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The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), alongside the Securities and Commodities Authority (SCA) and the Virtual Assets Regulatory Authority (VARA), have collectively refuted claims that the UAE is providing golden visas to investors in cryptocurrency.
This clarification comes as a response to a rise in misleading information proliferating on various online platforms, according to a report from WAM.
Clarification on Golden Visa Eligibility
The ICP has stated that golden visas are granted based on set criteria that do not encompass investors in digital currencies.
Eligible individuals typically belong to categories such as property investors, entrepreneurs, exceptional talents, scientists and specialists, high achievers, humanitarian leaders, and frontline sector workers.
The ICP urges the public to access official government resources for reliable details on golden visa prerequisites.
SCA and VARA Strengthen Regulatory Framework
The SCA reasserted its dedication to internationally accepted standards in managing the UAE’s financial sector. It emphasized that its regulatory framework prioritizes transparency, credibility, and bolstering investor trust to align with the nation’s goals of drawing in quality investments and promoting a sustainable economic landscape.
The SCA delineated that investments in digital currencies fall under distinct regulations, separate from those governing golden visa eligibility. Investors are encouraged to consult official channels to steer clear of misconceptions and potential deceit.
Likewise, VARA has also disapproved the allegations that investors in virtual assets are eligible for golden visas in Dubai. VARA emphasized the necessity for investors to engage solely with licensed and regulated entities for their virtual asset dealings.
In partnership with the SCA and law enforcement, VARA reiterated its commitment to consumer safety and creating a secure operational framework. VARA highlighted that licensed companies must adhere to visa protocols outlined by both Dubai and federal authorities.
It is important to note that VARA specified that the company TON lacks the necessary licensing and regulation by the authority.
Advice for the Public to Utilize Official Resources
The three authorities jointly cautioned the public and investors to remain vigilant and verify any information via official governmental sites and recognized communication channels. They warned against engaging with unverified promotions or online advertisements related to golden visas and cryptocurrency investments.
For comprehensive insights regarding golden visa eligibility and application methods, the public is directed to consult the ICP’s official site.
Overview of the UAE’s Golden Visa Program
The United Arab Emirates (UAE) offers a ‘golden visa’—a long-term residency permit aimed at inviting foreign entrepreneurs, skilled professionals, investors, and outstanding students by granting exclusive benefits and stability for a period of up to 10 years.
The golden visa allows holders to live, work, or study in the UAE without the necessity for a local sponsor, while reaping advantages such as sponsoring family members, maintaining residency even after extended periods abroad, among others.
Key Advantages of the Golden Visa
- Entry visa valid for six months with multiple entries, facilitating completion of residency procedures.
- Long-term, renewable residence visa for up to 5 or 10 years.
- No requirement for a local sponsor.
- Ability to remain outside the UAE for over six months without losing residency status.
- Rights to sponsor family members, including spouses and children, without age restrictions.
- Permission to sponsor unlimited domestic helpers.
- Family members can stay in the UAE until the end of their visa if the primary visa holder passes away.
Eligibility and Requirements
Golden visa requirements vary by applicant category, including investors, entrepreneurs, professionals, students, and humanitarian workers.
Investors in Public Funds
Investors who commit capital to certified investment funds may qualify for a 10-year golden visa, subject to the following conditions:
- Provide a letter from a recognized UAE investment fund confirming a deposit of no less than Dhs2 million; or
- Present a legitimate commercial or industrial license and associated documentation evidencing a minimum capital of Dhs2 million; and
- Submit confirmation from the Federal Tax Authority indicating yearly government tax contributions totaling at least Dhs250,000.
Additional stipulations may apply.
Real Estate Investors
Property investors can qualify for a 5-year renewable golden visa if they fulfill requirements such as:
- A letter from the land department of the respective emirate certifying ownership of property or properties valued at AED 2 million or higher.
- The property can be financed through loans from designated local banks recognized by regulatory bodies.
Entrepreneurs
Entrepreneurs spearheading innovative economic initiatives may be eligible for a 5-year golden visa upon providing:
- An auditor’s report confirming the project’s valuation at Dhs500,000 or greater.
- Approval from emirate authorities validating the innovative or technical nature of the project.
- Support from an accredited UAE business incubator to establish the venture locally.
Outstanding Specialized Talents
The Golden visa aims to accommodate distinguished talents across various industries, including:
Disciplines eligible in engineering and science comprise fields such as epidemiology, artificial intelligence, big data, computer engineering, electronics, software, electrical engineering, genetics, and biotechnology.
To attain a 10-year Golden visa in these categories, candidates are required to submit pertinent approvals and certifications, such as:
- Approval from the Ministry of Health for medical professionals.
- Recommendation letters from the Emirates Council of Scientists or Mohammed bin Rashid Medal Secretariat for scientists.
- Endorsements from the Ministry of Economy regarding inventors’ patents.
- Approval from the cultural and arts department for artists.
- Evidence of academic qualifications and experience for executives.
- Letters from sports authorities for athletes.
- Education credentials and contracts for specialists in engineering and science.
Exceptional Students
The UAE also promotes high-achieving students through Golden visa opportunities:
- High school students: Those achieving top scores in national exams with at least 95 percent may qualify for a 5-year golden visa upon recommendation from the Ministry of Education.
- University students: Exceptional graduates from A or B rated institutions may obtain a 10-year visa, according to GPA requirements (minimum 3.5 for A-class, 3.8 for B-class universities) and provided they graduated within the last two years.
- International university graduates: Students from the top 100 global universities recognized by the Ministry of Education with a minimum GPA of 3.5 and recent graduation may also be eligible.
Visa durations may extend based on the academic program’s length.
Humanitarian Pioneers
Individuals with significant contributions to humanitarian work can qualify for a 10-year golden visa. Eligible categories include:
- Members or key staff of international/regional organisations with a minimum of five years of service.
- Employees in civil associations or public interest entities with five years’ experience.
- Award recipients from organizations focused on humanitarian causes.
- Financial contributors providing at least Dhs2 million towards humanitarian efforts.
Frontline Heroes
Healthcare and essential workers displaying remarkable commitment during crises, such as the COVID-19 pandemic, may be eligible for the Golden visa. Qualifying professions encompass nurses, medical assistants, lab technicians, pharmacologists, among other approved professionals acknowledged by the Frontline Heroes Office.
Conclusion
The UAE’s golden visa serves as a strategic initiative to draw global talent, investment, and innovation by providing long-lasting stability and unique privileges. Its extensive eligibility criteria encompass a wide spectrum of individuals—from investors and entrepreneurs to students and frontline workers—illustrating the UAE’s aspiration to foster a knowledge-driven and thriving society.