UAE INTRODUCES 10-YEAR GOLDEN VISA
This article will concentrate on the introduction of the UAE Golden VISA. A 10-year golden visa will now be granted by the United Arab Emirates (UAE) to professionals such as engineers, doctors, and Ph.D.s who graduated from universities recognized by the UAE and have GPAs of 3.8 or higher. To keep “bright people and exceptional minds” in the country, this visa is being issued.
As a long-term residency scheme, Sheikh Mohammed bin Rashid, Dubai’s ruler and prime minister, established the golden visa in 2019. Since its introduction, the visa has been given to more than 400 investors, businessmen, and some of their family members.
REASONS FOR INTRODUCING THE UAE GOLDEN VISA
The golden visa was implemented in order to promote the UAE as a location for commercial investment and to promote regional economic growth. The visa was established to honor long-term residents and their contributions to the advancement of their nation.
By providing them with a long-term visa that is valid for ten years and may be renewed, the golden visa is a way to acknowledge and thank them for their commitment.
WHO CAN APPLY FOR THE UAE GOLDEN CARD APPLICATION?
Entrepreneurs, chief executives, investors, deserving students, and scientists are among the five non-resident categories that are eligible to apply for the golden card.
REQUIREMENTS FOR FOREIGN INVESTORS
They must meet at least one of the requirements listed below:
- must deposit up to 10 million dirhams in a UAE investment fund.
- a partner in a corporation with a stake worth up to 10 million dirhams or an owner of a
- business with a capital investment of 10 million dirhams.
In addition, the following requirements must be met:
- Investment money should be entirely owned rather than financed by a loan, and sufficient documentation must be provided.
- The investment had to have been held by the applicant for at least three years.
- The applicant must possess proof of insurance for both themselves and their dependents.
REQUIREMENTS FOR ENTREPRENEURS
- Applicants must be the proprietors of a project in a UAE-certified industry with a value of at least 500,000 dirhams.
- The applicant must be the project’s originator and a licensed business incubator. They must also be covered by health insurance for themselves and their families.
ELIGIBILITY CONDITIONS FOR SPECIALISTS
- A professor from any of the top 500 international universities recognized by the ministry of education may apply. Applicants who have received a prize or appreciation certificate for their field of specialization are also eligible to apply.
- Scientists with a Ph.D. and 20 years of relevant experience who have significantly advanced their field of study
- Candidates who are experts in areas important to the UAE
ELIGIBILITY CONDITIONS FOR CHIEF EXECUTIVES:
- a bachelor’s degree or its equivalent is required
- Must have at least five years of experience. Must be employed in the UAE and get a salary of at least 30,000 dirhams.
- Family members, who are required to have health insurance, must be covered.
ELIGIBILITY REQUIREMENTS FOR OTHERS
Regarding the requirements for inventors, they must have a patent that is valuable to the economy of the UAE and that has the ministry of economy’s permission.
In addition, the UAE Ministry of Culture and Knowledge Development must authorize the program’s art and culture specialists.
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