The UAE is a prime destination for expatriates seeking a high standard of living and business opportunities. Obtaining permanent residency in the UAE can significantly enhance one’s lifestyle and business prospects. Our blog by the top business setup consultants in Dubai, a ‘Guide to Securing Permanent Residency in the UAE outlines the process for securing permanent residency, including requirements, benefits, and application procedures that are associated with the process and the application process.
What Is the United Arab Emirates Permanent Residency?
The UAE residency visa allows foreigners to stay and work in the nation for an extended period of time. The United Arab Emirates did not have a permanent resident visa system previously and the foreign nationals could instead reside in Dubai by acquiring a resident visa.
These visas are frequently sponsored by the company or family and are valid for two to three years, with the option to renew later. Expats and families who have lived in the Emirates for decades, as well as fresh settlers, needed to renew their visas on a regular basis to retain their residency.
Recently, the UAE updated its policies to allow for longer-term resident visas. The country implemented the ‘Golden Visa’ and the ‘Green Visa’ to carry out this function for residency permits ranging from 5 to 10 years. To lawfully reside in the UAE, you must have a valid visa stamp for the duration of your stay.
As a result, unlike in other nations, the concept of “Dubai permanent residency” may not be appropriate for the country. However, having a valid resident visa provides the same benefit.
What are the Benefits of a UAE Permanent Residency Visa?
According to a Global Media Insight (GMI) study report, the UAE’s overall expat population will be 9 million by November 2023. The expat community represents approximately 88.52% of the entire population, reflecting the notion that the country provides plenty of opportunities and benefits to foreign nationals.
Although foreign people can pick from a variety of visas based on their demands, a Dubai permanent visa or long-term visa provides the most stability and benefits. It is a long-term and renewable residence visa that is valid for 5-10 years.
You are free to depart the UAE for more than six months. However, other visa holders are not allowed to stay outside the country for longer than six months in order to have their resident visa valid.
Besides, you also can
- Sponsor as many domestic workers as you like.
- Invest in real estate or launch your own company.
- Obtain easy access to various financial services by opening a bank account or submitting a loan application.
- No personal tax means there is no tax on capital gains, income, or property.
- Travel to almost 170 countries without a visa or with one upon arrival.
- Conduct business without limitations.
Types of United Arab Emirates Permanent Residency Visa
Individuals who have previously made entry into the country on a tourist visa are granted permanent residency, often known as a Dubai PR visa. A resident visa can often last up to three years, depending on the sponsor; however, long-term residency might last anywhere from five to ten years. Dubai permanent visas, also known as long-term residency visas, are classed into the following types:
Golden Visa
The United Arab Emirates Golden Visa is a long-term residency permit intended specifically for foreign nationals who wish to reside, work, and study in the nation for a longer duration of time. For investors and inventors, the Golden Visa provides long-term residency. The skilled individuals with this visa primarily include physicians, scientists, innovators, real estate investors, business owners, sportsmen, and creatives. Connected with our Business Setup Services in Dubai to know more about the Golden Visa application process.
The categories of Golden Visas and their requirements are explained below :
1.Public investment investors
Without a sponsor, foreign investors who make investments in investment funds may be eligible for a 10-year (renewable) Golden Visa.
Requirements
A valid commercial or industrial license and a memorandum of association declaring that the capital invested is not less than AED 2 million, or a letter from an investment fund certified in the United Arab Emirates stating the deposit of AED 2 million, must be submitted.
A letter from the Federal Tax Authority stating that you give the government at least AED 250,000 a year must also be submitted.
Furthermore, the money you invest must be your own, and there cannot be a loan involved.
2. Real estate investors
People who own a property or collection of properties in the United Arab Emirates.
Requirements
A letter from the relevant emirate’s land department stating that you are the owner of one or more properties with a minimum AED 2 million valuation must be submitted. The local government approval is required before you can use a loan from a local bank to buy real estate.
3. Entrepreneurs:
Owners of innovative and risk-taking economic projects may be eligible for a 5-year Golden Visa.
Requirements
- A letter from an auditor certifying that the project’s worth is AED 5,00,000 or more.
- A letter from the UAE authorities confirming that the project falls within the category of future or economic nature-based projects.
4. Outstanding specialized talents:
Some of the people who quality under the category are :
- Doctors
- Scientists
- Creative people of culture and art
- Inventors
- Executives
- Specialists in scientific fields
- Athletes
- Doctoral degree holders
- Engineering and science specialists
5. High school students
The students who successfully complete five years of public -private secondary school with a minimum of 95% marks.
Requirements
- A recommendation letter for the Ministry of Education
6. Pioneers of humanitarian work
Individuals will also be eligible for a Dubai PR visa or a Golden Visa if they are regarded as humanitarian work pioneers.
Requirements
- People with at least five years of experience working for civil associations, public interest institutions, or regional or international organizations
- People who have gotten letters of appreciation from organizations for their humanitarian contributions
- Financiers of humanitarian activity who have contributed at least AED 2 million or its equivalent to a cause or causes.
Green Visa
Foreign nationals are permitted to stay in the UAE for five years without a guarantor under the terms of the Green Visa. The following people are eligible for a green visa:
Skilled workers: The Ministry of Human Resources and Emiratization requires these people to work at the first, second, or third level. They must be employed under a current contract that pays at least AED 15,000 per month.
Freelancers: Must get freelance work permission from the Ministry of Human Resources and Emiratization (MOHRE). You have to show that you are financially stable or that you have earned at least AED 360,000 annually for the previous two years.
Partners or investors: A five-year renewable green visa is available to investors who have received clearance from the ICP and have provided proof of investment of at least AED 270,000.
