Dubai: A total of four hundred
golden visas have been handed out in the UAE so far with a target of 6,800 by
the end of the year, Major General Mohammad Al Marri, director-general of
General Directorate of Residency and Foreigners Affairs (GDRFA), said on
Tuesday.
This was announced during a
press conference to explain the new Gold Card visa process, which started on
May 21 this year, and applies to investors and talented individuals. The 6,800
identified as eligible in the first year of this initiative are from 70
countries and can make a combined investment estimated at Dh100 billion.
Speaking at the press
conference at the GDRFA headquarters in Al Jaffiliya on Tuesday, Al Marri said:
“The Gold visa given to some has got a duration of 10 years, it means a golden
visa is only 10 years but it is renewable.
“After 10 years they are continuous for
another 10 year period every 10 years, there are medical insurance and other
procedures that need to be done in between but it comes without any extra
conditions," he said.
“So long as they still satisfy
terms and conditions and are still in the same activity,” the visa will
continue, added Al Marri, but if investors decreased in worth or their
business failed within those 10 years, “things would be looked at on a
case to case basis," he said.
Brigadier General Saeed Salem
Balhas Al Shamsi, executive director of the Abu Dhabi GDRFA, said there was no
minimum requirement stay inside the UAE, so if the visa holder left the country
for longer than six months, their visa would still be valid.
"The investor [or special
talent] can come and go freely," he said. "There is no need to talk
about six months or a specific time period outside the state."
Al Marri said: "6,800 is
the primary figure we can achieve by the end of this year, today we have a
special team communicating with eligible people to achieve a specific
timing and date for each person who has an appointment, with specific
categories and committees for this we can achieve 30-40 a day."
Eventually, he said, those
eligible would be able to apply online via smartservices.ica.ae or go to a
local typing centre.
Al Marri also added that there
was no age restriction. "Here in the UAE we never look at age, height,
colour, nationality or any other social circumstances, we are dealing with
people as humans and not nationalities, we are all equal with no
differentiation," he said.
One interesting development was
that within the special talents section of the 10-year visa, Executive
Directors with a Bachelors Degree, five years experience in the UAE and a
salary of Dh30,000 a month could also now apply.
"If you are an investor
[or special talent] and you have a Gold Card visa you will never think
that it will expire after one or two years and this tension will be
removed," said Al Marri. "It will give you the opportunity to go and
think of other kinds of businesses to invest in, in the country that trusted
you. And, of course, you will be paying back to the country while doing
business," he added.
What is the UAE Gold
Card?
On May 21, the UAE started
issuing long-term residence visas enabling foreign investors and talents to
live, work and study in the UAE without a sponsor and with 100 per cent
ownership of their business. These visas will be issued for five and 10 year
durations and are renewable.
10-year visa
Investors: Those
investing at least Dh10 million, that isn’t loaned and has been retained for
three years qualify. It extends to business partners, who must also contribute
Dh10 million, as well as spouse and children, one executive director and one
adviser.
Special talents:
Includes researchers in the field of science and knowledge such as doctors,
specialists, scientists, inventors, as well as creatives in the field of
culture and art. The visa extends to the spouse and children. Within this
category executive directors with bachelor degrees, five years experience in
the UAE and a salary of Dh30,000 are eligible.
5-year visa
Investors: Those
who have invested at least Dh5 million in property, this cannot be from a loan
and must be retained for three years.
Entrepreneurs: Those
who have a project with a minimum capital of Dh500,000. The visa includes
spouse and children, a partner and three executives.
Outstanding students:
Includes those with grades of 95 per cent in public and private school and
university students in and outside the UAE with a GPA of at least 3.75 upon
graduation. The visa includes families of the students.
FAQs
■ What next? The General
Directorate of Residency and Foreigners Affairs (GDRFA)is currently contacting
eligible people, but they will soon be able to apply via a website. A special
committee has been set up to handle the process.
■ So not permanent but
renewable? Provided you still adhere to the terms and conditions of
investment and don’t change activity you can renew for another 10-year period.
■ What if your business
fails? Things will be reviewed on a case to case basis after your
initial 10 years.
■ How many handed out so far? 400
with the view to hit 6,800 by the end of this year. 30-40 can be processed a
day, the GRDFA said.
■ What happens if you leave the
country for six months? It doesn’t matter, you can
come and go freely with no minimum requirement.
■ Is there an age
restriction? No, those of any age can apply.
Shaikhani Group welcomes the step taken by Government of
UAE for 5 or 10 year visa policy. This step will leads to new path for the
people who are looking forward to spend their life in the UAE for whole life
with less hassle, said
Ahmed Shaikhani, who is also the head of Shaikhani Group. Moreover, Shaikhani has a vision that expo 2020 is best
time to invest your money, right now everyone is building and they are trying
to finish their project 2020, which would be a huge opportunity for the new job
placement.
Shaikhani Group is in process of finishing their two
projects worth above AED 200 Million by 2019 and more things are in pipeline. It
would be a great achievement for Shaikhani Group to invest in real estate
sector.
Ahmed Shaikhani Group Managing
Director of Shaikhani Group says it will be another good step of UAE government
to allow the expatriates to stay in the country after they got retirement on a
condition of owning a property valued at about $545,000.
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Across the 10 cities surveyed, Dubai remains the most affordable
market of those analysed with an average price of $625 per sq ft, just 15 percent
of the average price in Hong Kong.
