The United Arab Emirates (UAE) has long been known as a dynamic, welcoming destination for expatriates, with nearly 90% of the population being foreign nationals. Historically, long-term residency in the UAE was challenging, with visas tied to employment and requiring frequent renewals. However, significant changes to visa laws have transformed the landscape, making it easier for foreign nationals to build lasting lives and careers in the UAE.
One of the most attractive initiatives is the UAE Golden Visa program. This program offers long-term residency, allowing holders to reside in the country without the need for an employer or sponsor. In this guide, we will explore the salary requirements and costs associated with obtaining a Golden Visa in 2024, along with other key aspects of the program.
Golden Visa in UAE
The UAE Golden Visa was introduced to attract and retain investors, entrepreneurs, and exceptional talent across various sectors. It grants long-term residency to successful applicants, providing them and their families with the opportunity to live, work, and study in the UAE. The program also offers a host of exclusive benefits, including:
- Multi-entry visa: An entry visa valid for six months, allowing multiple entries while the Golden Visa is being processed.
- Long-term residency: A renewable visa valid for up to ten years.
- No sponsor requirement: Freedom from the need for a sponsor or continued employment to maintain residency.
- Extended stay flexibility: The ability to stay outside the UAE for more than six months without losing residency status.
- Family sponsorship: The ability to sponsor family members, who can remain in the UAE even if the primary visa holder passes away.
- Unlimited domestic workers: The option to sponsor an unlimited number of domestic workers.
Salary Requirements for Golden Visa UAE in 2024
The salary and financial requirements for the UAE Golden Visa vary based on the applicant’s category, such as investors, special talents, or executive directors.
- Public Investors
Public investors must provide a letter from the UAE Federal Tax Authority (FTA) confirming that they pay a minimum of AED 250,000 (approximately USD 68,000) in taxes to the government annually.
- Real Estate Investors
Real estate investors are required to own property in the UAE with a minimum value of AED 2 million (approximately USD 545,000). Additionally, the property must be purchased with a loan from an approved local bank.
- Entrepreneurs
Entrepreneurs must demonstrate ownership of a technical or future-focused project with a minimum value of AED 500,000 (approximately USD 136,000). Approval from an accredited business incubator is also required.
- Executive Directors
Executive directors seeking a Golden Visa must prove that they earn a monthly basic salary of at least AED 30,000 (approximately USD 8,200). It is important to note that this salary requirement was recently reduced from AED 50,000 (approximately USD 13,600) and must now be met by basic salary alone, excluding other income sources.
Also Read: Golden Visa UAE Benefits and Requirements
Additional Requirements for the Golden Visa in UAE
The eligibility criteria for the UAE Golden Visa vary depending on the applicant’s category:
- Public Investors: Must hold a valid commercial or industrial license and demonstrate capital of at least AED 2 million (approximately USD 545,000).
- Real Estate Investors: Must obtain property with a loan from an approved local bank and meet the minimum property value requirement.
- Entrepreneurs: Must secure approval from an accredited business incubator and provide evidence of project value.
- Special Talents: Required to prove expertise in their field, such as through prestigious awards, specialized degrees, or recognition from an emirate’s department of arts and culture.
- Executive Directors: Must possess a bachelor’s degree from a Ministry of Education-accredited university, a valid work contract, and a letter of experience demonstrating at least five years in the same role.
Steps to Apply for the UAE Golden Visa
Raes Associates simplifies the process of obtaining a UAE Golden Visa. Our team will guide you through the following steps:
Step 1: Due Diligence and Eligibility Checks
Our experts will assess your circumstances to ensure eligibility for the Golden Visa. This preliminary step helps prevent delays and minimizes the risk of application rejection.
Step 2: Choosing an Applicant Category
We will help you select the most suitable category for your application, whether you are an investor, entrepreneur, special talent, or executive director.
Step 3: Submitting the Golden Visa Application
Once eligibility is confirmed, we will assist you in submitting your application, which can largely be done online. You will need to provide all necessary documentation, including a passport copy, proof of salary or capital, and any additional supporting documents required for your category.
Step 4: Receiving Your Golden Visa
Typically, you can expect to receive your Golden Visa within seven to ten business days. Raes Associates will keep you informed throughout the process, ensuring a smooth transition as you begin your new life in the UAE.
Why Choose Raes Associates?
Raes Associates has a proven track record of assisting investors and professionals in establishing their lives in the UAE. Our deep understanding of the UAE’s business and immigration processes ensures that your Golden Visa application is handled with expertise and care. Whether you’re seeking long-term residency for yourself, your family, or your business, Raes Associates is your trusted partner every step of the way.
Frequently Asked Questions (FAQs) About Golden Visa
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What is the validity period of the UAE Golden Visa?
The UAE Golden Visa is valid for up to ten years and can be renewed upon expiration.
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Can I sponsor my family members under the UAE Golden Visa?
Yes, Golden Visa holders can sponsor their spouses, children, and, in some cases, parents. Family members can remain in the UAE even if the primary visa holder passes away.
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What is the minimum salary requirement for executive directors applying for the Golden Visa in 2024?
Executive directors must earn a minimum monthly basic salary of AED 30,000 (approximately USD 8,200) to qualify for the Golden Visa.
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Are there any restrictions on how long I can stay outside the UAE with a Golden Visa?
Golden Visa holders can stay outside the UAE for extended periods without losing their residency status, which is a significant advantage over other visa types.
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How long does it take to process a UAE Golden Visa application?
The processing time for a UAE Golden Visa is typically seven to ten business days, though it may take longer depending on the complexity of the application.
