21 07 2020

10-year "golden visa" in the UAE

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A new program for obtaining permanent residence in the UAE was launched at the end of May 2019. The program provides expats who have contributed to the business, education and technology development in the UAE with the opportunity to obtain a “golden visa” for a period of 10 years.

Obtaining a resident visa for 10 years will greatly simplify the life of many foreigners. Among the main advantages is the absence of the need to renew visas every two or three years.

The main goal of the 10-year “golden visa” is to attract talented and qualified foreign specialists and foreign investors, and to keep them in the country. The visa is granted to workers in the field of medicine, science, research, engineering and other areas, and applies to family members.

Foreign investors opening companies in the UAE and developing certain sectors of the economy will receive visas for 10 years, students who are successful in certain areas will receive residency for a period of 5 to 10 years.

The government’s initiative to issue “golden visas” is primarily related to excluding the withdrawal of capital from the UAE. Many foreigners who come to the UAE on a contract monthly transfer various amounts to their countries to support their families. During the year, the total cash outflow from the UAE can reach 40 billion US dollars.

70% of those applying for participation in the program, noted that upon obtaining a visa for 10 years, they will consider increasing their investments in the UAE, will purchase housing in 80% of cases, and will invest in education and entertainment in 65%. However, it is worth noting that the procedure for changing the employer or job loss in the presence of a “golden visa” has not yet been outlined, and it is not indicated whether its holder will need to change the type of visa.