What is UAE Golden Visa?
The UAE government had introduced golden visas in 2019 which allowed long-term residency up to 5 or 10 years. Being a great opportunity for many people, UAE had also imposed some restrictions on the eligibility criteria of the golden visa by restricting it to specific people only. One of the perks of having a golden visa is that it automatically renews upon expiry, and the visa holders can also sponsor the residency visas of their spouse, children, parents, etc. Bestax Chartered Accountants can help eligible candidates to apply for the UAE golden visa by helping them throughout the process.
Reasons for introducing a Golden Visa UAE
The United Arab Emirates launched golden visas primarily to make this country a more secure and attractive destination for foreigners. UAE golden visa program promotes entrepreneurship in the region among non-residents. Those who have lived in the country for an extended period of time are also rewarded for their contributions. Each golden card is renewable once every ten years.
Who is Eligible for a Golden Visa UAE Application?
First of all, the applicants for this visa must commit to staying in UAE for a long period of time. In order to qualify for the UAE Golden Visa, you’ve to be one of the following individuals;
- Specialized talents & researchers.
- Exceptional Students & graduates.
- Medical Doctors, Scientists
- Executive Managers & CEOs.
- Data Experts & Coders
Criteria Golden Visa UAE for Investors (10-year period)
Investors who have a significant amount of investments within the UAE can apply for the Golden Visa, however, the investments must be in one of the following forms;
- A deposit of a minimum of AED 10 million in an investment fund inside the UAE.
- Starting a company within the UAE with a capital of at least AED 10 million.
- Being a partner in an existing or a new company holding a share value of at least AED 10 million.
- Holding a total investment not less than AED 10 million in all areas mentioned, given that the investment in areas other than real estate shouldn’t be less than 60% of the total investment.
- The investment should NOT be a loan or a mortgage.
- The applicants should retain the investment for not less than three years.
UAE Golden Visa Eligibility for Investors (5-year period)
Investors should meet the following conditions for a 5-year period visa;
- The applicant must invest in a property of a gross value of not less than AED 5 million.
- The investment should NOT be a loan or mortgage.
- The applicants must retain the property for at least three years.
UAE Golden Visa Requirements
Now that we’ve laid out the basic requirements for obtaining a golden visa, the following are the main requirements in order to obtain a golden visa;
- Audit reports for the previous two years.
- Bank statements for the last six months.
- Real estate license if relevant.
- Unified Identification Number (UID)
- Net-worth certificated issued by the auditors in UAE.
Criteria for Outstanding Students
A student can apply for UAE golden visa if he/she has at least 95% grade in private or public secondary schools. The university graduate must have a 3.8 GPA or above to request a long-term visa. The families of outstanding students are included in UAE golden visa.
How to Apply for Golden Visa UAE?
There is an online step-by-step process for requesting UAE golden visa as follow:
- Firstly, the applicant must go to this website Federal Authority for Identity and Citizenship (ICA)
- Select the ‘public service’ area and then hit the tab for ‘Nomination Application for Golden Service’.
- The online form appears which requires the applicant’s personal information along with supporting documents.
- The application for UAE golden visa will review in 30 days from the authority.
- The current status of your long-term visa request is notified through your registered email.
- You will be emailed a link to upload your documents if your nomination is approved.
- Finally, the Federal Authority for Identity and Citizenship will issue the Golden Visa.
Despite being an online process, there is still a need for expertise and fine knowledge of the authorities to avoid unnecessary delays in the application. Our team of chartered accountants in Dubai can assist you to apply for a long-term golden visa in UAE with 100% accuracy.
Golden Visa UAE Price
The golden visa UAE cost is the most concerning factor for the applicants. The Federal Authority charge prices according to the validity of the visa. (5-year or 10-year)
Is Audit Mandatory for UAE Golden Visa?
Investors need to submit their audit reports to establish they’ve met the investment requirements laid out by the UAE government. The need for an audit arises when the investor wants to prove the worth of their investments in the UAE. The investment can be in a company and the audit report can help the Immigration Authority to validate the eligibility of the investor. The Golden Visa audit report helps the authorities ensure that the documents presented to them are accurate and precise.
Why is Net-worth Certificate Mandatory?
An auditor Certificate or a Net-worth Certificate is mandatory for investors to obtain a Golden Visa. Net worth is calculated as the value of assets an individual or a corporate entity owns after deduction their liabilities from their total assets. It’s required as it helps the Immigration authorities to check if the candidate is financially in a great position and can meet the specified investment in the requirements. Consult with Bestax Chartered Accountants today and we’ll help you get started with your Net-worth certificate.
UAE Golden Visa Benefits
The golden visa UAE benefits individuals by providing them outstanding facilities such as:
- UAE golden visa holders’ futures are secure in the Country.
- The individual was allowed for Long-term residency in the UAE. (5 or 10 yrs)
- Automatic renewal of Golden Card after 10 years.
- Helps to recognize existing foreign residents in UAE.
- They are more welcome to work, live and study in the UAE
- The entity can own 100% of its UAE mainland businesses.
- The cardholder doesn’t need to seek a national sponsor.
How Can BestaxCA Help you?
If you’re an exceptional student, a celebrity, or any other eligible individual specified above in the requirements, we at BestaxCA will review your case and give you the best solutions and the fastest way possible in obtaining your Golden Visa for UAE. You can contact us today and our chartered accountants will help you throughout the entire process tirelessly.
Mobile: +971 56 7981808