UAE Golden Visa: What it is and how to apply

The United Arab Emirates are a popular destination for expats from the UK and essentially all parts of the world. A sunny climate, numerous work opportunities and a high standard of living are just some of the advantages of moving there.

If you’re also looking for a way to move to the UAE long-term, you might find the UAE Golden Visa interesting. In this guide, we’ll show you everything there is to know about this visa route, including what the application process is like and who can apply in the first place.

We’ll also point out the most cost-effective way to manage your money across borders. Open a Wise account and you can send money between the UK and the UAE for low fees and the mid-market exchange rate. The Wise card lets you spend and withdraw in the local currency in 150+ countries, including the UAE.

What is the UAE Golden Visa?¹

So, what is the UAE Golden Visa? The UAE Golden Visa is a renewable long-term residence visa given to investors, scientists, students and many other categories of individuals. It allows you to live and work in the UAE for 5 to 10 years and it’s not tied to a sponsor.

Those who get the Golden Visa can also bring their family members along with them. This includes spouses, parents and children.

Who can apply for a UAE Golden Visa?²

In the past year, the eligibility criteria for the UAE Golden Visa became a lot more flexible, so now more people have a chance at getting it. Here are the categories of individuals who can apply:

Investors in public investments

The investors who put their money in an investment fund can apply for the UAE Golden Visa. Also, they need to meet one of these conditions:

• Having a letter from an investment fund accredited in the UAE confirming a deposit of 2 million AED
• Having a valid commercial or industrial licence and a memorandum of association confirming a capital investment of at least 2 million AED
• Having a letter from the Federal Tax Authority confirming that the investor pays at least 250,000 AED to the government yearly

Besides this, they need medical insurance for them and their families, as well as proof that they own the invested capital completely.

Real estate investors

Individuals who own at least one property of a certain value in the UAE fall into this category. They must also:

• provide a letter from the land department confirming the ownership of properties whose value is at least 2 million AED
• buy a property with a loan from specific local banks approved by the relevant local entity

Entrepreneurs

The entrepreneur category is made for those who own an economic project of a technical or futuristic nature, based on risk and innovation. Approval letters from the following individuals and institutions are also necessary:

• an UAE auditor confirming that the project value is at least 500,000 AED
• the authorities in the emirate stating the project's technical or innovative nature
• an accredited UAE business incubator in order to establish the proposed activity in the country

Outstanding specialised talents

This category includes talents from many professions, such as doctors, scientists, inventors, athletes and many more. Each category has different eligibility criteria and requirements.

For example, in order to apply, doctors need approval letters from the Ministry of Health and Prevention in the UAE to practise medicine. Athletes, on the other hand, need a recommendation letter from the General Sports Authority or one of the sports councils. Executive directors need their university degree, a letter showing at least 5 years of experience, a work contract and a salary of at least 50,000 AED.

Outstanding students

Both high school and university students can obtain the UAE Golden Visa. Having excellent grades and letters of recommendation from their respective schools are necessary to qualify.

Even students who graduated from foreign universities can get the Golden Visa. The main condition is that their university is among the top 100 globally, according to the rating system recognized by the UAE Ministry of Education.

How do I apply?³

You can apply for the UAE Golden Visa through the ICP Smart Services platform or by visiting the General Directorate of Residence and Foreign Affairs website. You can also pay a professional at a typing centre to help you with the application.

The process is simple and easy. You’ll fill out an application form, provide the additional documents required by your visa category, pay the fees and submit the application.

How much does it cost?⁴

The fees for the UAE Golden Visa are between 2,800 and 4,800 AED. The exact amount depends on a few factors, such as the visa category you fall into. There are some additional fees as well, such as mandatory health insurance.

What are the Benefits?³

There are numerous benefits to the UAE Golden Visa, starting with the fact that it grants you long-term residence. There’s no stressing over annual visa renewals or over finding a sponsor, since you won’t need one.

The UAE Golden Visa allows you to instead be a sponsor for your family members. This way, both you and your loved ones can take advantage of UAE’s world-class healthcare and education.

Travelling to the UAE? Choose Wise for your trip

You should now have all the info you need about the UAE Golden Visa. We’ve covered what is the UAE Golden Visa in the first place, the eligibility criteria, the application process and the benefits of getting it.

Want to spend without worrying about unfair exchange rates and hidden fees once you arrive in the UAE? The Wise card, from the money services provider Wise, is the ideal travel companion, as it lets you spend and withdraw in the local currency in 150+ countries.

The Wise card can be used for any international payment, from your visa fees to daily expenses. It automatically converts your pounds to UAE dirham at the mid-market exchange rate. There’s only a small, transparent currency conversion fee, or none at all if you already have the currency in your Wise account.

Open a Wise account online and you can order your own Wise card for a one-time cost of just £7.

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Sources used:

1. ICP Smart Services - Golden residency
2. The Official Portal of the UAE Government - Golden Visa
3. Economy Middle East - How to get Golden Visa UAE 2024 – application, requirements, benefits
4. Economy Middle East - How to get a permanent residency visa in the UAE in 2024

Sources last checked on date: 14-June-2024