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Understanding Eligibility Criteria: Golden Visa Scheme

Understanding Eligibility Criteria: Golden Visa Scheme
1 month ago

UAE is a progressive and developed country that attracts millions of people every year. The metropolis of UAE offers great opportunities for tourists, investors, job seekers, business men, skilled people, artists and more. We have seen an inclination of people towards obtaining a golden visa from the Emirates. It is issued to the people who possess certain qualifications. In 2018 golden visa was introduced by the cabinet of the country. It was introduced with the motive of bolstering the investment into the country. This is an initiative taken to attract individuals who are conducive to long-term residence. Let’s throw the light in details with the help of attorneys.

Program offered to whom?

This program was offered to individuals with exceptional talent, successful entrepreneurs, and potential investors. It is issued to secure a longer residency visa. It extends the residency tenure to facilitate individuals with outstanding skills, brilliant talent, or extraordinary qualifications. It is called a Golden visa. The key motive was to contribute to the nation’s development, growth, and economic success.  There are different categories of golden visas and every category has different benefits associated with it. The government of UAE introduced long-term residency visas for various categories that cater to different specifications. Learn the rule with local lawyers in UAE for starting the process (updated rules).  

Prolific Investors and Personalities across the world

It is tailored to facilitate prolific investors and personalities from across the world. It includes categories such as Exceptional Talents, Entrepreneurs, and Businesspersons. The individuals who tend to seek investment in the UAE are included in it. Besides, it possesses specialized qualifications that may qualify for long Residence Permits or for “Golden Visas.” 

Liberty and Freedom

The visas granted to the holders allow them to enjoy liberty and freedom to reside, work, and pursue education anywhere in the UAE. Now they don’t need to rely on domestic sponsorship. Moreover, golden visa holders are entitled to 100% ownership of mainland businesses. Besides, it fosters a conducive environment for entrepreneurs. It facilitates entrepreneurship and economic empowerment at a time.

General Directorate of UAE

The General Directorate of the United Arab Emirates is responsible for issuing long-term visas.  The golden visas are automatically renewed. The time duration for renewal is five to ten years. This offers investors, businesspeople, or entrepreneurs, more stability and continuity for visa holders. The investment criteria is a minimum AED 10 million investment. The investment can be in public securities or investment funds. The investment must be within the territory of the UAE. 

  • Additionally, the investor should have a capital investment of AED 10 million anywhere in UAE. It should be a UAE-based business entity.
  • Public investment should exclude real estate accounts. It should be for at least 60% of the overall investment. 

There are specific conditions for Investors to apply for the golden visa. The invested funds should not be in the form of a loan. Nevertheless, it should remain in the designated account for a minimum of 3 years. Nonetheless, each of the partners contributing 10 million AED or more is eligible for a visa. Moreover, he is also eligible for the benefits extended to spouses, dependents, executive directors, and advisors. 

The foreign investors must invest a minimum of 5 million AED in UAE property. There should be an investment maintained for a minimum of three years. It encompasses existing projects that must be valued at approximately 500,000 AED or more. It includes the licensed incubators in the Emirates. It is done to promote innovation and the development of advanced infrastructure.

The entrepreneurs are granted a six-month multiple-entry visa. It is established by showing a business presence in the UAE alongside an application for a long-stay visa. Nevertheless, the visa benefits are extended not only to the individual applying but also to others. It may include spouses, dependents, partners, executive personnel, and others. This paves the way for business growth. It facilitates business expansion as well. 

Role of Lawyers

There is a detailed eligibility criteria that investors, entrepreneurs, and businesspeople need to meet. The role of the lawyers is crucial here. They can navigate potential investors through complex matters with great ease. Besides, their skills and expertise are useful to clients who aim to apply for a golden visa.

In recent years the UAE has shown great commitment and dedication towards fostering an inclusive and dynamic society in the Emirates. This provides pathways and avenues for golden visas and long-term residency. It is for investors, entrepreneurs, and businesspeople with specialized talents to seek better opportunities in the UAE market space. 

The lawyers can assist in hunting better opportunities to seek long-term residency. They will ensure a smooth process by adhering to the stipulated conditions and standards. Nonetheless, eligible individuals can avail themselves of the benefits offered by the UAE’s Golden Visa program with the legal support of a lawyer. This will contribute to the nation’s prosperity, sustainability, and growth. 

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