The UAE government, in 2019, made an unprecedented move in its immigration policies by introducing the Golden Visa. As glamourous as its name sounds, the benefits attached to the UAE or Dubai Golden Visa are specifically designed to attract foreign individuals of significant worth.
The Dubai golden visa is lucrative because it allows expats residency in the UAE up to 10 years. Moreover, its benefits also include the ability to live, work, and study in UAE with no need of a national sponsor, 100% business ownership, and multiple-entry permit to the UAE to name a few. Already, over 44,000 residents in Dubai have received the golden visa since its launch.
Given the attraction of the UAE Golden Visa, it is natural that there would be several questions surrounding it. How to apply for a Golden Visa? Who is eligible to get it? What are the benefits, requirements, and costs of the Golden Visa? Finally, here are all your answers.
UAE Golden Visa: Who is eligible for it?
The UAE government has set pre-defined conditions for Dubai golden visa application eligibility. For instance, the people qualified to receive the UAE golden visa are:
- Investors, business owners and entrepreneurs
- Highly educated individuals such as Ph.D. holders
- People with specialized talents or researchers in domains of science and knowledge
- Students showing promise in their selected field of education.
What documents do investors need to apply for the 10-year Golden Visa?
Investors need to have certain documents ready based on the type of investment they are looking into while applying for the Dubai Golden Visa.
Investment in commercial or industrial trade license
Investors with commercial/industrial trade license need the following documents to be eligible for the Golden Visa:
- Emirates ID copy
- Original passport
- Medical insurance
- Personal photo against a white background
- Individual investment in trade license(s) of at least AED 2 million or above
- Complete Audit report dating up to past two years
- Trade license copy of auditor’s company
- Auditor’s certificate
- Personal bank statement of 6 months
- Company’s bank statement of 6 months
- VAT return certificate of previous two years
- Free zone issued letter/NOC for Golden Visa (if company is under free zone)
Bank investment
Investors can get a 10-year UAE Golden Visa by investing a certain amount in banks as well. To do so, they will need:
- Copy of Emirates ID
- Original passport
- Personal photo against a white background
- Medical insurance copy
- Letter from bank confirming minimum investment of AED 2 million (as a safe deposit and is refundable after 2 years).
- Personal bank statements for 6 months
Federal Tax Authority letter
Another way for investors to get a Dubai Golden Visa is by getting an official letter from the Federal Tax Authorities, UAE. The documentation for that includes:
- Copy of Emirates ID
- Original passport
- Personal photo against a white background
- Medical insurance copy
- Letter from Federal Tax Authority showing proof of ownership in a company paying AED 2,50,000 annually in taxes
- Personal bank statement of 6 months.
5-year Golden Visa for investors in UAE
Investors can also try to get a 5-year Golden Visa in UAE by investing in real estate. The parameters for the 5-year Golden Visa are:
Real estate investment
- Investment in property of minimum gross value of AED 2 million.
- Invested funds should not be loaned.
- The property needs to be maintained for at least a period of 3 years.
Steps to Apply for Golden Visa in UAE?
Once investors fulfill the eligibility criteria, they can finally go ahead with the application process. The steps involved in applying for the Golden Visa are:
- Identify the category the investor wants to apply in
- Assimilate all government required documentation
- Shuraa has its own Amer center where we will submit your documents for you. Therefore, investors can forgo any major hassle!
- Then pay the required fees
- Wait for approval; approximately 72 hours to two weeks at most
- Cancel current residence visa
- Submit Golden Visa application
- Get UAE Golden Visa stamped on your passport
Start preparing your finances today!
Once you are sure you will apply for UAE Golden Visa, get your documents in order. Furthermore, investors with commercial or industrial trade license need to start compiling detailed business reports.
For important documents such as Audit Report and VAT Return Certificate, investors should reach out to the expert financial advisors at Shuraa Tax and Accounting Services LLC for their services. To get your finances in order, call us on +971 44081900 or drop your queries at [email protected].
