Dubai’s Golden Visa is a residency permit that allows investors, entrepreneurs, and highly skilled individuals to live and work in the United Arab Emirates (UAE) without the need for a sponsor. It is a relatively new program, having been introduced in 2019 by the Dubai government as a way to attract investment and talent to the city-state.
The Golden Visa program is open to anyone who meets certain criteria, including:
- Investing a minimum of AED 5 million in a property or business in Dubai.
- Being a highly skilled professional, such as a doctor or engineer.
- Starting a business in Dubai and creating jobs for UAE nationals.
Benefits of UAE Golden Visa
One of the main benefits of the Golden Visa is that it allows holders to live and work in Dubai for up to five years, with the possibility of renewal. This means that individuals can take advantage of the city’s business opportunities, tax-free environment, and high standard of living without the need to renew their visas every year.
Another advantage of the Golden Visa is that it allows holders to sponsor their family members to live in Dubai with them. This includes a spouse, children under the age of 18, and parents over the age of 55. This is a significant benefit for families who want to move to Dubai together.
The Golden Visa also provides visa-free travel to more than 160 countries, including all of the European Union. This makes it an attractive option for individuals who want to travel frequently without the need for a visa.
In terms of the process of applying for a Golden Visa, the Dubai government has made it relatively straightforward. The first step is to submit an application to the Dubai Investment Development Agency (IDA), which is responsible for processing Golden Visa applications. This application must include evidence of investment or qualifications, as well as a copy of the applicant’s passport.
After the application is submitted, the IDA will conduct a background check and verify the investment or qualifications. If the application is approved, the applicant will be issued a Golden Visa and can then proceed to apply for a residency permit.
Overall, Dubai’s Golden Visa is a valuable opportunity for investors, entrepreneurs, and highly skilled professionals to live and work in one of the world’s most dynamic and rapidly growing cities. With its tax-free environment, high standard of living, and visa-free travel opportunities, it is an attractive option for those looking to establish a long-term presence in the UAE.
Will my Golden Visa get canceled if I lose my job?
Since its inception, the UAE’s highly-coveted Golden Visa has been in high demand. It provides stability for professionals and businessmen and allows them to plan long-term residency.
The 10-year residency program was introduced in 2019. It has been expanded to include professional and investor categories. A long-term visa is available to property investors, scientists, exceptional students, entrepreneurs, and other professionals.
To attract top talent from different fields, the UAE has recently decreased the minimum salary requirement for Golden Visa eligibility from Dh50,000 to Dh30,000 per month.
Last year, the General Directorate of Residency and Foreigners Affairs in Dubai (GDRFA), issued almost 80,000 Golden Visas to entrepreneurs and skilled professionals. This is a 69 percent increase over the previous year.
Abu Dhabi raised the validity period of the Golden Visa to 10 years in January for all categories.
Residents were unsure if the Golden Visa was linked to employment in the UAE.
We asked a legal expert if the Golden Visa would also be canceled due to job loss. He pointed out that the Golden Visa holder was not under the sponsorship company so job loss won’t have any impact on long-term residency.
Joanna Matthews Taylor, a Baker McKenzie partner, stated that the Golden Visa is not linked to employment status. Therefore, losing a job will not affect long-term residents of the UAE.
“The UAE residency status of a Golden Visa holder remains unaffected if [he/she] loses [their] jobs.” She stated that the continued validity of a Golden Visa does not depend on employment status in a statement she made to Khaleej Times.
Long-term residency is a key feature of the UAE’s economy and society according to HR professionals and recruitment experts. It will bring in long-term residents, highly-skilled individuals, and the best talent from all over the globe.