UAE News Today : Politics

5 ways to get 10-year residency without work

The highly sought-after UAE Golden Visa has been granted to thousands of investors, professionals, students and entrepreneurs since its launch in 2019.

According to the General Directorate of Residency and Foreigners Affairs (GDRFA) – DubaiThere was a 52 percent increase in the issuance of Gold Visas in the first half of 2023. As of November 2022, the emirate had issued more than 150,000 Gold Visas to property buyers, investors, professionals and other eligible others.

The 10-year visa offers several advantages to its holders, including the issuance of residence permits for family members, including spouses and children. The age limit for sponsored children has been increased from 18 to 25 years and there is no age restriction for unmarried daughters. Residence permits are granted to certain children, regardless of their age. Furthermore, there are no restrictions on sponsoring the number of domestic workers and the Gold Residency remains valid without limitations on the maximum duration of stay outside the UAE.

Professionals working in healthcare, media, information technology and other industries with a monthly salary of Dh30,000 or more are eligible for the Golden Visa.

However, there are certain categories where people are not required to have a job to apply for a 10-year visa.

Here are five of them:

Property Buyers: UAE residents and foreign investors who purchase one or more properties with a total value of Dh2 million or more can apply for the Golden Visa. This includes both off-plan and existing properties in the country.

In a major announcement, Dubai removed the Dh1 million down payment requirement for property buyers to be eligible for the 10-year visa. However, the total value of the property must still be Dh2 million or more to meet the eligibility criteria.

Also Read: UAE Golden Visa: Dubai removes minimum down payment required for homeowners

Cash deposit: High net worth individuals can deposit Dh2 million in a local bank over a two-year period to qualify for the prestigious visa. Many local banks in the country offer help to people who opt for this plan.

Entrepreneur: The executive regulation establishes flexible requirements for entrepreneurs eligible for the Golden residency. An entrepreneur must be the owner or partner of a startup registered in the country in the small and medium-sized enterprise (SME) category and generate annual revenue of at least Dh1 million.

Furthermore, if the person is the founder or one of the founders of a previous business project that was sold for a total value of not less than Dh7 million, he or she will be entitled to the Golden Residency. For projects or ideas, approval from the Ministry of Economy or the competent local authorities is required.

Scientists and researchers: The Golden Visa residency is awarded to scientists and researchers with great achievements and influence in their field based on the recommendations of the Emirates Council of Scientists. The candidate must have a PhD or a master’s degree in the disciplines of engineering, technology, life sciences and natural sciences from the world’s top universities, as well as substantial achievements in research.

Featured students: High-achieving students from UAE secondary schools and outstanding graduates from UAE universities and top 100 universities in the world could apply for the 10-year visa. Specific criteria include academic performance (cumulative GPA), year of graduation, and university ranking.

News Source: Khaleej Times

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