The United Arab Emirates is considered one of the best destinations by tourists and investors. Reason? Not one, but there are many. First, the country is blessed with top-notch tourist spots and many unusual landmarks, which help people gravitate toward it.
Secondly, ever since the UAE Golden Visa came into the picture, the country has become a top spot for high-net-worth individuals seeking resident permits. The article below details the benefits and process of obtaining a residence permit in the UAE, making it easier for interested applicants.
What Is A UAE Golden Visa?
The Golden Visa scheme is an important document that entitles foreigners to live in the country. One of the most vital aspects of the Golden Visa program is that it offers all applicants residency for up to five to ten years. As with many other developed nations today, UAE has also introduced several visas which help individuals to get entry into the mainland. These include work visas, student visas, family visas, investment visas, and retirement visas.
The Purpose of the UAE Golden Visa Program
The UAE golden visa program’s purpose is basic and mostly done to retain talented people in the country. The process is straightforward and is mostly offered to entrepreneurs, researchers, medical professionals, and bright students. Besides providing security, the prime benefit of the UAE golden visa is that it gives people a chance to make UAE their permanent home, which is very lucrative.
Who Can Apply For The Visa?
Investors willing to apply for the 10-year visa must be ready to contribute AED 10 million. However, making such a massive contribution, certain guidelines need to be followed:
- Investors must make sure that at least 60% of the investment is not in the form of real estate.
- The amount must not be loaned, and investors shall refrain from assuming total ownership in the case of assets.
- A minimum time of 3 years is required to retain the investment.
- Besides entrepreneurs, individuals with specialized talent are also welcome to apply for a visa.
- For all those who want to go for the 5-year visa scheme, the investment amount comes down to AED 5 million.
- The golden visa program also allows foreign nationals to apply for permanent residency for five years.
What Is The Detailed Procedure For Applying for the UAE Residence Permit?
}The application for the UAE Golden Visa is the same as that of other countries. The process is simple, and you must prepare the documents before submitting them. The details of the steps are as follows:
- Apply for a nomination through their official website.
- Once the process is done, the UAE authorities take around 30 days to review the application.
- After the application is reviewed, the individuals receive an email from the authorities that mentions the outcome.
- Whenever your nomination gets approved, you will receive a link by email where you will have to upload the documents.
- Only after the Federal Authorities for Identity and Citizenship verify the application the golden visa is issued.
Benefits of Obtaining UAE Residence By Investment
Although the UAE has strict guidelines for its residents, the nation also offers enormous benefits worth checking out. These are:
- Applicants with Golden Visa approval can spend at least 5-10 years in the country.
- UAE promises its citizens security about their future in the country.
- Citizens also get a chance to study and work in the country.
- Investors who plan to start a business get 100% ownership without needing a national sponsor.
Have you read?
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FOUR PRACTICES TO CULTIVATE LEARNING AGILITY by Chuck Wachendorfer.
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