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UAE’s Golden Visa Program – What You Need to Know

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The United Arab Emirates (UAE) offers a golden Visa program that allows individuals to obtain a residency permit by making a donation, investing in the country, or purchasing property. The program was revised in 2019 to make it more competitive and attractive to foreign talent and high-net-worth individuals. The golden Visa allows foreign citizens to legally work, live, and study in the UAE. It is available to those who contribute to an accredited investment scheme, entrepreneurs, and real estate investors, as well as athletes, creatives, doctors, executives, inventors, scientists, and other specialized talents.

Upon acceptance into the program, golden Visa holders can open bank accounts in the UAE in various currencies, including Emirati dirhams, euros, US dollars, and others. Family members, including spouses and children of any age, can also be sponsored. The application process takes about a month to be reviewed.

The length of the golden Visa, either 5 or 10 years, depends on the amount and type of investment made. For example, if you invest at least 2 million dirhams in an investment fund, you may be granted a golden Visa for a period of 10 years without a sponsor. If you own a property or group of properties, you may be granted a golden Visa for a period of five years that is renewable on the same conditions and without a sponsor. If you are an entrepreneur, you may be granted a golden Visa for a period of five years if you own an economic project of a technical nature based on risk and innovation. To qualify, you must have an approval letter from an auditor stating that the project value is not less than 500,000 dirhams and a business plan that demonstrates the project’s feasibility and its ability to generate profits within three years. You must also commit to investing at least 500,000 dirhams in the project and creating at least five jobs for UAE nationals.

The new rules for the golden Visa allow holders to stay outside the UAE indefinitely and offer more flexibility and benefits. For example, the new visas require no host or sponsor and offer a unified platform for application. As a golden Visa holder and resident, you are entitled to access public services and sponsor your own visas. However, the golden Visa does not grant citizenship.

In addition to the requirements for each type of residence, all golden Visa applicants must be at least 18 years old, have a clean criminal record, and have health insurance coverage. They must also pass a medical examination and submit a valid passport with at least six months of validity remaining.

The golden Visa comes with a number of benefits, including the ability to sponsor family members, access to the UAE’s banking sector, and the opportunity to live and work in the country. However, it is important to note that the program is not without its drawbacks. For example, the cost of obtaining a golden Visa can be high, with the minimum investment required starting at AED 2 million. Additionally, the program does not offer a path to citizenship and holders of the Visa may need to renew it periodically. Despite these considerations, the golden Visa remains a popular option for obtaining long-term residency in the UAE.

For more details visit this link to the official website of the UAE Government.

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