Unveiling the UAE’s Golden Visa and Green Visa: A Gateway to Long-Term Residency and Business Opportunities

This article was updated on May 15th, 2024.

The United Arab Emirates has revolutionized its residency landscape through the introduction of the Golden Visa and Green Visa programs. These long-term residency options cater to foreign investors, entrepreneurs, skilled professionals, and individuals with exceptional talent, transforming the UAE into an even more attractive destination for those seeking to live, work, or invest in the region.

A TURNING POINT: REDEFINING FOREIGN OWNERSHIP & ECONOMIC GROWTH

Prior to 2018, foreign ownership in the UAE mainland was capped at 49%, requiring a local Emirati sponsor to hold the remaining 51% stake. The Golden Visa program, coupled with Federal Decree-Law No. 26 of 2020, shattered this limitation by allowing 100% foreign ownership of businesses on the mainland. This shift aimed to:

• Attract Foreign Investment: By easing ownership restrictions, the UAE aimed to incentivize foreign investors to establish businesses and contribute to the country’s economic expansion.
• Boost the UAE’s Economy: Increased foreign investment was envisioned to stimulate economic activity, create jobs, and diversify the UAE’s economy beyond its reliance on oil and gas.

GOALS OF THE UAE’S GOLDEN VISA AND GREEN VISA PROGRAMS

The Golden Visa and Green Visa programs share the following objectives:

• Talent Acquisition and Retention: The UAE seeks to attract and retain highly skilled professionals, researchers, scientists, and individuals with exceptional abilities across various fields.
• Encouraging Entrepreneurship: These programs aim to foster an environment where entrepreneurs can establish and operate businesses in the UAE, contributing to a thriving entrepreneurial ecosystem.
• Economic Diversification: By attracting foreign investors and businesses, the UAE strives to reduce its dependence on oil and gas and establish a more diversified and sustainable economy.

NAVIGATING THE DIVERSE LANDSCAPE OF GOLDEN VISA & GREEN VISA CATEGORIES

Both the Golden Visa and Green Visa programs offer residency options tailored to various categories of individuals:

Golden Visa Categories:

• Professionals: Highly skilled workers with educational qualifications and professional experience across various sectors.
• Exceptional Talent: Individuals recognized for their achievements in culture, art, sports, digital technology, or other vital sectors.
• Entrepreneurs: Owners or partners in startups registered in the UAE with a minimum annual revenue of AED 1 million.
• Spouse/Dependents: Spouses and children of Golden Visa holders.
• Real Estate Investors: Individuals who purchase property worth AED 2 million or more.

Green Visa Categories:

• Freelancers/Self-Employed: Individuals with self-employment income of at least AED 360,000 annually for the past two years or with proven financial solvency.
• Skilled Employees: Employees with a valid employment contract and a minimum monthly salary of AED 15,000.
• Investors/Partners: Individuals with approved investments in the UAE.

UNLOCKING RESIDENCY: THE APPLICATION PROCESS

The specific requirements for obtaining a Golden Visa or Green Visa vary depending on the chosen category. However, the general process involves:

1. Expert Guidance: Consulting a UAE visa consultancy like Creation Business Consultants can ensure a smooth application process by assessing your eligibility and providing tailored support.
2. Document Gathering: This typically includes your passport, visa application forms, proof of income/investment, educational qualifications, and other relevant documents specific to your chosen category.
3. Category-Specific Requirements: Each category may have additional requirements, such as property ownership value (Golden Visa) or minimum salary (Green Visa).
4. Application Submission: Once all documents are prepared, the application is submitted to the relevant authorities.

EMBRACING THE ADVANTAGES OF LONG-TERM RESIDENCY

Both the Golden Visa and Green Visa offer significant advantages, including:

• Long-Term Residency: These visas offer residency validity for 5 or 10 years, eliminating the need for frequent renewals.
• Business Ownership: Golden Visa holders can own businesses on the UAE mainland without requiring an Emirati sponsor.
• Family Sponsorship: Golden Visa and Green Visa holders can sponsor their spouse, children, and in some cases, additional dependents.
• Enhanced Quality of Life: Residents enjoy numerous benefits associated with living in the UAE, including a high standard of living, excellent infrastructure, and a diverse cultural environment.

CONCLUSION: A GATEWAY TO A THRIVING FUTURE

The UAE Golden Visa and Green Visa programs represent a significant step forward in the country’s residency policies, making it easier for foreign nationals to establish themselves in the UAE. By attracting skilled professionals, entrepreneurs, and investors, these programs contribute to the UAE’s economic diversification, business growth, and overall prosperity.

If you consider applying for a Golden Visa or Green Visa, Creation Business Consultants can provide expert guidance and support throughout the process. Contact us today for a free consultation and begin your journey towards residency in the UAE.

ADDITIONAL CONSIDERATIONS

It’s important to note that each program has its nuances. Here’s a deeper dive into some key details:

• Golden Visa: 
  • Offers a 10-year residency for most categories, except real estate investors who receive a 5-year visa.
  • Allows for 100% business ownership on the UAE mainland.
• Green Visa: 
  • Offers a 5-year residency for all categories.
  • Does not automatically grant 100% business ownership; regulations may vary depending on the specific business activity.

Remember, the UAE government is continuously updating its visa regulations. It’s advisable to stay informed about the latest changes and consult with experts like Creation Business Consultants to ensure a successful application process. Contact a member of our team to learn more about setting up a company in the UAE, email us at [email protected], or call UAE at +971 4 878 6240 and Saudi Arabia at +966 54 511 2494

Michelle Camacho,
Senior Client Relationship Executive