Know These 5 Points About UAE’s Golden Visa Scheme

The United Arab of Emirates is truly an international destination, now more than ever. The unprecedented economic development witnessed in the past few decades has bolstered the country’s influence and power in the region and the world. Today, it hosts a bustling, cosmopolitan city of the world, Dubai, which attracts ex-pats from everywhere, and promises a basket of opportunities too good to resist. For much of its history, it has been known for its reliance on oil and gas but has now shifted its focus to businesses. That is where its Golden Visa Scheme comes into the picture.

A Golden Visa Scheme, in general, is a scheme under which applicants can seek expedited residence or citizenship in exchange for investment in select areas. While most schemes worldwide share a great degree of commonalities, each country tailors them according to its needs and requirements. So, UAE is no exception. It has introduced the said scheme as part of its policy to invite large investments into its development. The investors, of course, will reap the lucrative benefits from one of the richest countries in the world. To know more about UAE’s Golden Visa Scheme, read along.

1. Why this scheme is different
   The other visa schemes which the UAE offers require the applicant to have a national sponsor. This requirement has often been stated to be a major hurdle for ex-pats to study, work or invest in the country. However, the Golden Visa Scheme, launched in the year 2019, does things differently. It is no longer compulsory to have a national sponsor, and successful applicants will be offered long-term residence visas.
2. Long-term residence
   Another major aspect in which the Golden Visa Scheme differs from the typical UAE employment visa is the term of residence. Under the former, the applicant is offered long-term residence for a minimum of five years which can be extended to ten years. However, in the case of a regular employment visa, the validity of the permit is only for 2-3 years. With a Golden Visa, the investor will not have to go through the renewal process now and then.
3. How much should you invest?
   While the Golden Visa extends to a range of persons, I will focus only on foreign investors here. Foreign investors are required to invest a certain sum in designated areas to apply for a 10-year residential permit. The applicant can invest a minimum of AED 10 million in a public investment fund or public company. He/she can invest in real estate subject to limitations. Any investment made should be completely owned by the investors and should be retained for at least three years. Note that those who invest in real estate can only apply for a 5-year residency, and the investment amount is AED 5 million.
4. How do you benefit from all of this?
   UAE is an empire of wealth in itself. So driven by development, it pushes aggressively for investment-friendly schemes. Golden Visa Scheme is an example. If you successfully avail of this visa, you will be eligible for long-term residency, be able to work and conduct business in the country, maintain cent percent ownership of your business here, and can sponsor your business partners, spouse, children, one advisor, and one executive director.
5. An overview of the procedure
   A streamlined application process is a major USP of these schemes. The UAE’s Golden Visa application is just the same. You will have to access the proper website, apply for a nomination, and wait for a month for the authorities to pursue your application. You will be asked to upload documents upon successful approval of your nomination. Then, you will have to wait until the Federal Authority for Identity and Citizenship verifies your application. Once verified, you are issued the Golden visa. You must, however, remember that you will have to relocate to the UAE and undertake responsibilities as a resident. 

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