Cost & Requirements to get the UAE Golden Visa

In 2019, the "Golden Visa" was opened by the UAE government, through which foreigners could request long-term residency permits to cater for themselves. It is also possible for them to obtain similar UAE resident permits lasting for the same duration on behalf of their close family members.

The requirements for obtaining an investment-based Golden Visa UAE were modified in October of 2022. The UAE government implemented new legislation that reduced the needed investment amount and gave investors the option to buy off-plan real estate or take out mortgages. This visa type is considerably easier because there are no longer any restrictions on the duration of stay in other countries.

Benefits of a UAE resident visa

·        Getting a UAE golden visa has many advantages. Among them are:

·         If you are a golden visa sponsor, then you can live and work here in Dubai without getting worried about the national sponsor. You now have greater options and control over your line of work as a result.

·         Avoid the discomfort of frequent visa runs, you can visit the UAE for an extended period with a golden visa.

·         A golden visa required for high-net-worth individuals comes with certain conditions. Consequently, it creates opportunities for investment in the UAE.

·         You can use medical and educational facilities in the United Arab Emirates so long as you possess a golden visa.

·         Status as a Family Member: Spouses and kids can also apply for residency through golden visas.

Who in the UAE may apply for a golden visa?

To be qualified for a golden visa, an applicant must fit into one of the following categories:

·         Entrepreneurs

·         Managing directors or CEOs

·         Those with advanced degrees (PhD holders)

·         Experts such as physicians, engineers, athletes, students, and investors.

Depending on your category, applying for a golden visa requires gathering and submitting a number of documents.

Golden Visa UAE requirements

If you are a business owner, investor, or professional thinking about applying for a golden visa then you must have to fulfil certain criteria. the criteria and requirements are given below:

Investors in the Government

If one of the following requirements is met, investors who invest in investment funds may be eligible for a 10-year Golden Visa without the need for a sponsor:

• Send in a letter verifying a two million AED deposit from an investment fund accredited by the UAE. Keep in mind that the Emirate of Dubai should grant the licence. If it is granted by a special development zone or a free zone, the relevant free zone must provide a To Whom It May Concern Certificate.
• Provide a memorandum of association showing a capital investment of at least AED two million together with a valid commercial or industrial licence.
• Send the Federal Tax Authority a letter certifying that the government receives an annual payment of at least AED 250,000.

Investors must also meet the following additional requirements:

• ·         Complete ownership of the invested capital (not a loan).
• ·         Evidence of health insurance for the individual and their family.

Investors in Real Estate

If they fit the following criteria, individuals who own one or more properties may be eligible for a 10-year Golden Visa, which is renewed under the same terms and without the need for a sponsor:

• Send in a letter verifying ownership of properties valued at least two million dirhams (US$545,000) from the relevant emirate's land department.
•  Acquire a house with a 50% down payment and a mortgage from particular local banks that have been approved by the appropriate local body.

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Business owners

If an entrepreneur meets the following requirements and has an economic initiative that is technically or innovatively oriented, they can be granted a 5-year Golden Visa.

• Have a letter of approval from a UAE auditor attesting to the project's minimum worth of 500,000 dirhams.
• Obtain approval from the relevant emirate's authorities attesting to the project's creative or technological nature.
•  Obtain accreditation to launch the intended activity in the UAE from a business incubator that has been authorised.

For each subcategory, the specific requirements are as follows:

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Medical professionals and scientists

•  In the UAE, in order to practise medicine, a doctor needs a letter of approval from the Ministry of Health and Prevention.
• Physicians must attest to receiving a base pay for their profession of at least 30,000 AED. In a free zone, it may be a pay certificate; otherwise, it may be a labour contract from an LLC company located on the mainland.
• The Mohammed bin Rashid Medal for Scientific Excellence Secretariat or the Emirates Council of Scientists must provide a recommendation letter to scientists attesting to the Medal's award.

Creators of inventions

Inventors are required to submit a recommendation letter from the Ministry of Economy attesting to the fact that their invention boosts the national economy.

Individuals with Creativity in the Arts and Culture

The Department of Culture and Arts in each emirate shall provide a letter of approval to creative people in the arts and culture.

Chief Executive Officers

Executive directors are required to provide:

• A copy of a university degree that has been approved by the Ministry of Education, with a bachelor's degree as the minimum degree required.
•  A letter attesting to at least five years of continuous employment in the same role is necessary.
• A labor contract for the same amount in the case of an LLC Company, or a salary certificate specifying a minimum salary of AED 30,000.
• A legitimate employment agreement.

One of the following must be the occupation: President of the Board of Directors, Manager, and Executive Director.

Students at Universities

If they fulfil the following requirements, deserving university students can apply for a 10-year Golden Visa without a sponsor

• The Ministry of Education must assign the university an A or B class rating.
• Send in an official university recommendation letter, an official graduation certificate, or an official academic record with a cumulative GPA of at least 3.5 (for A-class universities) or 3.8 (for B-class colleges).
•  Two years cannot have passed since graduation.

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Humanitarian Work Pioneers

If a humanitarian pioneer fits under any of the following criteria, they can apply for a 10-year Golden Visa:

• Members and exceptional staff who have at least five years of experience working for regional and international organisations.
• Members and exceptional staff who have contributed at least five years to civil groups and public interest organisations.
• People who have been honoured with an appreciation award by a national, international, or local organisation that specialises in humanitarian activities.
• Donors to humanitarian projects, as long as the assistance is valued at least two million UAE dirhams or comparable.

Frontline Heroes

• With a nomination from a qualified authority, frontline heroes who have shown extraordinary efforts during emergencies, such as the COVID-19 epidemic, may be eligible for the Golden Visa.
• Nurses, medical assistants, lab technicians, pharmacists, and other cadres certified by the Frontline Heroes Office are examples of frontline heroes.

How to obtain a Golden Visa UAE, Five-Year or Ten-Year Visa: Detailed instructions?

Applying for a UAE Golden Visa is a somewhat simple process. The steps involved are as follows:

• Assemble the necessary paperwork.
• Complete the application.
• Make the application fee payment.
• Send the application to the government of the UAE.

Depending on the type of visa you are seeking, there are differences in the processing period for a UAE Golden Visa. Still, the typical processing period lasts three to six months.

Cost of the Golden Visa UAE

In 2024, investors (from the Dubai Land Department) can obtain a new 10-year Golden Visa for 10,131 AED, which includes expenses for approval, a medical examination, and an Emirates ID.

The breakdown of Golden Visa for professionals and managers will be as follows:

•  2,710 AED for the approval cost; 
• 750 AED for the medical check
• ID for Emirates: 1,185 AED

The cost of UAE health insurance should also be taken into account. The minimal basic coverage is approximately 800 AED, DLD fees are 4,020 AED, and administrative expenses are 1,155 AED.

You must cancel your current visa once your Golden Visa is accepted. Depending on the authority, the average cancellation cost is 500 AED.

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