The United Arab Emirates (UAE) is a federation of seven emirates, including Abu Dhabi (capital), Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain. The UAE’s Residence program is applicable to all the seven emirates.
“UAE is one of the most loved destination by students, professionals and families from all over the world for tax-free income and high return on investment. UAE has come up with new visa programs that enables Indians and other foreigners to live, work and study in the UAE without any sponsor requirements,” said a spokesman for Y-Axis, an immigration services firm.
Know the country:
GOLDEN VISA
The UAE long-term visa or the Golden Residence Permit is granted to investors, real estate investors, entrepreneurs, doctors, researchers, innovators and outstanding students.
Option 1: 10-year visa
1. Public investment of at least AED 10 million
- Deposit at least AED 10 million in an investment fund inside the country
- Establish a company in the UAE with a capital of not less than AED 10 million
- Partner in an existing or a new company with share value of at least AED 10 million
- Having a total investment of not less than AED 10 million in all areas mentioned, on condition that the investment in sectors other than real estate is not less than 60% of the total investment
2. Persons with specialised talents: Includes specialised talents and researchers in the fields of science and knowledge such as doctors, specialists, scientists, inventors, as well as creative individuals in the field of culture and art
Option 2: 5-year visa
1. Investors in a property in the UAE: Must invest in a property of gross value not less than AED 5 million and to be retained for at least three years
2. Entrepreneurs: 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. Allowed a multi-entry visa for six months, renewable for another six months
3. Outstanding students: Minimum score of 95% in public and private secondary school. Having a distinction, with GPA of at least 3.75 upon graduation within or outside the country
100,000 GOLDEN VISAS FOR CODERS
This July, the UAE launched a program that will grant Golden Visas to 100,000 of the world’s best coders. “The National Program for Coding will grant Golden Visas to 100,000 of the world’s best coders. It will also provide a range of financing options to entrepreneurs and coders, support the implementation of their innovative projects and ideas, and establish digital companies to promote the competitiveness of the national economy worldwide,” Pathak added.
PROPERTY VISA
A three-year property residence in the UAE is primarily issued by the Dubai Land Department to people interested in buying or investing in a property worth AED 1 million or more in the UAE.
The UAE property visa costs AED 13,000–15,000 and it is valid for three years, which is a convenient option for investors. Visa owners should keep in mind that they cannot spend a consecutive six months outside the country.
- You can apply for a visa with mortgaged property but it should meet the minimum investment amount of AED 1,000,000. Also, make sure to submit an No Objection Certificate (NOC) from the bank along with the application file
- You are eligible for residency visa, if you have multiple properties whose total value adds up to more than AED 1 million
- You need to show proof of income of at least AED 10,000 or equivalent per month. The location where you earn the income doesn’t matter; it’s not location-specific.
RETIREMENT VISA
- You must be at at least 55 years old to qualify
- If approved, you will get a five-year long-term residence visa which is renewable
- You must have valid UAE health insurance
- You must fulfil any one of these criteria:
Option A: Have AED 20,000 monthly income from pension or previous employer
Option B: Have AED 1 million in a three-year fixed deposit
Option C: Have AED 2 million unmortgaged property
Option D: A combination of Options B and C valued at least AED 2 million across a three-year fixed deposit and unmortgaged property.
VIRTUAL VISA
- For employees: Proof of employment from a current employer with a one-year contract validity, a minimum of US$5,000 monthly salary, previous month's payslip and three preceding months’ bank statements
- For business owners: Proof of ownership of the company for one year or more, with an average monthly income of US$5,000 per month and three preceding months’ bank statements.
- Government fees: AED 3,715-plus in fees includes application fees, medical (urgent), emirates ID fees and visa stamping
- Medical fees: AED 900
Key Benefits:
Personal income tax: No
Inheritance tax: No
Wealth tax: No
Capital gains tax: 5%
Sales tax/VAT/GST: 4%
Family members covered:
Golden Visa: For a 10-year visa, spouse and children, as well as one executive director and one adviser.
For 5-year visa for entrepreneur: spouse and children, a partner and three executives
Investor visa/ Property visa: Spouse, children below 18 years covered.
Retirement visa: Dependents along with their spouse
Virtual visa: Able to sponsor your spouse and children.
Company incorporation: Visa for family members
Real estate options:
According to GlobalNorth, real estate options in Dubai can range from AED 11,00,000 for 1 BHK (bedroom-hall-kitchen) apartment in Dubai Marina to AED 1,05,00,000 for a 4 BHK apartment in Downtown Dubai. A villa in Palm Jumeirah could start at AED 26,00,000 and go up to AED 140,00,000 for a 4BHK.
Here are a few examples, with average price range in popular locations:
“Though worldwide data is not available, from our experience, we have noted that at least 10% of all enquiries from Indians for Residency programs are for Dubai,” says Rajneesh Pathak, founder and CEO, GlobalNorth Residency and Citizenship. “Even within the UAE, Dubai is the preferred destination for various reasons. In a bid to attract talent and investment, this July, the UAE government announced a special allocation of 100,000 Golden Visas for the best coders in the world,” adds Pathak.
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