The UAE’s series of game-changing regulatory amendments has brought about a new level of enthusiasm amongst locals and investors for the future of the country. There are definitely clear indicators that the UAE’s economy will see a V-shaped recovery from the impact of the pandemic—rooting from its visible pick up in trade and tourism sectors, the confidence brought about by historic immigration rules and peace deals spearheaded by the country, as well as the vaccination rate that is deemed one of the highest in the world.
The projects the government has introduced, together with the highly anticipated Expo 2020 Dubai, are also providing to significantly fuel the recovery and growth of the nation. Truly, the UAE is on its way to propel its economy and labor market towards greater heights!
One of its sweeping changes that bring about a renewed positive sentiment amongst expats is its golden visa. These visas will be issued for 5 or 10 years and will be renewed automatically. They can be availed by doctorates, scientific experts (engineers, biotechnologists, physicians, etc.), top high school students, and graduates of UAE-accredited universities (with a score Grade GPA of 3.8 and above). The golden visa will also be granted to those who hold specialized degrees in big data, artificial intelligence, or epidemiology and virology.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, expressed his seriousness in attracting and retaining experts and talented professionals across the globe, stating that the UAE wants “talented people and great minds to stay in the UAE and join us in the process of development and achievements.”
So, what are the things you need to know about the Golden Visa? Read on to find out!
WHO CAN APPLY FOR THE GOLDEN VISA?
PhD degree holders: Professionals with a PhD degree will be granted the Golden Visa. The person should be holding the degree from one of the top 500 universities across the world.
Doctors: This will help the nation to cope better with the pandemic and meet the deficit of medical professionals within the country. Sheikh Mohammed said that doctors specializing specifically in viral epidemiology will be given priority regarding the Golden Visa.
Engineers: These include engineers from the arena of computers, programming, electronics, electrical, active technology, Big Data and AI.
Highly Qualified Individuals: The 10-year visa will also be awarded to highly qualified individuals with a high score of 3.8 or more from certain approved universities.
Researchers and Scientists: This encompasses researchers and scientists who are specialists in their respective fields. The scientists need to be accredited by the Emirates Scientists Council or they should have obtained the Mohammed Bin Rashid Medal for Scientific Excellence.
Inventors: These inventors need to obtain a patent of value, which is of benefit to the UAE's economy. Patents should be approved by the Ministry of Economy.
Artists: Creative persons in the field of culture and arts can also be granted the golden visa. These creative individuals should be accredited by the Ministry of Culture and Knowledge Development.
Investors: Foreign investors with an investment of AED10 million or above are eligible for the golden visa. This investment could be through deposit into an investment fund, setup of a company or investing in the real estate or any strategic sector. As of this writing, several Indian, Arab and Pakistani investors have already been granted golden visas.
WHO CAN OBTAIN A 5-YEAR VISA?
Entrepreneurs: This category comprises individuals who have an existing project with a minimum capital of AED500,000, or those with the approval of an accredited business incubator in the UAE. The entrepreneur is granted a multi-entry visa for 6 months, which is renewable for another 6 months. The long-term visa covers the spouse and kids, a partner, as well as three executives.
Outstanding Students: This consists of students with a grade of at least 95% in public and private secondary schools and university students, both inside and outside the country with a GPA of at least 3.75 in graduation. The visa also covers their families.
BENEFITS OF THE GOLDEN VISA
Golden Residency holders and their families will be provided a 5- or 10-year residency visa. They will get to enjoy a greatly dynamic lifestyle and safety of the UAE, as well as be given the opportunity to further their expertise and careers in the country. The new Golden Residency categories also aim to bolster creativity, innovation, and applied research in the country—brightening the appeal of developing a career in the Emirates, and further positioning the country as the global hub of best talents.