UAE Golden Visa for Investors and Entrepreneurs #2024 Latest Update

 

The UAE has always been a top destination for High-Net-Worth Individuals (HNWIs) and Ultra-High-Net-Worth Individuals (UHNWIs) worldwide, offering exceptional opportunities for luxury living, investment, and business growth. Its strategic location, tax-free environment, cutting-edge infrastructure, and world-class lifestyle make it the ultimate destination for those seeking to live, work, or invest in the region.

To facilitate long-term residency for investors, entrepreneurs, and skilled professionals, the UAE introduced the Golden Visa, a prestigious residency-by-investment program. As of August 2024, the UAE government introduced significant revisions to this program, making it more exclusive while enhancing its appeal to global talent.

New Rules for Entrepreneurs and Investors to Obtain a UAE Golden Visa

If you plan to start a business or invest in real estate in the UAE, you can apply for a 5- or 10-year residency visa. The Golden Visa offers the opportunity to bring your family and business partners to the UAE, providing access to an attractive tax-free environment and strategic entry to global markets.

Key Updates to the UAE Golden Visa Program (2024)

In August 2024, the UAE introduced important updates to the Golden Visa eligibility criteria. These changes include:

  • Increased Minimum Salary Requirement: Applicants must now demonstrate a monthly salary of AED 30,000 (approx. USD 8,200), excluding allowances or bonuses. Previously, housing and transport allowances were considered part of the income threshold.
  • Real Estate Investment: The minimum investment remains AED 2 million (approx. USD 545,000). However, the down payment requirement has been simplified, and applicants can now mortgage properties. Joint ownership is also permitted, provided the applicant’s share meets the AED 2 million threshold.

These updates align with the UAE’s focus on attracting highly skilled professionals and long-term investors who significantly contribute to the economy.

What is the UAE Golden Visa?

The UAE Golden Visa is a long-term residency program allowing foreign nationals to live, work, and study in the UAE with exclusive benefits. These include:

  • A six-month entry visa with multiple entries, followed by the issuance of a long-term residency visa.
  • Renewable residency visas valid for 5 or 10 years.
  • No need for a local sponsor, providing residents with independence.
  • The ability to stay outside the UAE for more than six months without losing residency.
  • Sponsorship for family members, including spouses and children of any age.
  • The ability to sponsor unlimited domestic workers.
  • Family members can remain in the UAE even if the original visa holder passes away.

Types of UAE Golden Visas

The Golden Visa is divided into two main categories for investors and entrepreneurs:

1. 5-Year Green Residence Visa

  • Who is it for? Skilled professionals, freelancers, investors, and entrepreneurs.
  • Who can be added? Family members and up to three executives.

2. 10-Year Golden Visa

  • Who is it for? Investors and entrepreneurs.
  • Who can be added? Family members, domestic staff, one executive director, and one advisor. Business partners contributing AED 2 million (approx. USD 544,484) can also be added.

Both visa options offer the freedom to live, work, and travel in the UAE. The 10-year visa additionally allows family members to remain in the country even if the original visa holder passes away during the permit’s term.

Eligibility Criteria for the UAE Golden Visa

1. 5-Year Visa for Property Investors

To qualify, property investors must:

  • Invest in a property valued at no less than AED 2 million (approx. USD 544,484).
  • The investment may be financed through a loan from local banks.
  • The property must be retained for at least two years.

2. 10-Year Visa for Investors

To qualify for the 10-year visa, investors must meet one of the following conditions:

  • Invest at least AED 2 million in an investment fund or property.
  • Establish a company with capital not less than AED 2 million.
  • Partner in a business with a share value of at least AED 2 million. The investment must be retained for at least three years, and it cannot be financed through a loan.

3. 5-Year Visa for Entrepreneurs

Entrepreneurs can apply for a 5-year visa if they meet the following conditions:

  • Own a project valued at AED 500,000 (approx. USD 136,129).
  • Obtain approval from a business incubator or the Ministry of Economy. Entrepreneurs can sponsor up to three executives and their family members and must provide comprehensive health insurance.

UAE Startup Visa Program

The UAE offers a Startup Visa for entrepreneurs who wish to establish or run businesses in the UAE. There are two categories:

1. Green Visa

  • Eligibility: Entrepreneurs, skilled professionals, freelancers, and business partners.
  • Requirements: Proof of financial reserves or annual income to support living in the UAE.
  • Validity: Typically valid for 2 to 5 years.

2. Golden Visa for Startups

  • Eligibility: Entrepreneurs who establish or partner in a startup registered in the UAE’s SME sector.
  • Requirements: The startup must generate at least AED 1 million (approx. USD 272,280) in annual revenue, or the entrepreneur must have sold a previous business for at least AED 7 million (approx. USD 1.9 million).
  • Approval: Applicants must obtain approval from a UAE-accredited business incubator or the Ministry of Economy.

Benefits of the UAE Residency Visa

The UAE Residency Visa, especially through the Golden Visa program, offers a wide range of benefits:

1. Freedom to Relocate or Create a “Safe Haven”

Investors can relocate to the UAE or maintain it as a safe haven, visiting occasionally without being required to reside permanently. Residency holders need to visit the UAE only once or twice a year to maintain their visa status.

2. Tax Optimization

The UAE offers a favorable tax regime with no income tax, capital gains tax, or property tax. A 9% corporate tax applies only to profits exceeding AED 375,000 from 2023 onwards.

3. Bank Accounts and Financial Management

With a residency visa, investors can open multi-currency bank accounts in the UAE, offering secure savings and seamless international transfers.

4. Driving in the UAE

Residents from select countries can easily exchange their home country driving licenses for a UAE one. Citizens of other nations may need to pass a driving test.

5. Healthcare and Education

Residency visa holders gain access to the UAE’s world-class healthcare system. Additionally, their children can attend international schools and universities, with many institutions offering English-language programs.

6. Family Sponsorship

Golden Visa holders can sponsor their spouses, children, and parents, securing long-term residency for the entire family.

7. Esaad Privilege Card

The Esaad Privilege Card offers up to 70% discounts on shopping, healthcare, education, and travel services in the UAE and globally.

8. Pathway to Citizenship

After residing in the UAE for 30 years, residents may apply for citizenship. Exceptional investors or entrepreneurs could qualify sooner.

9. Extended Stay Outside the UAE

Unlike other visa types, Golden Visa holders are not required to return to the UAE every six months to maintain residency status.

10. Sponsorship of Domestic Workers

Golden Visa holders can sponsor up to three domestic workers, ensuring their household support needs are met.

11. High Standard of Living

Golden Visa holders enjoy a high standard of living in the UAE, with access to luxury shopping, dining, and cultural amenities.

How LFL International Group Can Assist

Navigating the Golden Visa application process can be complex, but LFL International Group is here to guide you through every step. Our experts assess eligibility, assist with document preparation, and ensure a smooth application process. Whether you’re an investor, entrepreneur, or skilled professional, LFL International Group offers personalized solutions to help you secure your Golden Visa in the UAE.

Our Locations:

Dubai Office:
Level 3 Boulevard Plaza Tower,
One Sheikh Mohammed Bin Rashid Boulevard,
Downtown Dubai,
Reef Tower Cluster O, Jumeirah Lake Towers, DMCC
Call us on: +971 (0) 509 265 140 | +971 (0) 525 977 456
Email us: dubai@lfl-group.com

London Headquarters:
Law Firm Ltd.,
2nd Floor, Queens House,
180 Tottenham Court Road, London W1T 7PD
Call us on: +44(0)20–7631–1004
Email us: office@lawfirmltd.com

For more information on how we can assist you, contact us today.

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