Golden Visa: How To Become A UAE Resident For10 Years And Why?
Are you looking for a hassle-free way to become a resident of the United Arab Emirates. The Golden Visa, which was recently introduced by the UAE government, has been offering non-citizens a chance to stay in the country on a long-term basis. If you’re curious to learn what you need to do to obtain the golden visa and why it’s such an attractive option, then this article is for you. In this article, we’ll take a closer look at the different requirements and benefits of the golden visa and how it can help make your long-term residence in the UAE a reality. We'll also explore some of the common misconceptions surrounding this visa program and offer tips on how to maximize its potential benefits. Ready? Let’s get started!
What Is the Golden Visa Program?
Welcome to the world of the Golden Visa Program, which increases your chances of becoming a resident of the United Arab Emirates for up to 10 years! This program is designed to attract more foreign investment and create job opportunities in the UAE, while giving you access to its superb lifestyle. So what exactly does this program entail? In a nutshell, it gives investors the opportunity to obtain long-term residency by investing in properties or businesses in the UAE. As long as you meet certain criteria including investing a minimum amount in an approved sector - and submit an application, you could get approved for a residency visa valid for up to 10 years. You can also renew this visa after it expires; all you have to do is re-apply with updated documents. Aside from making it easier for you to live and work in UAE, this elite program also grants its participants access to several other benefits - like faster processing times for visas and reduced visa fees!
Who Is Eligible to Apply for the Golden Visa?
Trying to immigrate to the UAE and become a resident? You'll want to take a look at their golden visa program.
- The golden visa is offered by the UAE government and grants temporary residency to foreign investors and entrepreneurs. It also applies to certain experts in particular fields, like medicine, science, or engineering. In other words, if you have a profession that the government believes can contribute to the local economy and benefit citizens of the UAE, your chance of getting a golden visa is higher.
- In addition to possessing an in-demand profession, there are several other criteria you need to meet in order to be eligible for the golden visa. For starters, you must have an annual salary of at least AED 62250 or hold real estate assets in the UAE worth at least AED 5 million. You also need to present proof of no criminal record from your home country. Once you meet all these criteria, you’ll be granted temporary residence for 10 years!
How to Apply for the Golden Visa?
The process of applying for a Golden Visa is very simple. However, it's important to point out that the exact process may vary based on the country from which you're applying. Nevertheless, here are the most common steps you should take when applying for a Golden Visa:
- Understand Your Options: First, review the requirements for applying for a Golden Visa and understand which visa categories fit your eligibility.
- Gather documents: Once you know what visa type you want to apply for, you should start gathering all relevant documents like passport copies and proof of funds.
- Submit Applicationl: After gathering all your documents, fill out the application form online or in person at one of their Immigration Centers.
- Pay Fees: After you've submitted your application form and documents, pay the required fees associated with your visa type and submit any other supplementary documentation that may be requested by the UAE Government such as proof of health insurance.
- Receive Approval: Once all your documents have been received and approved by the UAE Government, you will be issued a Golden Visa that allows you to stay in UAE for up to 10 years at a time if renewed properly.
The entire process can take anywhere from 2-4 weeks depending on how quickly your paperwork is processed so plan accordingly!
What are the Benefits and Requirements of the Golden Visa Program?
Becoming a UAE resident for a 10 year period can offer you some amazing benefits, such as access to UAE’s world-class healthcare system, access to its premium educational institutions, and being able to apply for a UAE citizenship after the visa expires. But don’t make any moves just yet before you jump on this opportunity, here's everything you need to know about the requirements of the Golden Visa program.Requirements
The first step is to meet the financial requirements of the Golden Visa program. These will vary depending on your situation and country of origin. Generally speaking, applicants must meet one of the following criteria:
- Have a total net worth of at least 2 million dirhams or its equivalent in any other foreign currency in terms of investment in real estate or any other investment activity inside UAE.
- Have regular monthly income above 20 thousand dirhams or its equivalent in any other foreign currency outside UAE.
- Have an existing commercial license from an approved economic department inside UAE or an approval from related government entities prior to applying for golden visa in UAE from outside.
- Having a savings account balance with an average balance of not less than AED 1 Million for a period not less than 12 months prior to submission of application.
Once you’ve met all these requirements, you will have to submit your documentation and have it processed at the General Directorate of Residency and Foreigners Affairs (GDRFA). That also includes medical tests and biometrics capturing such as photos and fingerprints that are required for your identity card (electronic ID). Once approved, your visa will be printed and ready for collection – no sweat!
Advantages and Disadvantages
So what are the advantages and disadvantages of becoming a UAE Resident on a Golden Visa?Advantages
- One of the biggest advantages of the Golden Visa is that once your visa has been approved, you don't need to renew it every year, like you would with a work visa. You are given an initial 10-year residence visa, which can then be renewed for even longer periods. This makes living and working in the UAE much easier for long-term plans.
- On top of this, you do not need to be sponsored or closely tied to an employer as you would with a work or visit visa. As long as you are employed in the UAE and make sure that your residency permit is up to date by paying relevant fees, you can stay in the country with no strings attached.
- One of the few drawbacks to getting a Golden Visa is the cost. There is an initial one-off fee when applying for a residence permit which must be paid by either yourself or your sponsor.
- The application process also requires more documentation than simply getting a Work/Visit visa such as medical certificates, police clearance documents and other information related to your employment status outlined on official forms – so it may take more time during application processing, and incur extra costs in obtaining all necessary documents before submission.
If you are having any queries than you can consider taking advice from Sahara Visa MedicalCentre for golden visa renewal
This article sums up golden visa in detail with benefits, process and requirements. It is really valuable document for residents looking for 10 years of minimum stay in UAE for job or business purposes.