After Malayalam actors, Mohanlal and Mammootty received the Golden Visas from the United Arab Emirate's Government, much has been spoken about this visa. Here is everything you need to know about it.
What is a golden visa?
According to the UAE's government portal, Golden Visa is a long-term residence visa that enables foreigners to live, work and study in the UAE without the need for a national sponsor and with total ownership of their business in the UAE's mainland. It will be issued for a period of five or 10 years and will be renewed automatically. It was launched in 2019 and is also issued to M. A. Yusuf Ali, Shah Rukh Khan, Sanjay Dutt, Cristiano Ronaldo and Novak Djokovic.
Who is eligible?
The criterion for eligibility for a golden visa depends on the duration of the visa. It is issued to investors, entrepreneurs, specialized talents and researchers in various fields of science and knowledge, bright students with promising scientific capabilities
Investors: Those looking for a 10-year visa should have a public investment of at least AED 10 million (approximately Rs 20.18 Cr). The investment can be in the form of a deposit of the amount in an investment fund inside the country, a company in the UAE with a capital of the mentioned amount, a partnership in a company with a share value of AED 10 million or a total investment of not less than AED 10 million in all the areas mentioned, on condition that the investment in sectors other than real estate is not less than 60 per cent of the total investment. Investors applying for five years must invest in a property of a gross value of not less than AED 5 million (approximately Rs 10 Cr.) The amount invested should not be loaned and the investment should be retained for at least three years.
People with special talents: They are eligible for 10 years of visa. These people include 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. The visa advantage extends to the spouse and children. All categories are required to have a valid employment contract in a specialised field of priority in the UAE.
Entrepreneurs: They are eligible for five years of visa. This category includes 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. The entrepreneur is allowed a multi-entry visa for six months, renewable for another six months. The long-term visa includes the spouse and children, a partner and three executives.
Outstanding Students: They can also apply for five years of visa. These include students with a minimum grade of 95 per cent in public and private secondary schools and university students within and outside the country having a distinction GPA of at least 3.75 upon graduation.
How to apply for a golden visa?
Applications can be submitted through the website of the Federal Authority for Identity and Citizenship— ICA (https://ica.gov.ae/en/), or the General Directorate of Residency and Foreigners Affairs -GDRFA(https://www.gdrfad.gov.ae/en) which works under the ministry.