Bollywood icon Sanjay Dutt, took to Twitter to thank the United Arab Emirates (UAE) government for granting him the much-coveted golden visa that came into effect in May 2019 following approval from the Prime Minister and Ruler of Dubai.
Sharing photos, Dutt tweeted, “Honoured to have received a golden visa for the UAE in the presence of Major General Mohammed Al Marri, Director General of @GDRFADUBAI. Thanking him along with the @uaegov for the honour. Also grateful to Mr Hamid Obaidalla, COO of @flydubai for his support.”
What is the Golden Visa?
Essentially, the golden visa is a long-term residency visa. It was originally drafted as a permanent residency programme, however, the General Directorate of Residency and Foreign Affairs later clarified that it was actually a long-term, 5 or 10-year visa that was renewable.
Following its launch in 2019, the visa quickly attracted applications from over 400 investors and businessmen, along with members of their families. Several more visas have been granted since.
Typically, the golden visa is targeted at wealthy individuals keen to offer the UAE significant investment in exchange for an opportunity to reside within the country. The system also functions as a way for the UAE government to broaden its tax base. In recent years, the UAE, with its tax-free and business-friendly environment, has emerged as one of the most attractive destinations for entrepreneurs and investors.
Those seeking the 10-year visa are required to put forth an investment of, at least, AED 10 million, either through an investment fund or a company. The rules are, largely, the same for the 5-year visa except the investment required is AED 5 million.
Additionally, at least 60 per cent of this investment cannot be in the form of real estate or have been loaned. Investors retain full ownership of the assets invested into. An investor must also be able to retain the investment for a period of three years.
The visa can also be extended to business partners of investors granted they too, invest no less than AED 10 million. A single-long term visa can also include a holder’s spouse and children along with one advisor and executive.
The UAE has since expanded the golden visa to attract specialised talent. Those holding PhDs from one of the top 500 universities in the world can also apply for the grant. Doctors, engineers, scientists, and researchers are also eligible for the visa if they have secured the relevant accreditations from the Emirates Scientists Council, or have won the Mohammed Bin Rashid Medal for Scientific Excellence. Inventors with patents of value that have shown to directly contribute to the UAE economy, and are approved by the Ministry of Economy, are also eligible for the visa.
Secondary school or university students that have exemplary academic records (95 per cent or higher) residing either, within or outside the country can also secure similar visas. Long-term visas for students’ families can also be granted.
Moreover, entrepreneurs who have injected capital equal to or in excess of AED 500,000, or those who have been pre-selected by accredited business incubators within the country, can also obtain a renewable, multiple-entry visa valid for six months.
