rules also make the Golden Visa programme more inclusive to encourage more professionals across diverse industries to apply to the programme.
Reacting to the recent rules, the founder chairman and managing director of Aster DM Healthcare, Dr Azad Moopen, said: “For the healthcare sector, these reforms will attract more doctors, nurses, and other healthcare professionals to build their careers in UAE and select the country as a home for their families.”
According to the new rules, the UAE Golden Visa will be granted to scientists and researchers with high achievements and influence in their field based on the recommendation from the Emirates Scientists Council.
The candidate must have a PhD or a Master’s degree in the disciplines of engineering, technology, life sciences, or natural sciences from the best universities in the world, as well as substantial research achievements.
The UAE Cabinet has also revealed a major expansion, opening out the Golden Visa to highly skilled workers with educational qualifications and professional experience in all disciplines, including medicine, sciences, and engineering, among others.
In addition, the UAE’s new set of executive regulations will also provide skilled employees the opportunity to gain a 5-year Green Residency, without the need for a sponsor or employer.
Moopen added: “It is heartening to see the UAE’s visa relaxation announcement has reforms to support expatriates and businesses. The expansion of benefits to Golden Visa holders and introduction of green residence visa will attract more people with new skill sets and many businesses to the country.
“This will boost the talent pool in UAE and aid in the development of diverse sectors in alignment with the vision of the great rulers of the country to make UAE a global destination of choice.”
The announcement of the new set of rules is also timely, given the recent announcements surrounding the easing of Covid-related regulations in the UAE and the completion of a highly successful six-month long World Expo.
Moopen concluded: “Our triumph in the global war against Covid-19, while delivering the World’s Greatest Show – Expo 2020 – with such success, has established UAE as the most sought-after destinations for businesses and healthcare already. I am sure these moves will increase it exponentially.”
How UAE’s Golden Visa reforms will lead to more expat investment
The forthcoming reforms to the UAE visa system are designed to make it easier for expats to live, work and build a future in the country. With this, we’re likely to see an evolution in the spending and investment habits of expats in the UAE, as they start to plan their finances around longer-term residency, says Sophia Bhatti, an award-winning leader in finance and investment and a Chartered Wealth Manager.
Alongside the extended investor and entrepreneur visas, the new regulations are likely to encourage expats to commit more financial resources within the UAE, whether it be buying property, building an investment portfolio locally, or spending more disposable income in-country.
The new long-term residency schemes will promote a high sense of stability among qualifying UAE expats. It will also provide an important buffer to foreign residents living in the UAE who were previously reliant on short-term renewable visas linked to their employment.
The confidence that comes with secure residency will encourage more special visa-holders and their families to put down roots. With an extended visibility on the future, expats can now build and oversee investment and savings plans over the longer-term, as well as exploring new opportunities within the UAE.
The visa system overhaul will lead to a reduction in the cost of renewing residency permits, which should in turn lead to more savings and investments taking place as a result. Attracting more knowledge workers to the country will help to build and retain a highly-skilled workforce, with more investment potential and greater spending power.
The lifestyle opportunities the UAE offers, combined with the prospect of working towards a clear savings goal, mean that the investor visa option is likely to attract not only high-net-worth individuals but also the mass affluent expats.
The opportunity to reside in the UAE long-term is likely to change the investment mindset, particularly when it comes to property. Where expats might previously have invested in a residence in their home country, the option to build a future in the UAE means long-term visa holders will be more likely to explore residential property in the Emirates.
Furthermore, the current supply and demand equation has made investment property an attractive proposition. With the implementation of longer-term residency options, more expats will come to the UAE, and push rental prices up in the process.
The new regulations will naturally have a positive impact on the local banking industry as more investment is retained in the UAE. We can also expect an evolution in the broader business landscape as companies start to plan differently for their future.
Security of residence for employees will help to build more certainty around business continuity. Growing investment in commercial property is likely as existing businesses look to commit to the long-term and more new ventures set themselves up in the UAE.
How the updated UAE Golden Visa rules have changed the talent market
“What got you here won’t get you there” – Marhsal Goldsmith.
In the pre-pandemic era, employees, and entrepreneurs alike, were willing to go through lengthy and tedious residency processes to be based out of Dubai and the wider UAE.
Being “based in the UAE” has always been perceived as prestigious and for numerous, well-justified reasons. Landing a job with an employer in the country was, and still is, considered a privilege, says Ayman Kattan, Chief People Officer at Bayzat.
The pandemic however has brought about unprecedented changes to workforce dynamics by allowing most employers in the technology industry, both in the UAE and beyond, to double down on a “talent-first” approach to hiring.
As it turned out, being forced to adapt to a new reality and rapidly transitioning into the remote work paradigm, was a silver lining to what was otherwise an extremely challenging time for humanity.
The emergence of innovative and disruptive services such as Employers of Record (EoR) and Outsourcing solutions has created something of a “decentralisation of talent” and “free for all” effect on the talent landscape.
While this new reality has presented number of obvious positives for both talent and employers, it has come with some hefty costs.
Today, professionals can still enjoy the perks of working with Dubai-based employers and serving the local market, while operating out of the luxury of their own homes, which thanks to technology, could be anywhere in the world.
The hassle, costs, and time it takes to acquire a visa is simply not worth it anymore, be it for a job or to set up shop.
A quick change was therefore needed for the UAE to continue to flourish and remain a top tier business destination and once again the UAE’s government has demonstrated its incredible vision and foresight.
It was announced earlier this year that one of the key objectives of Dubai’s Chamber of Digital Economy is to attract 300 digital startups to Dubai within two years.
Such an ambitious objective would undoubtedly require rapid enhancements and changes to laws and policies.
To see immediate reforms to the visa system in the UAE, is just a testament to the country’s agility and ability to adapt to the new world we now live in.
With these visa reforms, we should expect to see a substantial increase of both supply and demand in the job market, which will go a long way in putting things that have been disrupted by the pandemic back into a state of equilibrium.
For businesses, this presents a momentous opportunity. But employees will need to be mindful that this can represent a change in the competitive landscape.
Overnight, UAE-based employees will no longer be competing with just their domestic counterparts, but with the expected influx of top global talent.
Moreover, for UAE-based organisations to capitalise on the influx of talent, the truth is, whatever worked up until this point, won’t work tomorrow.
Now is the time for these companies to invest in retention schemes for top performers, and to review things like their EVP (employee value proposition), wellbeing initiatives and employee benefits.
Otherwise, they will face the very real threat of their top talent, and the top talent in the resource pool, being snatched up quite quickly.
I also reckon that companies that haven’t invested in talent development and those that aren’t constantly up-skilling their people, are not going to be able to remain competitive in this new market that is being rapidly reformed and transformed.
This is a great time to be living and working in the UAE but just as the UAE government has been quick to adapt, it is imperative that UAE businesses and employees do too.
How UAE’s new Golden Visa rules will impact businesses
To help attract and retain top talent across numerous sectors, the UAE Cabinet recently amended its Golden Visa programme to include professionals from more diverse fields and ease the eligibility criteria.
This programme allows investors, entrepreneurs, startup owners, professionals, and exceptionally talented individuals to apply for long-term residency – for up to 10 years with the option of renewal – to live, work, or invest in one of the most cosmopolitan nations around the world. With a Golden Visa, expats can forego the need of a national sponsor and maintain 100 percent ownership of their businesses on the UAE mainland.
Commenting on the new executive regulations on the long-term residence visa, Roberto Croci, the managing director of Microsoft for Startups – Middle East, Turkey, and Pakistan, said: “The UAE showed a superb management of Covid with open borders, high vaccination rates, and its business-friendly regime. In this context, the Golden Visa can play a critical role in empowering more entrepreneurs to build their business from the UAE at a time where more global players like Sequoia Capital India and Softbank start looking seriously at the region and eventually undertake deals.”
The emergence of many technical startups and big companies looking to invest in Dubai and establish their headquarters in the emirate has also led to an increase in demand for technical skilled labour in the past years.
“Over the past few years, the UAE has positioned itself as an essential business hub connecting the Middle East to the world. Due to its dynamic and robust economy, it has become a destination of choice for business people and wealthy individuals seeking financial success,” Croci added.
“There is also a strong push by the UAE for new-age technologies such as machine learning, artificial intelligence, automation, and e-commerce.”
Innovation, entrepreneurship, and advanced industries remain a clear focus for the UAE as part of its plan to create a diversified knowledge-based economy in line with the UAE Centennial Plan 2071. With this active policy intervention the UAE can emerge as the tech hub of the Arab world with an ambition of becoming home to 20 tech companies worth $1 billion or more by 2031.
“The Golden Visa allow entrepreneurs and technology investors to live in the country for up to 10 years, longer than regular visas, with long-term financial planning and the opportunity to consider the UAE as home.
“The Golden Visa clearly shows how progressive the UAE is when it comes to supporting the entrepreneurial ecosystem. Exciting times ahead for the UAE and its startup ecosystem,” Croci concluded.
How UAE’s new Golden Visa rules will benefit startups in the region
Entrepreneurs in the UAE are hailing the new Golden Visa regulations as yet another “great move forward,” in strengthening the country’s startup ecosystem.
The new executive regulations coming in to effect next month, set flexible requirements for entrepreneurs and startup owners to obtain the ten-year residency visa, making it easier to attract top talent and businesses to the country, industry stakeholders told Arabian Business.
“As a business owner, entrepreneur, employer, mother and long-term resident of the UAE, I fully welcome the broadening of the rules and ability for more people to be eligible. The UAE is an attractive place to do business, live and create amazing things,” said Kate Midttun, founder and CEO, Acorn Strategy and Abu Dhabi’s first female Golden Visa holder.
“Allowing access for more people to do that and have control over their journey and future through the Golden Visa programme is a great thing. The impact as a business is huge, forging a stronger talent pool and making the region much more competitive globally,” she continued.
Golden visa eligibility criteria for entrepreneurs include owning or being a partner in a UAE-registered startup that generates annual revenues of $272,250 (AED 1 million) and above, having approval from an official body for a startup idea or being a former founder of an entrepreneurial project that sold for not less than $1.9m (AED7m).
“These visa reforms make a lot of sense in the short to medium term. The UAE’s projected 4.2 percent growth for 2022 is no surprise given that researchers in the US found that entrepreneurs who started their business in a recession were more likely to thrive and innovate due to adversity giving them a greater hunger for success. And UAE stock markets are buoyant, money is pouring into later-stage venture capital, with VC funding reaching $2.6bn last year, 138 percent more than the funding in 2020,” said Ramesh Jagannathan, NYU Abu Dhabi Associate Dean of Engineering, and startAD managing director.
“The global consumer class will reach 5.2 billion people by 2030, out of which, over three billion of them will be in India, China, Africa referred to as the “ICA Corridor”. Given that the MENA is part of the ICA Corridor, there is an opportunity to ‘ride the wave’ of India and China’s global tech dominance by becoming dominant in the global entrepreneurial economic landscape.”
“There is a white space available for the UAE to walk into, with a good strategy and patient execution and, as such, the latest visa reforms are another vital ingredient to add to the recipe that will create a dominant MENA digital economy fit for the evolving 21st Century needs,” Jagannathan added.
The new rules will allow the Golden Visa holder to sponsor his/ her family members, including spouses and children regardless of their age.
“This is yet another great move forward from the UAE government in its efforts to attract entrepreneurs to the region and give them all the incentives to launch businesses that can go on to make valuable contributions to the economy of the UAE as well as the wider Middle East,” said Ryaan Sharif, general manager, Flat6Labs, a seed and early-stage venture capital firm.
“Obviously, there is still more to be done, however, every change to proactively assist entrepreneurs in moving to the UAE and putting down roots here helps us in attracting the top talent globally,” Sharif continued.
Under the new executive regulations, the UAE Golden Visa will grant 10-year residence to investors, entrepreneurs, exceptional talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers, and frontline heroes, who meet certain eligibility parameters.
“This is great news all around for the startup ecosystem for both founders and Investors. It gives visibility and longevity to current and past founders, creates a fantastic environment for founders who want to become VCs (a growing trend) and sets up access to attract and retain a large and diversified talent pool,” said Derek Watson, founder and CEO of N2 Technology, a business focused on accelerating the funding process for startups and investors.
“It begs the question why would you want to be a startup or investor based anywhere else?” he added.
For more information contact with us.