UAE Golden Visa: New Regulations 2023

UAE Golden Visa: New Regulations 2023

The UAE is interested in wealthy investors and talented professionals, so the government offers them the UAE Golden Visa in 2023. It allows them to live and work there for 5 or 10 years without looking for a sponsor who would vouch for the foreigner and pay for their stay. Also, a Golden visa holder can stay outside the Emirates for more than six months and not worry about revoking the permit.

Features of the Golden visa 2023

In 2023, the Emirates revised the Golden visa regulations and expanded the categories of beneficiaries. The main points are:

  • Golden visa is granted to real estate investors, company owners, talented people, such as academics, promising students and graduates, and highly skilled employees.
    The new rules allow Golden visa holders not to look for an outside sponsor and also act as such, paying for the stay in the UAE of their spouses and adult children. They can also hire and sponsor foreigners to work in their homes.
  • Golden visa holders and their family members can extend the residence permit or change their status within six months after the expiration of the visa.
  • During this time, penalties for overstaying in the Emirates will not be applied (previously this period was one month). But if a Golden visa holder does not extend or cancel a permit for their dependents, they will have to pay the penalty for overstaying.

Recently the UAE authorities have provided users with a tool in the form of a quiz that allows them to determine in 2 minutes whether the applicant is eligible for a Golden visa.

Golden visa for investment

Golden visa for five years is given to foreigners who have purchased real estate worth 2 million dirhams (just over $ 544,000). In addition, the new rules allow taking a loan from certain local banks to purchase real estate. 

Previously, the owners of such properties had to renew the visa within 90 days after its completion. Now, this period has been extended to 6 months.

Startup owners can also get Golden visa if the company is registered in the UAE, registered as a small or medium-sized enterprise, and has an income of 1 million dirhams. Also, it can be obtained if a person is a founder of the project with a total value of at least 7 million dirhams.

A golden visa is given to an entrepreneur for five years if they own an economic startup of a technical nature or work on a project based on risk and innovation. At the same time, they must have an auditor letter stating that the startup's value exceeds AED 500,000, and that the local authorities qualify the project as technical or innovative.

Who else can get Golden visa in 2023

  • Scientists recommended by the UAE Council of Scientists. They must have a doctoral or master's degree from the best universities in the world.
  • Talented people who are recognized in the arts, culture, IT, medicine, sports, etc.
  • Schoolchildren and students with outstanding academic achievements who are studying or have graduated from the best schools and universities in the world.

Golden visa holders and their dependents

The new system allows Golden visa holders to bring their spouse and children to the Emirates, sponsor them, and obtain a residence permit UAE 2023 for five years, with a prolongation option.

Golden visa holders can invite their parents to the Emirates and sponsor their ten-year stay here. Previously it was possible to do it only for one year. In this case, they are exempt from paying the deposit, which is usually required for the sponsorship of parents. The visa holder must provide a certificate from the consulate that they arehe is the sole custodian of their parents.

How to get a UAE Gold Visa

Contact IT-OFFSHORE experts to get a UAE Gold Visa in 2023.

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