The United Arab Emirates is a country which has a lot of offer in terms of business growth, political stability, a luxurious lifestyle, and many job opportunities.
Many people around the world opt to live in the UAE. The country has a lot to offer for the residents. The process of becoming a resident is very easy and does not require much. UAE is a perfect blend between the city and the seaside. The culture in the country grows and thrive. Different nationalities are living in the country, which gives an insight into different cultures and increases exposure. UAE is a transport hub, and it thrives on providing all its residents to be it nationals or foreigners paramount safety.
Over the past few years, the United Arab Emirates (UAE) has gradually become one of the most popular high-net-worth individuals (HNWI) in the world, even in the UK, Switzerland, Monaco, and Singapore. The United Arab Emirates is indeed a very attractive offer as it does not impose income taxes on individuals, property, and capital gains tax or net assets tax, direct administrative requirements, and lower processing costs, plus political stability, convenient transportation, and sunny days.
Who can live in the UAE?
Foreigners who meet the following conditions can live in the UAE:
- Undergraduate sponsored by the University of the Emirates: in this case, the University will apply for and sponsor your Visa in the name of an educational institution.
- Employed by government agencies: In this case, government agencies will apply for and guarantee your Visa while you are in the UAE.
- Retirees: In this case, special conditions apply.
- Buying property in the UAE: In this case, the property owner’s residence visa will be sponsored by the property he owns.
- It is an investor in a UAE company: In this case, the investor himself will process and apply for his/her Visa under the sponsorship of his company name.
- A company employed by the UAE Company: In this case, the company will apply for and guarantee your residence visa while you are in the UAE.
- Dependents who are sponsored by People working in the UAE, UAE investor/business owner, and real estate owner in the UAE. The dependents may include Family members, including children, parents, close relatives, or maids.
The Visa is issued once the applicant is already inside the country through a visit visa or an entry permit.
Conditions for Residency:
The applicant for the residence visa must pass a security check and apply for an Emirates ID card from the Federal Authority for Identity and Citizenship. A residence visa also requires applicants who are 18 and above to undergo a medical test to prove that they are medically fit.
The validity of a residence visa
The validity of a residence visa varies according to its type and the sponsor. It can be for 1, 2, or 3 years. According to recent changes, a residence visa can also be issued for 5 and 10 years subject to certain conditions.
Ten year Visa without a sponsor
The following categories have the right to apply for a 10-year residency visa in the UAE.
Investors with a public investment of at least 10 million dirhams. Investments can take many forms, such as:
- At least 10 million dirhams in investment funds in the country
- Established a company in the UAE with a capital of no less than 10 million dirhams
- In partnership with existing shares or new companies, the value of the shares is not less than 10 million dirhams
- The total investment in all of the above areas is not less than 10 million dirhams, but the investment in industries other than real estate is not less than 60% of the total investment.
Conditions for Visa
The following conditions must be met to issue a visa;
- The amount of investment cannot be lent.
- Investments should be retained for at least three years.
- Financial solvency should not exceed 10 million dirhams
- If each partner contributes 10 million dirhams, Visa can be extended to include business partners.
- Long-term visas can include spouses and children, as well as an executive director and a consultant.
- Foreign investors can apply for a six-month multiple-entry permit.
Five year Visa without a sponsor
The following categories have the right to apply for a 5-year residence visa in the UAE.
1. UAE real estate investor
To issue a visa, the following conditions must be met:
- Investors must invest in real estate with a total value of not less than 5 million dirhams.
- The amount of investment in real estate may not be based on loans.
- The property must be retained for at least three years.
2. Entrepreneur
Such personnel include an existing project with a minimum capital of Dh 500,000 or approved by a country-approved business incubator. Allowing an entrepreneur to have a six-month multiple entry visa can be extended for another six months. Long-term visas include spouses and children, partners, and three executives.
3. Excellent students
This includes excellent students with a minimum of 95% in public and private secondary schools. The average GPA of college graduates at home and abroad is at least 3.75.
Long-term visas may include families of outstanding students.
Benefits of being a UAE resident
Being a resident of the UAE brings a lot of benefits with it:
- Apply for a driving license
- Work and invest
- Travel visa-free to certain destinations.
- Access government health services and health insurance
- Register his/her children in government schools and private schools
- Open a bank account
- Access financial facilities.
The entire process is quite easy, and it costs about AED 1,000. The application process has been made easy for everyone, and the Visa needs to be renewed every ten years. It is a great place to live and raise a family. UAE has laws for everyone, and the laws are implemented strictly.