UAE’s gold visa is aimed at investors, talented professionals and gifted individuals
Dubai: United Arab Emirates last week announced gold visas for more categories of individuals, opening up the possibility of long and renewable residence for them in the country. The gold visa offers renewed 5 or 10 years of residence based on the profile of the applicant.
UAE’s gold visa categories are unique in that monetary investments are not the only category for approval. The UAE announced on November 15 that the ten-year gold visa to all PhD holders, physicians and engineers in the fields of computer engineering, electronics, programming, electricity and biotechnology, as well as graduates of UAE-recognized universities who have obtained degrees, will be awarded. Point average, GPA, of 3.8 and higher.
Here are some other countries that offer ‘gold visa’ categories to foreigners:
In 2019, Saudi Arabia announced their new permanent residence option for individuals who are financially solid above the age of 21. The fee for a permanent residence option is 800,000 Saudi Arabia, approximately Dh784,000. Expatriates or foreigners can also get a residence permit, which requires no sponsor and can make it comfortable for a year to do business, recruit, for 100,000 Saudi-Riya (about 98,000 Dh).
Another Gulf country with the option to ‘sponsor’ through investment or other conditions is the Kingdom of Bahrain. Foreigners can get a long-term residence permit if they are older than retired but have enough income to support themselves and their dependents. Other options is if they have invested in real estate worth at least BD50,000 (Dh487,000) in specific areas with a minimum monthly income of BD500 (Dh4,870), or if they have an investment of at least less than BD100,000 (Dh974,000) and BD500 in minimum monthly income.
Called an EB5 visa, the US issues only 10,000 of these per year, including visas for the applicants’ dependents. The minimum investment amount is $ 900,000 (Dh3.3 million) and such an investment must be able to create at least ten jobs for US citizens directly. In some areas, the minimum investment for the visa rises to $ 1.8 million (Dh6.6 million), along with the work requirement. The visa applicant, if successful, will receive a green card and may also obtain accommodation for dependents.
If you get a Tier 1 investor visa, you will bring back £ 2 million (approximately Dh9.76 million) or more, and not in real estate. The money must be invested in share capital, bond market or loan market for active businesses registered in the United Kingdom. The guardian reported in 2019 that 255 people obtained the visa in the first half of that year and that more than 11 000 people have obtained the visa since its inception in 2008.
Most EU countries have versions of the gold residence visa, but the conditions differ for some. Countries such as Switzerland, Austria, Belgium and Italy do not issue the long-term fixed investment option. These countries focus on economic investment and job creation, and the required amounts range from € 250,000 (just over Dh1 million) to € 10 million (more than Dh43.5 million). Portugal, Spain, Malta, Cyprus and Greece, on the other hand, have options for investing in real estate as a way to reside, and based on certain conditions, citizenship. The amounts of such investments start from € 250,000.
Source: Gulf News