The Midas Touch - UAE Golden Visa, Eligibility, Documentation & Benefits
Development of Golden Visa in the UAE
Golden Visa - image showing a golden key
Image credit - Unsplash
A fairly recent development in the UAE, having happened only in the past 6-7 years (since 2019) is the Golden Visa, which means residencey for 10 years. This is a great move to give long-term stability to residents from various countries, and has made the UAE even more attractive as a long-term residence destination.
When it started, it was reserved for exceptional categories like investors and celebrities who had set up major business empires, had become famous in the performing arts, sports, etc. Gradually, this was expanded, first to covid frontline workers, then to Directors earning a certain salary (AED 50,000 per month), and so on and so forth. Then came the breakthrough - it was changed to Managers and a salary of AED 30,000, which came in 2022. This led to a sudden increase in the number of people who got it – while this is still a high salary, it was a better threshold to cross as compared to AED 50,000, hence many white-collar professionals were able to get it.
It was expected that it will continue to get more lenient, since AED 30,000 is also very difficult to achieve. However, what suddenly changed in May 2024 was that – the salary threshold had an interesting twist, that it was changed to basic of AED 30,000, which means that the total required was anywhere between AED 50,000 and AED 70,000. This is based on the market practice that basic is usually not more than 60/65% of the gross (can be much lesser also), and the basic component of the total salary is variable amongst different companies, so there is no fixed number really on the gross salary requirement. It’s even more strict than the previous requirement of AED 50,000 for Directors.
For example, if the company gives basic as 60% of the gross, the gross salary would fall as AED 50,000. If a company gives basic as 42% of the gross, the gross salary would fall as AED 70,000. So the point is, does not matter how much the gross salary is, because what matters here is the respective employer’s basic to gross ratio - the basic as per this rule needs to be AED 30,000, and that translated into the threshold becoming really high as a gross salary.
After that, the unofficial news that the salary threshold was rolled back to total of AED 30,000 and some people were able to get it in that window, but for the latest, it appears the basic number is being relied upon, and it’s always best to check with Amer centre who can check the documents and advise.
One of the other recent rules heard is that one needs to complete 2 years in a job or a certain number of years in the UAE, but again since these rules have been dynamically changing, best to check.
Documentation for Golden Visa
Golden Visa Documentation - image showing a person with a pen and documents
Image credit - Unsplash
Documents required for golden visa are:
· 6 months of bank statements showing the requisite salary
The bank statement needs to be in a particular format, with the IBAN number reflecting on all pages. Advisable to inform the bank the purpose (i.e. golden visa) so that they can issue the correct version.
· Passport copy
· Emirates ID copy
· Visa copy
· Official employment/labour contract (as approved by the Ministry)
· Letter from the employer confirming the employment and salary
Relevant to check if the designations match in the labour contract, visa and Emirates ID, both in English and in Arabic. Also the designation needs to be as per the above (Manager, Director, etc.). If the internal designation is correct but not reflected accurately on the visa and Emirates ID, needs to be corrected via an amendment first, to be done by the employer.
Since May 2024, an equivalency certificate is also required. This can take a long time based on the country and university/college, hence it’s best to start it as early as possible.
The governmental charges are in the range of AED 4500 and AED 5500, and if services from any service provider are availed to support in the process, the cost comes out higher. Again, it’s always best to check with an Amer centre for the up to date charges and processes.
Other routes for Golden Visa
Another way to get the golden visa is based on a high investment into property, i.e. AED 2 million and more. Previously, it needed to be fully paid-up, now even mortgaged properties qualify. Each person needs to own AED 2 million worth, in case of joint-ownership. There are some contradictory reports on exceptions for married couples, but it’s best to check with the authorities or at least an Amer centre for the current rules before taking a decision on this, since this has moved very dynamically over the years.
Benefits of Golden Visa
Golden visa provides some benefits like being able to sponsor parents, house help. This extends for the same duration.
One of the other benefits of golden visa is that one can exit and enter the country at any time, unlike the normal rule of having to return every 6 months to retain the visa. It might not extend to arbitrary timeframes because the intention still would be to stay in the UAE, but the 6 months’ strict rule would at least be a bit relaxed under the golden visa.
Now, recently, since 2025, for the golden visa holders, there are certain additional protections, e.g. issuance of a temporary travel document for return to the country in case of lost passport.
It’s also important to understand the hype around the golden visa – it offers some very good features which are unique and not available to other visa holders:
(1) The psychological safety of being able to stay in the country despite a loss of job or employment status - with the focus moving to income and the right opportunities, rather than stressing about leaving the country within a short window, or setting up a company just to get a residency which used to be the practice earlier.
(2) The ability to continue for 10 years without renewal and medical tests including x-ray.
(3) The ability to travel with less worrying about the exact timelines to enter back into the country.
At the same time, many people choose not to take it - because in their opinion the costs add up (especially when dependents are counted), and in their opinion the benefits are not much, because income is still required to run the house, which as a specific point can’t be argued with, while the above benefits remain. At the end of the day, it’s a personal choice after weighing risks versus rewards, for those who qualify. In any case, with the salary threshold changes, the pool has become tiny again.
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