The United Arab Emirates began processing five and ten-year visas for investors and entrepreneurs in February of this year, a measure that has been widely praised since it was revealed. The ‘Gold Card’ visa, the UAE’s equivalent of permanent residence, was announced shortly afterward, making headlines once more.
The announcement was made in conjunction with the news that 6,800 citizens of Dubai who had made a collective investment of AED 100 billion would be given Gold Cards; however, information regarding the visa itself was not easily accessible until earlier this week.
The Gold Card is valid for numerous different broad categories of long-term visas, including the following:
- At least AED 10 million, with at least 60% invested in non-real estate assets, are eligible for membership.
- Those who have contributed AED 10 million each to a business venture
- In particular, scientists and other professionals in highly specialized domains.
- Students with grades of 95% or better are considered exceptional.
Despite the fact that the Gold Card allows for permanent residence, the following considerations should be made:
- As a government mandate, the visa must be renewed every ten years because of the official procedures that must be completed at the time of renewal.
- Holders of Gold Cards will be able to stay outside of the UAE for up to 12 months at a time without restriction (this is not permissible for regular visa holders)
- If an investor’s capital drops below the required level in the future, the Gold Card will be reviewed. The decision to renew will be made on an individual basis.
Executives making AED 30,000 or more per year will be able to apply for a long-term visa, but they will not be granted permanent residency.
Get in contact with our team if you’d like to learn more about the new visa requirements and procedures.