The United Arab Emirates (UAE) has turned into a place that allures people from all around the globe. The country’s immigration policy is to attract talented persons, and individuals from various fields with its dynamic economy and high quality of life. One of the key initiatives that have bolstered this appeal is the Golden Visa program. Introduced in 2019, the Golden Visa offers long-term residency to foreigners, giving them unique benefits. In 2024, the UAE has made significant updates to this program, making it even more attractive and accessible.
WHAT IS THE UAE GOLDEN VISA?
The UAE Golden Visa is a long-term residency permit that allows foreign nationals to live, work, or study in the Emirates while enjoying a range of exclusive benefits. This visa is part of the UAE’s broader strategy to attract and retain top talent in various sectors, thereby fostering economic growth and innovation.
Eligibility
The Golden Visa is available to a diverse group of individuals, including:
Investors: Those who invest in the UAE’s economy, particularly in real estate, can qualify for the Golden Visa. In 2024, Dubai updated its Golden Visa requirements to boost the real estate market. Property investors must buy real estate worth at least AED 2 million (around $545,000) to be eligible for a 10-year Golden Visa, but a down payment of 50% of the property’s value is not required.
Entrepreneurs: Individuals who establish or invest in startups and businesses in the UAE can be also eligible for Golden Visas. The focus is on innovative and high-growth potential ventures.
Scientists and Researchers: Professionals in scientific fields who have made significant contributions to their disciplines can also apply for long-term residency in the Emirates. This includes those with patents, research publications, and other notable achievements.
Outstanding Students and Graduates: Exceptional students and graduates from UAE universities or the world’s top universities can apply to obtain a Golden Visa in the UAE. This category aims to retain young talent within the country.
Humanitarian Pioneers & Frontline Heroes: Individuals who have made significant contributions to humanitarian causes, either locally or globally, can also qualify. Additionally, doctors, nurses, and other healthcare professionals who have been at the forefront of combating crises like the COVID-19 pandemic, can be also eligible.
Requirements
The specific requirements for the Golden Visa vary depending on the category of eligibility. However, some general requirements include:
Proof of Investment: For investors, this includes property ownership documents or proof of investment in a business.
Employment Contract: Professionals are obliged to have a valid employment contract in the UAE. Academic Credentials: Students and graduates must have academic transcripts, certificates, diplomas, and achievements.
No Objection Certificate (NOC): For employees, a NOC from the current employer does not object to the employee applying for the Golden Visa.
Salary Requirements: As of 2024, salaried professionals must have a basic monthly salary of at least AED 30,000.
BENEFITS OF THE GOLDEN VISA
The Golden Visa offers numerous benefits that make it an attractive option for foreigners:
Long-Term Residency: The visa provides residency for up to 10 years, with the possibility of renewal. This offers significant stability and peace of mind for visa holders.
Family Inclusion: Golden Visa holders can sponsor their spouses, children, and even parents, ensuring that their families can also enjoy the benefits of having UAE residency.
Business Opportunities: The visa allows holders to establish and run businesses in the UAE, taking advantage of the country’s business-friendly environment and strategic location.
Access to Services: Golden Visa holders have access to a range of government services, including healthcare and education.
Ease of Travel: The visa facilitates easier travel in and out of the UAE, with fewer restrictions and longer stay durations.
No Need for a Local Sponsor: Unlike other visa types, the Golden Visa does not require a local sponsor, giving holders more independence and flexibility.
RECENT CHANGES
In 2024, the UAE introduced several updates to the Golden Visa program to make it more inclusive and attractive:
Lower Investment Thresholds: The minimum investment required for property investors has been reduced to AED 750,000. In the case of sole ownership AED 750,000 investment is enough to be eligible for a two-year residence permit. On the other hand, jointly owned property must be worth at least AED 1 million. The property’s value must be at least AED 2 million for a ten-year residency. However, new changes freed the mandatory down payment of at least 50% of the property’s value before becoming eligible for a Golden Visa. Moreover, new rules allow off-plan properties to qualify for the program. This makes the Golden Visa more accessible to a broader range of investors.
Extended Residency Periods: The residency period has been extended to up to 10 years, with the possibility of renewal. This provides greater stability for visa holders and their families.
Family Inclusion: The new regulations emphasize the inclusion of family members. Golden Visa holders can now sponsor their spouses, children, and parents. Unlike traditional visas, there are no age restrictions for children being sponsored by visa holders. As long as they remain dependent, children of any age can be included in the sponsorship.
Salary Threshold Adjustment: The minimum basic salary requirement for salaried professionals has been set at AED 30,000 per month, excluding allowances. This change aims to attract mid-career professionals and specialists in high-demand fields.
Streamlined Application Process: The application process has been simplified, with more digital services available to facilitate easier and faster processing of visa applications.
Focus on High-Demand Sectors: The updated criteria focus on attracting talent in high-demand sectors such as technology, healthcare, and scientific research. This aligns with the UAE’s long-term vision for economic diversification and development.
These updates reflect the UAE’s commitment to attracting a broader range of global investors by reducing financial barriers and increasing the flexibility of the program.
Conclusion
The UAE’s Golden Visa program continues to evolve, offering long-term residency and multiple tangible and intangible benefits. The recent 2024 changes have made the program more inclusive and accessible, attracting a new wave of investors, entrepreneurs, professionals, and students. With its dynamic economy, high quality of life, and strategic location, the UAE remains a prime destination for those seeking stability and opportunity for further business growth and personal safety. Whether you are an investor, entrepreneur, scientist, or student, the UAE Golden Visa can offer a pathway to prosperity and welfare in the Emirates.