Hundreds of thousands of UAE residents have been awarded a golden visa since the scheme was first introduced in 2019.
The 10-year residency permits are given to people who have made an outstanding contribution to the country, have highly prized skills or work in key industries that are crucial to economic growth.
In Dubai, the General Directorate of Residency and Foreigners Affairs said in November that more than 150,000 golden visas were issued in the emirate.
Golden visas have been granted to a variety of people, including outstanding pupils and students who earned top marks in their final-year exams and health workers who served on the front line during the Covid-19 pandemic.
Numerous global celebrities and stalwarts of the business community have also been awarded golden visas.
The process involved in applying for a golden visa is different from applying for a normal residency permit. The National explains how.
What are golden visas?
Golden visas are designed to enable foreigners to live, work and study in the UAE without the need for a national sponsor and with 100 per cent ownership of their business on the UAE mainland.
These visas are issued for 10 years and as long as the recipient continues to meet the conditions of the visa, they can renew for a further decade when it is due to expire.
Normal expatriate workers must renew their visas every two to three years.
Golden visas are different to Emirati citizenship, which can be granted only to people nominated by the government or royal court officials.
Who can get a golden visa?
Golden visas can be granted to investors, entrepreneurs, people with special talents, researchers in various fields of science and knowledge, and bright students with promising scientific capabilities.
Sometimes people are nominated for golden visas by senior Emiratis or government bodies, and in other circumstances, people apply online.
People investing Dh1 million to Dh2 million in property also have several options.
If a person is awarded a golden visa, then their spouse and children can also apply.
How do the authorities decide who is eligible for a golden visa?
The following categories of people are entitled to apply for a 10-year residence visa in the UAE.
1. People with public investments of at least Dh10 million. The investment may take many forms, such as:
- A deposit of at least Dh10m in an investment fund inside the country
- Establishing a company in the UAE with a capital of not less than Dh10m
- Partnering in an existing or new company with a share value of not less than Dh10m
- Having a total investment of not less than Dh10m in all areas mentioned, on condition that the investment in sectors other than real estate is not less than 60 per cent of the total investment.
The golden visa includes the spouse and children of the holder, as well as one executive director and one adviser. It can also be extended to include business partners, on the condition that each partner contributes Dh10m.
2. People with special talents
This includes people in the fields of science and knowledge, such as doctors, specialists, scientists and inventors, as well as creative people in the fields of culture and art.
If you hold a doctorate or a patent, you are eligible, but there are other conditions regarding how the specialised talents are defined, as outlined on the UAE's government portal.
All categories of applicants are also required to have a valid employment contract in a specialised field of priority in the UAE.
How do you apply for a golden visa?
Applicants need to register their interest on the UAE's Federal Authority for Identity and Citizenship (ICA) website.
There is a special area for golden visa services.
If you are from one of the eligible categories but have not yet been nominated, then you should apply via the box labelled "Visa - Golden Visa - Nomination Request For Golden Residence - New Request".
There is an online form which requests your personal details, plus the category under which you believe you can be nominated.
You will also need your Unified Identification Number (UID) - a six-digit number automatically assigned to anyone who enters the UAE.
Dubai's General Directorate of Residency and Foreigners Affairs has also set up a new team to handle applications for golden visas and other important people.
Called "You are Special", the service can be accessed 24-7 online or by calling 800 5111.
How do exceptional pupils or graduates apply?
The Golden Residency is granted to outstanding pupils who have obtained an average rate of at least 95 per cent in the high school certificate from public or private schools; and to university students from inside or outside the country who have a cumulative GPA of no less than 3.75, or its equivalent in specific scientific disciplines.
The visa includes the students' families.
Applications for Golden Residency are submitted through the Emirates Schools Establishment.
How long does the nomination process take?
Within 30 days you will receive an email notifying you of the outcome of your application to be nominated.
Once your nomination has been approved, you will receive an emailed link to upload the required documents for the visa.
Within weeks of uploading your documents, your application will be verified by the Federal Authority for Identity and Citizenship, and you will receive your visa.
If you are currently residing within the UAE, you will be given a temporary one-month visa and will be required to convert your temporary visa into a residency permit during this period.
What if I am applying from outside the UAE?
If you currently live outside of the UAE, you will be given a six-month visa to enter the country, explore its opportunities, and settle.
To apply for this multi-entry visa, you need to fill in an online form. There is one for investors, and one for entrepreneurs and outstanding students. It costs Dh1,150.
The six-month visa for talented people is only single entry.
During this period, you will be required to convert your temporary visa into a residency permit.
Does my golden visa qualify me to work in the UAE?
To work in the UAE, you need to have a valid employment contract, work permit or a licence.
However, the UAE's Ministry of Human Resources and Emiratisation has started to issue work permits for golden residency holders.
These are required by those who were unemployed when they received their golden visa and wish to start working for a specific employer, and by those who plan to start a new job with a new employer.
Need more help?
The Federal Authority for Identity and citizenship (ICA) has a toll-free number, 600 522222, and a feedback platform.
A version of this story was first published on April 19, 2022, written by Georgia Tolley.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
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“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
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