RadiantBizRadiantBizRadiantBiz21 October, 2021
The United Arab Emirates (UAE) implemented a new long-term residency golden visa system in 2019, allowing foreigners to live, work, and study in the UAE without the need for a native guarantor and with full ownership of their firm.
Following the economic disruption caused by the pandemic, the amendment was enacted in order to recruit new foreign immigrants, mostly to the emirate of Dubai.
The Golden Visa system essentially grants individuals who fit into the following categories long-term residency, ranging from 5 to 10 years: investors, entrepreneurs, people with unresolved talents such as investigators, medical professionals, and those in technical and knowledge fields, and outstanding students.
The main benefit of the visa will be ensured by the issuing of the Golden Visa, and the UAE government has made it clear that they are committed to offering immigrants, investors, and anybody else wishing to make the UAE their home with another reason to feel safe about their future.
Those interested in applying for the Golden Visa can do so through the Federal Authority for Identity and Citizenship’s website, which is run by the General Directorate of Residence and Foreigners Affairs (GDRFA) or ICA (the channel for residency and citizenship), which is part of the ministry. GDRFA has both online and physical outlets, whereas ICA solely has online channels.
The application process is straightforward, with applicants only needing to submit the relevant paperwork and a desire to migrate to the UAE in order to pursue their business enterprise.
Investors with a public investment of at least AED 10 million, whether in the form of a firm or an investment fund, can apply for the 10-year visa. Though at least 60% of the total investment should not be in the form of real estate and the invested money should not be loaned, in the case of belongings, investors must have complete ownership.
The investor should also be able to keep the money for at least three years. This 10-year visa can be extended to business partners if each of them contributes AED 10 million. The holder’s spouse and children, as well as one decision-making director and one advisor, may be included on this long-term visa.
People with exceptional skill, in addition to entrepreneurs, are eligible to apply for the visa. Doctors, scientists, investors, researchers, and artists are among them.
The conditions for the 5-year visa are largely the same for investors, with the exception that the amount of investment necessary is AED 5 million.
In the UAE, outstanding high school and university academics are eligible for a 5-year resident visa. Students from certain institutions with a GPA of 3.75 or above upon graduation and high school students who rank first in the country with a minimum of 95 percent are eligible.
Aside from the aforementioned, international citizens who want to start a business in the UAE can apply for this 5-year permanent residency through the Golden Business Visa scheme.
To be eligible for residency, those in the above-mentioned specialised talent group must meet specific requirements.
The Emirates Scientists Council or winners of the Mohammed Bin Rashid Medal for Scientific Excellence must accredit scientists, whereas the Ministry of Culture and Knowledge Development must accredit creative people in culture and art.
Copyrights or scientific research published in a world-class journal must also be rewarded for exceptional talents.
Experts and doctors should have
The UAE has also allowed an amendment to its residence legislation that allows foreign university scholars to bring their families to the UAE if they have enough money, proper housing, and financial resources to sustain them.
Dubai additionally established an exclusive residency programme in October 2020 that allowed overseas working professionals who worked from home to live in the UAE while still serving their companies in their home country.
The Dubai government also announced in September the creation of a 5-year renewable Retirement Visa for immigrants aged 55 and up who choose to live in the emirate. The Retire in Dubai programme is open to all retirees who have a monthly income of at least $5,500, own a home in Dubai worth $550,000, or have $275,000 in savings.
In matters like business setup in Dubai, people tend to get confused and get in chaos due to several rules and requirements. This is the time when people tend to look for an expert. A lot of chaos can be avoided if guidance is taken from the very beginning. We at Radiant Biz are a team of experts who are here to help you with your queries related to all types of business setup.