In recent years, the UAE has emerged as one of the most exciting destinations for residence and citizenship, an acknowledged fact by many across the globe. An increasing number of people are choosing to make the UAE their home permanently or temporarily. There are so many ex-pats living in the country that they now make up over 90% of its population. Introducing UAE golden visa is one-way governments try to attract non-citizen residents. In simple terms, a Golden Visa refers to an investment-based visa that offers privileged residency status and other perks for those who meet certain criteria and invest a certain amount of money in that particular country. The UAE also has another name for its version – The citizenship and Residence Program (CRP).
What is the UAE Golden Visa?
The Golden Visa, also known as the UAE Investor Visa, is an immigration program that allows foreigners to live in the UAE for as long as ten years if certain criteria are met. It allows holders to travel freely and access healthcare as if they were Emirati citizens. In some cases, it also allows holders to invest in real estate in the UAE.
Who Can Apply for the UAE Golden Visa?
Applicants must be 18 years or older and prove that they have a source of income or a financial asset of at least $250,000. To apply for a Golden Visa, applicants must also meet certain health, economic and background checks. Applicants must also have a clean criminal record. Each Golden Visa application is different, so it’s important to meet with a lawyer to discuss your situation.
Benefits of holding a UAE Golden Visa
Residency: After five years of residence in the UAE, you can apply for residence for an additional five years. After that, you can apply for permanent residence.
Travel Documents: You will receive a 10-year multiple-entry travel document valid for one monthly trip.
Health Insurance: You are entitled to free health insurance for your family.
Access to Public Services: You will be given access to education, medical and other public services.
Re-entry into the UAE: You will be allowed to leave the UAE and re-enter as long as you have your travel document with you.
Visa Exemption: You will get a visa exemption for up to 90 days each visit.
Children – Your children under 18 will be given access to education in the UAE.
Family – Your spouse and children below 18 will be granted residence in the UAE.
Limitations of a UAE Golden Visa
- No Voting Rights – Unlike Emirati citizens, holders of the Golden Visa do not have the right to vote in elections.
- Can’t hold certain government posts – You won’t be allowed to hold certain government posts, such as a judge or senior police officer.
- No Inheritance – Unlike Emirati citizens, you will not be able to inherit property from your parent(s). You must pay off your mortgage before transferring your property to your name.
- No Dual Citizenship – Unlike Emiratis, holders of the Golden Visa will not be able to have dual citizenship and will have to give up their existing citizenship before applying for UAE citizenship.
- No Right to Reside in Other GCC Countries – You will not be able to apply for residence in other GCC countries.
Conclusion
The Gold Visa is an excellent way to gain long-term residency and eventually citizenship in the UAE and provide an opportunity to visit museum of the future. It is also an excellent way to diversify your assets outside of the US, as real estate and other investments in the UAE are less volatile than investments in the United States. If you are interested in applying for a Gold Visa, you might want to start the process a few months sooner than you think. It takes a long time to go through the application process; the sooner you start, the better. For more information, get in touch with a lawyer specialising in immigration cases which can guide you through the process and ensure you have everything you need for your application.
