How to get a 10 year UAE Golden Visa

The UAE is the first country in the world in terms of ease of obtaining residence visas, according to a survey by the InterNations service.

On October 3, 2022, innovations came into force that make it even easier to obtain a Green Visa and a Golden Visa.

Who can become a resident of the UAE and what needs to be done for this - we discuss with the expert , Aram Grigoryan.

What are the benefits of UAE residency?

• One of the biggest privileges that property owners in Dubai receive is the opportunity to obtain a UAE resident visa. Not so long ago, amendments were made to the law on the issuance of residency, which opened up a lot of new opportunities for people who could not previously claim the right to permanent residence in the UAE.

First, let's talk about what privileges the Dubai resident visa gives? Of course, it is physically impossible to list all the advantages of living in this country, you can talk about it for hours, but let's pay attention to the rest. Let's start with the main one. A resident visa allows an unlimited stay in the UAE for the duration of the visa itself. At the same time, you need to understand that you need to visit the country at least once every 6 months. Otherwise, the visa will be closed and the process will need to be started again. Then you can open an account in any bank in the country being a resident. In turn, having a bank account, you get access to loans. After that, you can buy a car or real estate, or get a consumer loan, that is, use loans, mortgages, etc. And I would like to note that interest rates here are very, very low compared to other countries. Further, you can obtain a local license and purchase and enter the vehicle accordingly. I remind you that as a tourist and with an international driving license, you are only allowed to drive cars registered with car rental services. You can also purchase health insurance and access leading clinics and hospitals in the Middle East. In some medical specialties, these clinics and hospitals are considered the best in the world. The next privilege is that you can also get access to education in local and international educational institutions located in the UAE and, accordingly, not only you, but also your children can use it. The last of the main privileges is that you can travel to some countries without visas, having only a Dubai resident visa.

Now let's talk about innovations. In September, new application requirements for 2 types of resident visas were officially announced: the Golden Visa and the Green Visa.

What is the difference between Green Visa and Golden Visa?

• Let's start with the Green Visa. It gives the right to reside in the UAE for 5 years. The important point is that with this type of visa you do not need to have a local sponsor. For comparison, a work visa for a resident of the UAE, issued for 2 years, requires the presence of a local sponsor. The green visa also gives more privileges to the visa holder. Thus, the visa holder can open a visa for their children. This applies to male children up to 25 years of age. Previously it was possible to sponsor only up to 18 years old, also female children of any age. The exception is children with disabilities. In this case, there are no restrictions on gender and age.
• Another privilege of this type of visa is the fact that after the expiration of the visa, you can stay in the country for another 6 months. Previously it was only 1 month old. The residence visa for family members will be the same as that of the applicant.
• Who can apply for a Green Visa? Freelancers, experienced professionals, investors and partners. Now we will not cover the requirements for each category, since we are not talking about investments. There is another type of visa for this, which we will discuss later. The investor category in this type of visa, Green visa, implies an investment in opening a company, business.

Now let's talk about the very Golden Visa.

Let's start with the privileges of these visas. Firstly, after your Golden Visa is confirmed, you will have the right to multiple entry to the UAE within 6 months in order to issue and receive this visa. Secondly, the Golden visa is issued for a period of 10 years. It does not require a sponsor. You can also stay outside the UAE for 6 months a year. And the visa will still be valid, i.e. You do not need to enter the country every six months. You can open visas for immediate family and children, regardless of age. You can also open visas for an unlimited number of your domestic workers. And the last privilege, something you never want to think about or talk about, but this moment shows how much the country cares about its citizens and residents. In the event of the death of the primary visa holder, family members and domestic workers who hold visas may use them until the visa expires.

Who is issued a Golden visa? Who can apply for it?

Investors, namely real estate investors, are eligible to receive a golden visa. Entrepreneurs, so-called outstanding or distinguished specialists, scientists, excellent students of high schools and universities, people involved in humanitarian assistance, and, accordingly, ordinary heroes who have distinguished themselves in this and so called. Let's talk more about investing in real estate. Before that, I want to clarify about those very frontline heroes, because it may not be clear. It's not about war, it's about those people who take risks working to save other people in times of crisis and, accordingly, are different in this. For example, doctors, during a pandemic, etc. A separate category of people and the country wants such people to be encouraged and stay in this country.

Now let's talk about the investor category. To make it easy for a property owner to obtain a Golden visa, he needs to fulfill one of 3 conditions.

1 condition - to purchase a property worth at least 2,000,000 dirhams. And we are talking about ready and fully paid real estate.

2 condition - to purchase real estate in a mortgage from certain specific local banks.

And condition 3 - purchase one or more properties under construction worth at least AED 2,000,000 in total value from certain approved developers. Previously, the UAE has never given a resident visa for a property under construction or not fully paid for.

And I remind you that in the past a visa was given for a maximum of 3 years, and now we are talking about a ten-year visa.

Innovations were announced on October 10, 2022.

Partners of our company Hayat Estate in the UAE will answer all questions related to obtaining resident visas in the country.