UAE Golden Visa becomes more available in 2022

In 2022, the UAE government has simplified the UAE golden visa process. How to get a golden UAE visa and what requirements must be met according to the new legislation, experts from the OWRwalty agency tell.

What is the UAE Golden Visa?

The UAE Golden Resident Visa gives foreigners the opportunity to reside in the United Arab Emirates for 5 or 10 years. It is essentially similar to a residence permit. Golden Visa can be renewed any number of times if the conditions under which it was issued to a resident remain valid.

The opportunity to apply for a UAE Golden Visa appeared in 2019. The goal is to attract foreign investment and high-class personnel for the development of the UAE economy. Golden Visa allows you to live, work and open a business without local sponsors, as it was before. As of the end of 2022, 150,000 golden visas have been issued in the UAE.

Issuance of UAE golden visas - new conditions for 2022

From October 2022, the updated conditions for issuing visas in the UAE came into force. The changes also affected golden visas. They expanded the list of applicants for the UAE Golden Resident Visa and defined new, more loyal conditions for UAE real estate investors. The amendments abolished the rule when, after a six-month absence from the country, residents lost their right to a golden visa. Golden Visa is now valid regardless of how much time its holder spends in the United Arab Emirates.

The new visa policy is designed to further simplify the process of issuing various types of visas and encourage an influx of expats and foreign investors. 
Next, we will consider the conditions for issuing a UAE golden visa, taking into account the changes in 2022.

Who can apply for a UAE Golden Visa?

• Buyers of real estate from 2 million dirhams (544 500$). It is allowed to buy real estate in the UAE:
  • ready,
  • off-plan (at the construction stage),
  • in a mortgage from an accredited bank (taking into account the investment of at least 2 million dirhams (544 500$) of personal funds).
  • Foreigners have the opportunity to buy property in Dubai or Abu Dhabi in special freehold zones determined by local authorities.

• Real estate investors are entitled to include in the visa:
  • spouse, children under 25, daughters of any age, if they are not married;
  • domestic workers in any number;

In the event of the death of the holder of a visa for family members, it continues to be valid.

• Investors and Entrepreneurs. To apply for the UAE Golden Visa, you must:
  • establish an enterprise with an authorized capital of at least 2 million dirhams (544 500$);
  • invest AED 2 million (544 500$) in a share in a new or existing company;
  • invest AED 2 million (544 500$) in the UAE State Investment Fund;
  • be the owner of a startup or IT company with a registered capital of at least 500,000 dirhams (136 000$), be approved by the emirates authorities or an official organization supporting startups.

• Valuable personnel and talents:
  • Outstanding scientists in certain high-tech fields. Eligibility for a visa is confirmed by the UAE Council of Scientists on the basis of the achievements presented;
  • Doctors. Requires permission from the UAE Ministry of Health and Prevention to engage in medical practice.
  • Inventors whose inventions are of value to the country's economy. This is confirmed by the UAE Ministry of Economy.
  • Figures of culture and art. Confirmation from the Department of Culture and Arts of the relevant emirate is required.
  • Athletes who have been approved by the UAE General Authority for Sports.
  • Managers with a salary of at least 50 thousand dirhams (13 600$), work experience of at least 5 years and an employment contract with a company registered in the UAE.
  • Highly qualified specialists in the field of science and technology. It requires a bachelor's or master's degree, an agreement with an enterprise from the UAE and a salary level of 30 thousand dirhams per month (8 000$).
  • Gifted students and graduates of educational institutions of the UAE, students of the 100 best universities in the world.
  • Public figures with at least 5 years of experience in international or regional humanitarian organizations or sponsors of humanitarian organizations in the amount of at least AED 2 million (544 500$).
  • Fighters in large-scale crises (for example, coronavirus) - on the recommendation of local authorities.

How to get a UAE Golden Visa?

Before issuing a UAE Golden Visa, you must first fulfill the conditions that will allow you to issue it. For example, buying real estate in the UAE for at least 2 million dirhams (544 500$) is necessary even before the start of the golden visa procedure. Real estate agencies offer online viewing of an apartment, townhouse or villa in Dubai or Abu Dhabi and remote transaction processing. You can buy real estate in the UAE from anywhere in the world. 

To resolve all issues, an applicant for a Golden Visa is entitled to a visa for 6 months. 

A large number of agencies, for a fee, take over the issuance of a golden visa to Dubai. But this can be done on your own. Let's take a step-by-step look at how to obtain a golden visa in the UAE. 

1. Preparation of documents that confirm the right to the UAE Golden Visa. For each category (investors, entrepreneurs or valuable specialists) it will be a different set of documents.
2. Passing a medical examination in the UAE. This can only be done in a clinic with special accreditation within the country. It is necessary to purchase medical insurance for everyone who will be included in the visa. 
3. Submission of documents to the UAE government agencies and verification.
4. Obtaining a visa for 6 months at the time of issuing a golden visa. 
5. Issuance of UAE Golden Visa. It is pasted into the passport. The visa holder receives a plastic ID-card in his hands.

Benefits of the UAE Golden Visa

• The opportunity to stay in the country for a long time, to organize a business on favorable terms.
• Convenient tax regime. No income tax, property tax and dividends. Income tax is not charged until June 2023, after which it will be 9%. 
• Opportunity to use the services of medical institutions in the UAE.
• Opening a bank account in any currency.
• High-level education is available in schools and universities of the UAE according to international standards.

Disadvantages of the UAE Golden Visa

• The need for personal presence for paperwork.
• Significant costs. In addition to investing in real estate or in a business, additional expenses are required (medical insurance and medical examination fees, state duty for issuing a visa and ID-card, etc.)

From October 2022, getting a UAE Golden Visa has become easier. After the announcement of the “visa reform”, the number of applicants for a golden visa increased by 35% compared to 2021. The 2022 UAE Golden Visa has opened up even more benefits for residents. This will ensure the inflow of foreign capital and highly qualified specialists into the country. 

For UAE Golden Visas, please contact the Federal Authority for Identification, Citizenship, Customs and Port Security (ICP) or the UAE Embassies and Consulates.

To obtain a visa to Dubai, please contact the Dubai General Authority for Residents and Foreigners Affairs (GDRFAD) .