At least 8.92 million United Arab Emirates (UAE) inhabitants are foreign nationals and investors. Until the last quarter of 2018, foreign nationals wishing to set up shop in the UAE were required to work with a local sponsor. However, thanks to legislation changes, foreign investors can now establish and have 100% ownership of mainland businesses in numerous sectors across the UAE. What makes this possible is the UAE golden visa. It is a 10-year residence visa aimed at increasing foreign investment in non-oil sectors to make the UAE less reliant on oil as the only revenue source.
Disclaimer: Under the Foreign Direct Investment (FDI) law, 100% ownership is not permitted in specific niches. Investors wanting to start a business that falls within the "negative FDI list" of industries need special permission to do so and are also required to work with a local sponsor.
What Are the Benefits of Obtaining a UAE Golden Visa?
Among the top benefits of having a UAE golden visa is that foreigners can live, work, study, and, most importantly, have 100% business ownership. Here is what you get from the Golden Visa system:
Long-term residency (5-10 years)
Real estate investors receive attractive rates on mortgages.
You can sponsor an unlimited number of family members to live in the UAE.
Discounts on healthcare/ health insurance, property, hospitality destinations, and vehicles
You can live outside the UAE for as long as you want without affecting your residence status in the Emirates.
Do You Qualify for a UAE Golden Visa?
You're eligible for a 10-year UAE golden visa if you fall under the following categories:
Individuals with exceptional talents in athletic activities, art and culture, innovators, and more
Outstanding students and graduates from recognized colleges or universities within the UAE and worldwide
Retired foreign investors (55 years and above) who have a monthly income of DH15,000 (approximately $4,000) and an investment portfolio of DH1 million (roughly $280,000)
Skilled workers with a bachelor's degree and professional expertise in all the fields of life and natural sciences, information technology, business, law, and engineering
If your investment funds accredited to the UAE are at least DH2 million (approximately $500,000) or you run a company that reports an annual taxable income of no less than DH250,000 (approximately $70,000)
Application Process, Required Documentation, and Related Costs
Eligible candidates can apply for the 10-year UAE golden visa via the Federal Authority for Identity and Citizenship (ICP) website. Those looking for offline channels can apply through the General Directorate of Residency and Foreign Affairs (GDRFA).
Different document requirements are available for the existing categories of non-resident visa applicants, ranging from students, scientists, and investors, to entrepreneurs and executives. The following is the current cost of obtaining a UAE golden visa:
Applicants within the UAE – Between AED 2,800 and AED 3,800 (approximately $1,100)
Applicants applying from abroad – Between AED 3,800 and AED 4,800 (approximately $1,400 on the higher side)
Note: The costs of applying for a UAE golden visa are subject to change depending on the visa type and service category.
How Long Does it Take to Obtain a UAE Golden Visa?
If your nomination is approved based on eligibility, the Federal Authority for Identity and Citizenship will email you a link through which you can submit the necessary visa application documents. Upon approval, you will be the proud holder of a UAE golden visa within 30 days. You can apply again after 90 days if your visa nomination is denied.
The application process is relatively straightforward. However, if you have any questions, concerns, or need additional assistance obtaining the UAE golden visa, contact us today.