The UAE is slowly becoming a lucrative hotspot for the corporate world. Many investors, business people, companies and corporations have already set foot on the UAE sands. Expats from all over the world are travelling to Dubai to find opportunities. It is no surprise that expatriates make up 90% of the population of Dubai.
Since many professionals and entrepreneurs want to establish themselves in Dubai, the government launched tactics to attract top talent. The fresh and best talent will boost the economy of the country. Therefore, the government has issued specialised visas like the Golden Visa.
Quick Overview ofthe Golden Visa
In 2019, the UAE government issued a new visa called the Golden Visa. This visa is for foreign nationals working in the country. The visa ensures long-term residence in the country. The idea of the visa came from the understanding that foreigners could work while establishing a deep-rooted cultural bond with the land.
This type of long-term residency can benefit those seeking jobs and the country. The extended residency period means the individual can bring in considerable investment. The Golden Visa UAE application stays valid for ten years. With this visa, the government encourages exceptional entrepreneurs, investors and workers to spend their prime working years in the country.
Benefits ofthe Golden Visa
- The entry visa is valid for six months, along with multiple entries. One can issue residence as well
- Long-term and fully renewable residence visa that is valid for ten years
- Self-sponsored visa, which does not need any employer sponsorship
- Can stay outside of UAE for more than six months (the usually restrictive period is six months). The permit will not get invalidated.
- Sponsor family members.
- Sponsor domestic help.
- Visa holders can work, study and live in the UAE
- Golden visa holders have full ownership of their business.
- Visa holders have an entitlement to offers and discounts on healthcare, property, hospitality, banking, cars and services.
- Get discounts on selected properties from real estate developer Imkan Properties.
Eligibility forthe Visa
- Investors
The real estate sector can get a Golden visa if they purchase a property worth a minimum of Dh2 million, by bank loan or not. The visa can be for the off-plan property, provided it gets bought by an approved local real estate company. One can get payment plans from the developers, which enables the applicant to become eligible for the Golden visa.
Another way to obtain the Golden Visa UAE application through the property is by merging properties. The minimum valuation of the properties has to be Dh2 million and paid in instalments. A married couple can also make and invest worth Dh2 million. Such benefits are flexible, which one cannot find in other countries.
- Entrepreneurs
Entrepreneurs of all ages and genders can get Golden visas provided they meet the following criteria:
- Owner or partner of an SME company
- Ministry of Economy-approved start up idea
- Founded an entrepreneurial project which sold for a minimum of Dh7 million
- Exceptionally Talented People
People with exceptional talent can acquire this visa. These people come from niche professional backgrounds. Some are also from professional spaces considered very important—for instance, doctors, scientists and researchers with a PhD or a doctorate with outstanding research accomplishments.
High-performing students seeking a student loan or visa can apply for this particular visa. They must have a minimum percentage of 95%. Frontline heroes who have done exceptional work during the COVID-19 pandemic are also eligible for this visa.
Expenses ofthe Visa
The golden visa, apart from the ones meant for investors in the property or public sector, charges the same fee. It is 2,800 AED. This Golden Visa UAE cost is the standard government processing fee. Upon applying for the visa, the authority will check the application across multiple departments. This verification process could take anywhere between 72 hours to 30 days.
If the application gets rejected by the immigration authority, then you will get a refund of 605, I.e., 1,680 AED. Besides this, the applicant also has to bear the cost of the Medical check and the Emirates ID. The total cost of these two amounts to 1,000 AED. One should forget the expenses of health insurance in the UAE too. The entire insurance cost will amount to 800 AED.
Application Process of Golden Visa
The government nominates people who are eligible for the visa. It is very different from obtaining n Emirati citizenship. The application for this Visa has various categories. One can register on the website if one is suitable for the golden visa. The website will ask them to fill out a form.
The person must select the Golden Visa option from the Golden Visa – Nomination Request for Golden Residence – New Request under the category. Upon selection and paying the Golden Visa UAE cost application fees, they become eligible under the category.
After applying, the person will have to wait for a few days. They will receive an update regarding the progress of their application. You can track your application request. A notification will alert the applicant that their golden visa slots got approved by the UAE authorities.
Road and Transport Rules
According to the Road and Transport Authority regulations, golden visa holders can get a driving license. A person will not need training if they already have a permit issued by their native country. Such applicants can skip the driving training but must take the road test.
The service fee for issuing a driving learning permit is Dh100 for motorcycles and automatic vehicles. The cost to open a traffic file is Dh200, while a handbook manual is Dh50. The electronic eye tests at the centre costs from Dh140 to Dh180.
The person needs to learn to drive from a registered driving institute. The learner under the age of 21 pays Dh100, and 21 years old pay Dh300 to issue a new driving license. The person also has to open a traffic file which will require the following documents:
- Passport and residence visa copies
- Copy and original Emirates ID
- Two photos
- Eye test report
- No objection letter from sponsor (optional)
To renew the driver’s license, the applicant has to fill out an online form. The eligibility period for the license validity is ten years for UAE and GCC citizens and five years for others. Before license renewal, the person must settle all the traffic fines. People delaying the license renewal for more than a month are eligible for a penalty of 10 AED per month.
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