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UAE introduces 10-year Golden Visa for professionals

The United Arab Emirates (UAE) has made the decision to grant a 10-year golden visa to professionals, such as doctors, engineers, and Ph.D. holders from universities recognized by the UAE with a grade point average (GPA) of 3.8 or higher. This visa is being issued to keep "talented people and great minds" in the nation.

2019 saw the introduction of the golden visa as a long-term residency scheme by Dubai's ruler and prime minister, Sheikh Mohammed bin Rashid. More than 400 businesspeople, investors, and some of their families have been granted visas since the company's founding.

About the United Arab Emirates

The emirates of Abu Dhabi, Sharjah, Dubai, Ajman, Umm Al Quwain, Khaimah, and Fujairah make up the United Arab Emirates (UAE), a federation.

The Federal Supreme Council is composed of the seven emirates collectively.

Abu Dhabi is the largest of the emirates that comprise the United Arab Emirates and is home to the federal capital. Over three-quarters of the UAE's total land area is made up of Abu Dhabi.

The port city of Dubai, which is home to numerous international corporations surrounded by skyscrapers, serves as the emirate of Dubai's capital.

There are an estimated 9.9 million people living in the United Arab Emirates.

Prominent cities in the UAE are mentioned below –

• Dubai
• Zayed City
• Sharjah
• Abu Dhabi
• Dibba
• Al Ain
• Ajman
• Ras Al Khaimah
• Fujairah
• Um Al Quwain
• Khor Fakkan

Reasons for introducing the UAE Golden Visa

The golden visa was introduced to promote the United Arab Emirates as a location for commercial investment and foster regional business growth. The purpose of the visa was to honour long-term residents and their contributions to the advancement of their nation.

The golden visa is an opportunity to express gratitude for their contributions and to provide them a long-term visa that is renewable after ten years.

Who can apply for the Golden Card?

Five categories of non-residents can apply for the golden card, which is - entrepreneurs, chief executives, investors, meritorious students and scientists.

Five categories of non-residents can apply for the golden card, which is - entrepreneurs, chief executives, investors, meritorious students and scientists.

Requirements for foreign investors

They have to meet at least one of the requirements listed below:

• Has plans to invest up to 10 million dirhams in an investment fund in the United Arab Emirates.
• Must be a partner in a business with a stake of up to 10 million dirhams or the owner of a corporation with a capital investment of 10 million dirhams.

In addition, the following requirements need to be met:

• Rather than being financed by a loan, investment money should be wholly owned, and sufficient documentation must be provided.
• The investment must have been held by the applicant for a minimum of three years.
• The applicant needs to present proof of insurance for themselves and their dependents.

Requirements for entrepreneurs:

• Applicants must be project owners in a UAE-certified field with a project value of at least 500,000 dirhams.
• The applicant needs to be accepted as both the project's originator and a certified business incubator.
• The applicant and his family members must be covered by health insurance.

Eligibility conditions for specialists

• A professor from any of the top 500 foreign universities recognized by the Ministry of Education may apply.
• A candidate with a recognition or certificate of achievement in their field of expertise may also submit an application.
• Scientists having 20 years of practical experience in their field of competence who have made significant contributions to their field of study
• Candidates with expertise in areas important to the United Arab Emirates

Eligibility conditions for chief executives:

• A bachelor's degree or its equivalent is required.
• Requires at least five years of experience, a valid work contract, and a salary of at least 30,000 dirhams in the UAE.
• Need to have health insurance that covers family members

Eligibility criteria for others

Regarding the requirements for inventors, they need to have a patent that will benefit the economy of the United Arab Emirates and receive the Ministry of Economy's permission.

In addition, the curriculum includes specialists in art and culture who have to be approved by the UAE's Ministry of Culture and Knowledge Development.

Check the UAE Green Visa as well.

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