10-Year UAE Residency Visa For Professionals - UAE Golden Visa

November 16, 2020by Chinwe Azikiwe

10-Year UAE Residency Visa For Professionals – 10-Year UAE Golden Visa

 

The UAE residency by investment program, has seen a lot of investors flock to Dubai to make a permanent home for them and their families and with the recently implemented schemes for long-term residency —foreigners (investors, entrepreneurs, specialized talents and retirees) can now benefit of residency visas valid for 5 or 10 years automatically renewable.

The UAE’S economy which is growing at a rapid pace, coupled with its tax-free residency status, high standards of life, access to business opportunities, and political stability makes it a very attractive country for investors, expatriates and families. Therefore, it is not a surprise that the UAE is now a top choice for Ultra and High Net Worth Individuals who wish to take up permanent residence.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has made a much welcomed announcement; that more classes of professionals can now get 10-year golden residency visas.

The UAE Residency program grants residencies for 10 years, and upon its expiry the resident will be able to renew it without limitations on number of times it can be renewed. With a residence in the United Arab Emirates you can obtain visa for immediate family members: wife,  husband and children. All categories are required to have a valid employment contract in a specialised field of a priority in the UAE.

Contact our corporate team for assistance.

Below is the complete list of professions that can apply for the Golden Visa:

1. Doctors: Doctors are another class that will benefit from this scheme. This will help the country to better cope with the pandemic and meet shortfall of medical professionals in the country.

2. Engineers: All engineers in the field of computers, electronics, programming, electricals, electronics, active technology, AI and Big Data can obtain the golden visa.

3. PhD degree holders: Under the law, professionals holding PhD degree will be awarded with the Golden Visa. The individual should be holding PhD degree from one of the top 500 universities in the world.

4. Researchers/Scientists: This includes researchers and scientists who are specialist of their respective fields. Scientists must be accredited by Emirates Scientists Council or holders of the Mohammed Bin Rashid Medal for Scientific Excellence.

5. Highly qualified individuals: The UAE also offers 10-year visa to highly-qualified individuals who have achieved high scores of 3.8 or more from approved universities.

6. Inventors: The UAE also offers golden visa to inventors but they must obtain a patent of value, which adds to the UAE’s economy. Patents must be approved by Ministry of Economy.

7. Artists: Creative individuals in the field of culture and art will be awarded with the golden visa. Creative individuals in culture and art must be accredited by Ministry of Culture and Knowledge Development.

8. Investors: Foreign investors who have invested AED 10 million or above can also apply for the golden visa. This investment can be in the form of deposit in an investment fund, establishment of a company or investment in the real estate or any other strategic sectors. A number of Indian, Pakistani and Arab investors have been awarded golden visas under this scheme.

There are additional routes to obtaining the UAE Residency:
  • Investments substantially above AED 10 million in existing UAE company (Gold card Permanent Residency granted).
  • Investment in public investments of at least AED 10 million (10-Year Residency granted).
  • Real estate investment in UAE of at least AED 5 million (5-Year Residency granted).
  • Entrepreneurs (5-Year Residency granted): This category includes those having an existing project with a minimum capital of AED 500,000, or those who have the approval of an accredited business incubator in the country. A 5-year residency is granted to the entrepreneur, spouse, children, a partner and three executives.
  • Retirees (5-Year Residency granted): Retirees from age 55 and above, along with their spouse and children, are granted a 5-year renewable UAE Retirement Visa in Dubai if they have an active income of more than AED 20,000 per month OR a minimum of AED 1 million in cash savings OR have properties worth at least AED 2 million OR a combination of cash savings and properties worth at least AED 2 million.
  • Real estate investment in UAE worth at least AED 1 million (3-Year Residency granted).
  • Company Formation starting from AED 9,000 (3-Year Residency granted).
  • Remote workers (1-Year Residency granted): The newly launched residency program allows overseas remote working professionals and their families to relocate to the UAE while continuing to work remotely for their overseas employer.

There are no income, inheritance, wealth and gift tax for individuals having the status of tax resident in the UAE.

What are the benefits of obtaining a UAE Residency?

  • No minimum requirement on the time spent annually in the jurisdiction (except for company formation or real estate investment routes where one day presence in the UAE every 180 days will be required). The TRC will require a legal physical presence in the UAE for a certain number of days per year.
  • There are no income, wealth, inheritance, capital gain and gift tax in UAE for individuals having the status of tax resident in the country.
  • No requirement to obtain a fiscal quitus from the foreign country of residence or origin.
  • Benefit of large network of Double Tax Treaties to minimize foreign withholding taxes and benefit of tax reliefs.
  • Substantiation of tax residency through grant of Tax residency certificate (TRC).
  • Competitive costs for issuance/renewal of the residence permit.
  • Available local international financial centers and services providers.
  • State-of-the-art infrastructure and an abundance of real estate properties with high yield on investment.
  • Variety of business premises
  • Political stability
  • Social stability
  • Safe for family; with access to world class health facilities and education models.
  • Local Asset and Wealth Protection vehicles
  • Ease of doing business
  • Protection of intellectual property rights
  • Favorable business regulations
  • Open and fast growing economy
  • Economic stability
  • No corporate, capital gain or dividend tax.
  • Reduced VAT at 5% only.
  • The UAE is blessed with a strategic location between the east and west, which makes it an international business hub accessible to major emerging economies, linking shipping routes and facilitating goods’ transportation between the various regions in Middle East, Asia, Europe and Africa.
How can we assist you?

Wincore Advisory Group’s Team of Advisors will assist you to determine which route will permit you to most efficiently and successfully complete your UAE residency and obtain a Tax Residency Certificate, if you require. We also assist entrepreneurs and current UAE company owners to develop their business concept and enter the targeted market while mitigating sharia law inheritance law and complying with UAE economic substance regulations requirements.

For support and assistance on this matter, contact our corporate team on +971 4 221 2602 or send an email to contact@wincoreadvisory.com.

 

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Chinwe Azikiwe

Senior Business Advisor | E: c.azikiwe@wincoreadvisory.com | M: +971 (0) 50 630 0821

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