The UAE Golden Visa benefits attract foreigners worldwide for many reasons. The Golden Visa enables a 10-year residence to live, work, or study in the UAE. Key advantages encompass a ten-year validity, the potential for renewal, and the opportunity to sponsor their family members (regardless of age) and domestic staff without limiting their numbers. Agolden visa grants an initial six-month access with multiple entries. More importantly, it does not require a local sponsor or residency for its validity.
Additionally, Golden Visa holders receive ESAAD privilege cards, entitling them to discounts in the UAE and 92 other countries. For residents of Abu Dhabi, perks include discounts on properties, reduced mortgage rates, and lower health insurance premiums. Meanwhile, Dubai residents can acquire a UAE driver’s license without further lessons if they possess a license from an approved country, while expatriate students benefit from educational discounts. To learn more about the visa benefits, check the list of benefits below.
Despite the intense summer heat, the UAE remains an attractive destination for skilled foreigners to work, study, and live. The appeal stems from various factors:
1. The Golden Visa allows expats to relocate to and live in one of the world’s most prosperous and thriving countries. They can enter anytime, irrespective of border closures due to pandemics, political unrest, or economic crises.
2. Safety is a significant draw, with the UAE placing second on the World Safety Index. Of the emirates, Abu-Dhabi ranked first, while Sharjah and Dubai took fourth and eighth places, respectively.
3. The UAE’s tax regime is another major advantage. It is often regarded as a tax haven due to income, capital gains, and inheritance exemptions. While there was no corporate profit tax until 2022, a 9% tax is applicable from January 2023 onwards. Investors can establish companies within the UAE to mitigate tax obligations, with the most advantageous conditions found in free zones. These zones, predominantly based in Dubai, offer exemptions from corporate taxes, VAT, and import and export taxes. Moreover, foreign investors can own a company entirely in these free zones.
4. Educationally, the UAE’s universities stand out globally. QS World University Rankings 2023 featured 11 UAE universities, with three making it into the top 500. Some of these institutions are affiliated with renowned universities in the US, UK, and Australia.
5. The UAE boasts various shopping and entertainment options. Iconic tourist attractions such as the Burj Khalifa, Sheikh Zayed Mosque, and Louvre Abu Dhabi Museum cater to a broad range of interests for all ages.
1. Investing in property in the UAE can yield substantial returns. For example, in Q2 2022, UAE real estate prices increased by 4.4%.
2. The country does not impose an income tax, so property owners are not taxed on rental income. Additionally, there are no levies on gifts and inheritance. During a property sale, the owner is liable for half of the transfer fee, for instance, 2% in Dubai.
3. The UAE’s real estate market is renowned for its stringent regulations. Property acquisition provides an avenue to obtain a 10-year Golden Visa. This visa type applies to various properties, including residential apartments, hotel rooms, villas, townhouses, and offices. In short, gaining long-term Golden Residency Visas is feasible for those already owning property in the UAE.
UAE Golden Visa applicants will need to prepare the following required documents. Below is a checklist:
Investment requirements: Acquiring a 10-year UAE Golden Visa involves purchasing real estate valued at AED 2 million, around $540,000.
Preliminary Due Diligence: NH Management has an in-house compliance officer who conducts a confidential initial assessment to identify potential issues and enhance visa acquisition prospects
Document preparation: The investor submits documents for translation, notarisation, and consular legalisation. In fact, applicants receive a six-month visa for entering the UAE, choosing a property, completing a medical exam, and applying for the Golden Visa.
Proof of Property Purchase: After a successful real estate acquisition, our consultants will help to secure a health certificate; applicants over 18 undergo a medical exam at a UAE clinic, including tests for infectious diseases and fluorography.
Golden Visa Acquisition: Applicants must provide biometrics to the UAE’s General Directorate of Residency and Foreigners Affairs. After submission, the approval process usually takes a week. After the applicant acquires their Golden Visa, they can immediately apply for a sponsored visa for their family members. The UAE considers spouses, children, and domestic helpers eligible for dependent UAE-sponsored visas. Dependent visas are typically granted within two months.
The UAE has announced substantial amendments to its Golden Visa scheme, adding new categories to attract the world’s best talent. There are several visa categories to choose from:
Real estate investors: People investing 2 million AED and above are eligible for the Golden Visa. Under the new rule, investors buying property through a mortgage from a local bank can also apply for the Golden Visa. Therefore, investors buying off-plan properties can also apply for it.
Exceptionally talented individuals: This category will benefit many talented foreigners looking to make the UAE their home. Specifically, gifted people in art, culture, digital technology, sports, innovation, medicine, law, and others can apply to this category. Of note, the 10-year visa is awarded based on talent only. Also, it does not depend on educational qualifications, employment status, monthly salary, or professional level. However, it requires the recommendation or approval of a federal or local government entity.
Student: Students of exceptional calibre who have obtained high scores in UAE secondary schools or universities are eligible for the 10-year visa. Specifically, these are talented students who excelled in their studies or studied at the world’s 100 best universities.
Entrepreneurs: Startup investors can also avail of Golden Visa under the new rules provided their company is registered within the country, and it should fall under the small and medium enterprises (SME) category with annual revenues of Dh1 million or above.
Scientists: This visa is granted to scientists and researchers with a PhD or Master’s degree in engineering, technology, life sciences, or natural sciences from the world’s best universities. Moreover, they should also have a recommendation from the Emirates Scientists Council.
Skilled workers: The applicants must hold a valid employment contract in the UAE, and the job must fall under occupational level one or two as defined by the Ministry of Human Resources Emiratisation. Also, the minimum monthly salary requirement has recently been reduced to 30,000 AED compared to 50,000 AED earlier. Additionally, the worker must also have a bachelor’s degree.
Are you interested in reaping the benefits of a UAE Golden Visa? Don’t miss out on this opportunity to secure your long-term residency in one of the world’s business-oriented countries. Besides golden visas, we process investor visa applications for entrepreneurs and their dependents — spouses, children, and parents. So, leverage NH Management’s comprehensive guidance and streamlined processing.
Additionally, NH Management can assist you with your business setup needs. If needed we also offer tax and accounting as well as other asset management services. Lastly, we’ll be glad to assist you in taking the first step towards realizing your UAE residency dreams today. Simply, contact us via [email protected] or 800 64628 to learn more.
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