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The 10-year Golden Residency Visa has recently become one of the most sort after long-term residency visas in the UAE with its prestigious title, benefits and is the next best thing to a UAE passport for non-UAE nationals. The Golden Visa can be granted to those who are investors, business owners, and individuals with outstanding talents. Shuaib Saeed answers our client’s most frequently asked questions when enquiring about the UAE 10-year Golden Visa.
There are multiple routes for obtaining to a UAE Golden Visa. Each application is based on its merits and the most common routes undertaken are as follows:
1) Investor route: This is where an individual puts a minimum of AED 2,000,000 into a local UAE bank account as a fixed deposit for two years, or when purchasing a property (a real estate investment) worth no less than AED 2,000,000
2) Entrepreneurs: An entrepreneur should own or be a partner in a start-up registered in the UAE in the category of small and medium enterprises (SME) that generates annual revenue of not less than AED 1,000,000. If the start-up business was sold in the past for no less than AED 7,000,000, you are also eligible
3) Skilled Workers: This requires highly skilled workers in an industry which may include science, engineering, medicine or law for at least 5 years and receiving a salary of AED 30,000 minimum per month
4) Individuals with Outstanding Talent route: This refers to doctors, scientists, researchers, bloggers, influencers etc. The list is non-exhaustive, meaning the profile of an individual who feels they have a strong profile can be submitted for immigration approval and will be based on its merits
There are multiple benefits for the UAE Golden Visa. Individuals who possess this prestigious visa are part of an exclusive group. If someone with the Golden Visa is stranded abroad for any reason whether it is COVID related or something else, the ability to return is a lot more straightforward, as Golden Visa holders are on the same tier as UAE passport holders for re-entry to the country. Furthermore, the Golden Visa is automatically renewed every 10 years providing individuals with more security and peace of mind as it is not attached to a contract of employment, business, or property but a standalone visa.
You can also sponsor your spouse, children (no age limit) and parents under the primary applicant’s Golden Visa allowing your family members to benefit from this amazing opportunity. Other benefits for family members allow them to stay in the UAE in the event of the death of the Golden Visa holder until the end of their permit duration.
The Golden Visa is automatically renewed. The applicant just needs to do their medical examination and pay the relevant Government Fees. They then have another 10-year visa issued.
Yes. The primary Golden Visa applicant can sponsor the spouse (husband or wife), children (as long as they are unmarried) and parents.
No. The Golden Visa does not require you to enter every 6 months like a normal residence visa so you can enter as and when you require.
Once you get the Golden Visa you do not need to keep any existing visa as the Golden Visa is sufficient.
There are different routes and requirements for obtaining the 5-year visa (also known as the green visa) and are as follows:
1) Skilled employees: skilled employees are eligible for a green visa and must have a current employment contract as per the occupational level as per the Ministry of Human Resource and Emiratisation. The minimum educational level must be a bachelor’s degree or equivalent and the salary should not be less than AED 15,000 per month
2) Freelancers and Self-Employed Individuals: The annual income from self-employment for the previous two years should not be less than AED 360,000 per year supported by the Bachelors Degree or Specialised Diploma
3) Investors: This also provides five-year residency for investors establishing or participating in commercial activities. It replaces the previous residence that was valid for two years
The 5-year visa offers longer flexible grace periods that reach up to six months to stay in the country after the residence permit is cancelled or expired.
We have a proven track record of successfully processing eligible applications for the UAE Golden Visa. We are able to deal with applications efficiently ensuring our client’s do not have to deal with the stress associated with processing the application and we ensure a smooth process from obtaining prior approval all the way through to receiving your new visa. Our aim is to deliver a service unrivalled in the market with clear information, efficiency in processing applications and obtaining the Golden Visa for client’s who may otherwise face challenges, such as appointment delays, language barriers or trouble getting through to the correct departments.
Please note that as rules and regulations are constantly changing/being updated, this article may change. Keep checking for further updates. If you have any more questions regarding the golden visa, or the green visa, please email us at ask@sanctuary.ae.
For UK businesses considering opportunities in Saudi Arabia, the following steps outline the overall process:
1. Business Activity: Determine the appropriate business activity which will aligns with your business and satisfies all undertakings you will engage with in the Kingdom.
2. Local Partnerships: Consider any potential opportunities for collaborations with established local businesses to ease market entry and meet regulatory requirements.
3. Documentation: Gather the required documentation for incorporation in KSA.
4. Company Registration: Work with experts and the relevant governing bodies to assist with the incorporation process, ensuring compliance with local laws and regulations.
5. Other Requirements: Consider any other requirements for establishing in Saudi Arabia such as capital and tax requirements.
Saudi Arabia's Vision 2030 represents a significant opportunity for UK businesses to engage with an expanding market with vast potential. As the Kingdom continues to diversify its economy and expand its global influence, UK companies are well-positioned to support and benefit from this transformation. With the right strategy, partnerships, and local support, there are a wealth of possibilities.
By aligning your business with Saudi Arabia’s Vision 2030, the benefits for UK and international businesses looking to Saudi Arabia have never been greater.
At Sanctuary, we specialise in assisting businesses looking to expand into Saudi Arabia. We help navigate the complexities of the Saudi market, ensuring that you have the expertise needed to best prepare for success, so get in touch today.
Our expert team offers comprehensive support across a range of services, from company registration, advisory services, and more. Explore our services to discover how we can help you.
Vision 2030 is a strategic framework designed to diversify Saudi Arabia’s economy, reduce its dependency on oil, and transform the Kingdom into a global business hub.
Key points include economic diversification, social reforms, investment in technology and infrastructure, sustainability, and creating a competitive workforce.
The main focus of the Saudi Arabian Vision 2030 strategy is to build on key economic sectors such as hospitality, travel and tourism and build economic stability and sustainability.
Saudi Arabia’s Vision 2030 initiative is aimed at diversifying its economy through strategic investments into the non-oil sector and ensuring a more sustainable economic future.
Saudi Arabia has committed over $500 billion to Vision 2030, funding projects that span a variety of sectors, including energy, tourism, and infrastructure.
Yes, with its growing economy, reform initiatives, and investment incentives, Saudi Arabia is a highly attractive destination for foreign businesses seeking growth opportunities.
Key growing industries include renewable energy, tourism, healthcare, technology, and education.
Saudi Arabia permits foreign owned businesses and investment into the Kingdom, which has been elevated by the Vision 2030 initiative. A MISA licence is required for foreign investors or businesses to establish.
As a result of the diversification efforts of Saudi Vision 2030, the non-oil and private sector in the Kingdom have witnessed unprecedented growth in the past few years. The private sector continues to grow each quarter and the non-oil sectors continue to reach record contributions for the Kingdom’s GDP.
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