Apart from being one of the leading trade hubs in the world, the UAE is also a strong magnet for entrepreneurs, investors and savvy business owners in recent years. Even the pandemic couldn’t slow down the UAE’s ability to attract foreign investors and professionals to live and work in the emirate. The new residency reforms such as the UAE Golden Visa and Green Visa played a significant role in this trend.
Nowadays, it is easier for foreigners to make the UAE their home thanks to the long-term residency options. PRO services in Dubai advise you to check your eligibility for these long-term visas to leverage the exclusive economic benefits offered by the country. Here is a list of options for foreign investors & professionals to be UAE residents in 2023:
Residency through Company Formation
Registering a company in the UAE is one of the common methods used by foreign entrepreneurs to obtain residency in the country. By forming a company in the UAE, foreigners can get the double benefits of becoming a resident and conducting their commercial activities in a business-friendly environment. Achieving UAE residency through company incorporation involves obtaining a trade license, bank account opening and the opportunity to apply for a visa for self, family members and domestic workers.
To qualify for UAE residency through the business setup, you need to register your company in the mainland or in any of the 40-plus free zones. Apart from residency, company formation will give you benefits such as 100% foreign ownership, strategic location, excellent connectivity with lucrative markets and excellent infrastructure. PRO companies in Dubai can help you ease the formalities of setting up your new company in the country.
10-year UAE Golden Visa
The UAE has introduced the Golden Visa recently which allows foreign individuals from different eligibility groups to live, work, study or do business in the country. Holders of the UAE Golden Visa get a 10-year residency without the need for a sponsor. Furthermore, they will be able to renew their Golden Visas every 10 years. At present, the UAE Golden Visa is being granted to investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes.
By getting the UAE Golden Visa, you can sponsor your family members including spouses and children without age restrictions. Recently, the UAE has started allowing Golden Visa holders to sponsor the residency of their parents as well. Most importantly, the UAE Golden Visa holders can sponsor any number of domestic workers. Companies providing PRO services in Dubai can help you determine whether you are eligible for the Golden Visa.
5-year UAE Green Visa
In contrast with the Golden Visa, the UAE Green Visa enables talents, skilled professionals, freelancers, investors, and entrepreneurs to obtain residency in the country for up to five years without a sponsor or employer. Skilled employees need to have a minimum educational level of a bachelor’s degree, a salary of at least AED 15,000 and classify in the first, second or third occupational level in order to meet the eligibility criteria for the UAE Green Visa.
Freelancers and self-employed individuals should obtain a permit, have an annual income of AED 360,000 and prove their financial solvency throughout their stay to obtain a Green visa in the UAE. Investors and partners are required to get approval from the local authorities and proof and approval of the investment. PRO firms in Dubai can assess your eligibility for the UAE Green Visa.
Dubai Residency through Proof of Real Estate Investment
You can be a UAE resident by purchasing a property in Dubai. However, you need to ensure the following to meet the eligibility for UAE residency through property investment:
- Construction on the property is completed by the time of purchase (unless applying for a Golden Visa)
- The property is residential, not commercial
- The property is valued at AED 7,50,000 or more.
- You may also be eligible for a residency visa if you have multiple properties amounting to a total value of AED AED 7,50,000 or more (unless applying for a Golden Visa)
- You have acquired freehold ownership rights over the property without restriction or leasehold rights for up to 99 years.
Residency through Dubai Retirement Visa
The emirate of Dubai introduced the Retirement Visa for those wishing to continue to work in the emirate after retirement. This option is granted to individuals aged 55 years and older who meet any one of the following criteria:
- An active income of at least AED 20,000 per month
- Savings amounting to at least AED 1 million
- Property in Dubai worth at least AED 2 million
Residency through Dubai Remote Work Visa
The Dubai Remote Work Visa allows you to relocate to Dubai (from outside the UAE) and continue to work for an organisation of your choice. The Dubai remote Work Visa is available to people who live and work outside the UAE, entrepreneurs and start-up companies who meet the eligibility criteria. The visa is valid for only one year with an option to renew upon re-application. You need to have the following for availing of this visa:
1. If You Work for a Company:
- Proof of employment with a contract valid for one year
- Minimum monthly salary of USD 5,000
- Salary slip for the previous month and bank statements for the preceding three months
2. If You Are a Company Owner:
- Proof of ownership of the company for one year or more
- Average monthly income of USD 5,000
- Bank statements of the company’s account for the preceding three months
Residency through Employment Visa
The final option for obtaining residency in Dubai is through an employment visa. In this option, you need to be sponsored by a company incorporated in the UAE mainland or free zones. An employment visa is typically issued for two years. Consult with PRO companies in Dubai for more information on employment visas.
Ensure your Residency through the Best PRO Firms in Dubai
Unlike in the old times, foreign investors and professionals have more options to secure the much coveted UAE residency. However, you need to carry out an assessment to identify which option is ideal for you. PRO companies in Dubai such as Jitendra Business Consultants (JBC) can help you determine your best fit. JBC is one of the leading providers of PRO services in Dubai with years of experience. We can assist investors and professionals with the processing of their visas as well as help in sponsoring their dependents. JBC also assists the expatriates in getting them UAE Golden Visas and Green Visas. Availing of our services helps you comply with regulations regarding visas, Emirates IDs, Medical Tests, etc.