UAE Golden Visa: No Minimum Down Payment for Property Investors

The UAE Government announced a big change in Golden Visa Requirements for property investors. According to the news, the property investors can apply for UAE Golden Visa without paying Minimum Down Payment required for it.

It is a great news for property investors who want to get Golden Visa for UAE. Because they do not need to pay any down payment yet they can get the golden visa and enjoy all the privileges of staying and earning in the United Arab Emirates.

UAE Golden Visa

The UAE Golden Visa is available for special category of people. This special category includes doctors, scientists, property investors, entrepreneurs, athletes, inventors, specialists, creative people and national level topper from a school/university. The common people without any extraordinary talent/skill are not eligible for golden visa in UAE.

What’s the Update in UAE Golden Visa Rules?

The update in UAE golden visa rules is elimination of minimum down payment requirement for property investors. Before this update, if you want to apply for UAE golden visa as a property investor, you need to pay the minimum down payment of 1 million AED as a deposit. But it is dropped by the UAE government recently.

Now, the real estate or property investors can apply for UAE golden visa with all required documents and they do not need to pay the minimum down payment. But this benefit is available only for the investors who own the property with a total value of not less than 2 million AED.

UAE Golden Visa Validity

The UAE Golden Visa comes with a long-term validity of 5 years or 10 years. The golden visa holders can also apply for visa renewal if they meet the eligibility requirements at the time of renewal.

UAE Golden Visa Cancellation

The UAE golden visa is approved based on applicant’s outstanding talent/skill or financial capability. It does not require an Emirati Citizen for company for the sponsorship.

In case a golden visa holder loses a job, his/her golden visa will remain unaffected. The regular work visa in UAE is cancelled soon after the visa holder loses his/her job. But this rule is not applicable on UAE golden visa holders.

The golden visa holders can apply for cancelling their visa if they want to leave UAE before the visa expiry. After submitting the application, they can visit GDRFA Dubai website or ICP web portal for UAE Visa Cancellation Status Checking Online by Passport Number.

The online service to check UAE visa cancellation status is available for all visa holders in the UAE. If the visa status shows as “Cancelled”, the visa holder has 90 days to finish his work and leave the UAE.

Eligibility and Documents Required for UAE Golden Visa

The UAE Golden Visa is approved only if the applicant is eligible for the golden visa status. The golden visa is issued to highly talented people who can help UAE economy to grow more in future.

The documents required for UAE Golden Visa are different for different categories of people. You can check the list of required documents below.

For Investors in Public Investment:

1. Have a business idea or business plan that you wish to establish legally in the UAE.
2. A letter from an investment fund approved in the UAE stating that there is a deposit of 2 million dirhams Or Valid commercial or industrial license with the company’s incorporation contract with the investor so that the investor’s capital is not less than 2 million dirhams.
3. On the other hand, investing in a new or existing company as a partner with shares of a minimum of AED 2 million, not financed by a loan.
4.  or letter from the Federal Tax Authority stating that he is the owner of a company that pays the government no less than 250 thousand dirhams annually.

For Real Estate (Property) Investors:

1. A letter from the Real Estate Registration Department in the relevant emirate stating that he owns one or more properties whose value is not less than 2 million dirhams, stating that the property is not subject to a loan.
2. Proof of housing in the country (home ownership or house rental contract).

For Entrepreneurs:

1. Approval Letter from an auditor in the UAE stating that the project value is not less than 500,000 dirhams (project owner).

1.  Approval Letter from the authorities in the emirate stating that the project is of a technical or future nature in which leadership is achieved (project owner).
2.  Approval Letter from an accredited business incubator in the UAE to establish the proposed activity in the country (founder of a project)
3.  A valid Passport copy.
4. Valid Health insurance Card is not less than one year and can be extended.
5.  Proof of housing in the country (home ownership / house rental contract).
6.  This type of application is submitted according to the procedures, with the exception of the emirate of (Abu Dhabi and Dubai). The submission is made through the approved business platform incubator (currently, AREA 2071 in Dubai and HUB71 in Abu Dhabi).

For Talented Doctors and Scientists:

1. Approval Letter from the Ministry of Health in the country to practice the profession of medicine (doctors).
2. Recommendation letter from the Emirates Council of Scientists or a letter from the Secretariat of the Sheikh Mohammed bin Rashid Al Maktoum Award for Academic Excellence stating that he is a recipient of the Academic Excellence Medal (Scholars).
3. A valid Passport copy.
4. Valid Health insurance Card is not less than one year and can be extended.

For Talented Inventors and Artists:

1. Creative people in the Fields of culture, art and Innovators.
2. An approved letter from the Department of Culture and Arts in the relevant emirate. (People of culture and art).
3. A recommendation letter from the Ministry of Economy (for inventors).
4. A valid Passport copy.
5. Valid Health insurance Card is not less than one year and can be extended.

For Executive Directors:

1. Holding a certified degree from the university.
2. Minimum 5 years of experience.
3. Salary not less than AED 50,000.
4. Valid work contract.
5. Valid Passport copy.
6. Valid Health insurance Card is not less than one year and can be extended.

For Science Field Specialists and Athletes:

1. Having a specialized certificate in one of the rare fields specified by the authorities in the country (scientific fields of priority).
2. Having a recommendation letter from the General Sports Authority or one of the sports councils (athletes).
3. Valid Passport copy.
4. Valid Health insurance Card is not less than one year and can be extended.

For Doctoral Degree Holders in Science Fields and Engineering:

1. Having a certified copy of the PhD from the Ministry of Education in one of the priority disciplines (PhD degrees).
2. Bring a certified copy of the university degree from the Ministry of Education in one of the above-mentioned majors (engineering and science fields).
3. Bring a work contract for a profession in one of the above-mentioned specializations (engineering and science fields).
4. Valid Passport copy.
5. Valid Health insurance Card is not less than one year and can be extended.

For Topper Students [High School or University]:

High School Students

1. Bring a recommendation letter from the Ministry of Education.
2. The duration of the Golden Visa is (5) years for a high school without the need for a Sponsor inside the UAE, and it may be extended by the authority if he is enrolled in one of the specialties / colleges in the UAE that requires the study period more than (5) years (such as medical Universities).
3. The students may sponsor the parents and their Brothers (subject to the conditions and requirements as set out by the Federal Authority for Identity and Citizenship).

University Students

1. A recommendation letter from the university stating that his GPA is not less than (3.8).
2. The duration of the Golden Visa is (10) years, and may sponsor the parents and their Brothers (subject to the conditions and requirements as set out by the Federal Authority for Identity and Citizenship).
3. The students are able to sponsor their families (wife and kids) whenever they have the financial Potential.

How to Apply for UAE Golden Visa

You must check all eligibility criteria for UAE Golden Visa before you apply for it. If you meet the eligibility criteria and have all required documents, you can apply for UAE Golden Visa online at GDRFA Dubai website @www.gdrfad.gov.ae OR ICP website portal @www.icp.gov.ae.

Conclusion:

The UAE Golden Visa provides special benefits such as full ownership of business or property plus access to world class education institutes. It also offers easy travel benefits and the government gives full support to golden visa holders. I hope that this post has helped you to understand everything about UAE golden visa and its requirements.