Image credit: Getty Images
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), has refuted recent allegations suggesting that the UAE is offering golden visas to cryptocurrency investors.
This announcement follows the proliferation of misinformation on various online platforms, as reported by WAM.
Clarification on Golden Visa Eligibility
The ICP made it clear that the issuance of golden visas adheres to established criteria that do not take into account cryptocurrency investors.
Individuals who qualify for these visas generally fall under categories such as real estate investors, entrepreneurs, distinguished talents, scientists and specialists, outstanding students and graduates, humanitarian advocates, and essential workers.
The ICP urged the public to refer to official government resources for precise information concerning golden visa requirements.
SCA and VARA Emphasize Regulatory Compliance
The SCA reaffirmed its dedication to adhering to global standards in supervising the UAE’s financial landscape. It asserted that its regulatory approach is centered on transparency and credibility, aimed at bolstering investor assurance in alignment with the nation’s strategic goals of attracting high-quality capital and promoting a sustainable investment landscape.
The SCA specified that digital asset investments are governed by distinct regulations and do not correlate with golden visa eligibility. Investors were encouraged to use verified sources to avoid misinformation and possible scams.
Similarly, VARA denied any assertions that investors in virtual assets in Dubai are granted golden visas. The authority highlighted the necessity of engaging only with licensed and regulated firms for virtual asset investments and related services.
VARA confirmed its cooperation with the SCA and law enforcement to protect consumers and ensure a secure operational environment. It also indicated that companies authorized by VARA must follow the visa regulations established by Dubai and federal entities.
Notably, VARA clarified that the company TON is neither approved nor supervised by them.
Advice for the Public to Use Official Channels
The three regulatory bodies collectively advised the public and investors to be vigilant and verify any information through official government platforms. They cautioned against engaging with unverified advertisements or online propositions related to golden visas and cryptocurrency investments.
For comprehensive details on golden visa eligibility and application procedures, individuals are directed to visit the ICP’s official website.
Golden Visa in the UAE: A Long-Term Residency Program
The UAE provides a ‘golden visa’—a long-term residency permit aimed at attracting foreign capital, skilled professionals, entrepreneurs, and exemplary students by offering unique benefits and stability for a period of up to 10 years.
Those holding a golden visa can live, work, or study in the UAE without needing a local sponsor, while enjoying advantages such as the right to sponsor family members, remain outside the country for extended durations without jeopardizing their residency, among others.
Key Advantages of the Golden Visa
Entry visa valid for six months with multiple entries, allowing holders to finalize residency requirements.
Long-term, renewable residency visa for either 5 or 10 years.
No need for a local sponsor.
Ability to remain outside the UAE for over six months without losing residency status.
Right to sponsor family members, including spouses and children regardless of their age.
Ability to sponsor unlimited domestic workers.
Family members can remain in the UAE until the expiration of their visa if the primary golden visa holder passes away.
Eligibility and Requirements
The criteria for the golden visa differ based on the applicant’s category—whether an investor, entrepreneur, specialized talent, student, or humanitarian.
Conditions for Investors in Public Funds
Investors contributing capital to accredited investment funds can qualify for a 10-year golden visa, provided they meet the following criteria:
Submit a confirmation letter from an accredited UAE investment fund verifying a deposit of at least AED 2 million; or
Provide a valid commercial or industrial license and memorandum of association evidencing a capital of at least AED 2 million; and
Present a confirmation letter from the Federal Tax Authority demonstrating annual government tax contributions of at least AED 250,000.
Additional criteria include:
Requirements for Real Estate Investors
Real estate owners may be eligible for a renewable 5-year golden visa if they meet the following conditions:
A letter from the relevant emirate’s land department confirming ownership of properties valued at AED 2 million or more.
The property may have been financed through loans from specific local banks approved by regulatory authorities.
Eligibility for Entrepreneurs
Entrepreneurs engaged in innovative economic initiatives may qualify for a 5-year golden visa, which requires:
An auditor’s report verifying that the project is valued at AED 500,000 or more.
Approval from emirate authorities confirming the project’s innovative nature.
Backing from an accredited UAE business incubator to establish the project locally.
Outstanding Specialized Talents
The golden visa also targets exceptional specialized talents in various fields, such as engineering and science, which includes areas like epidemiology, artificial intelligence, and biotechnology.
To qualify for a 10-year golden visa, applicants must provide necessary approvals and certifications including:
Ministry of Health approval for medical professionals.
Letters of recommendation from the Emirates Council of Scientists or the Mohammed bin Rashid Medal Secretariat for researchers.
Endorsements from the Ministry of Economy for inventors’ patents.
Approval from the cultural and arts department for creatives.
Proof of academic credentials and work history for executives.
Letters from sports authorities for athletes.
Educational qualifications and contracts for specialists in engineering and science.
Support for Outstanding Students
The UAE also recognizes high-achieving students through golden visa opportunities:
High School Pupils: Students who top national exams with a minimum score of 95% may receive a 5-year golden visa with a recommendation from the Ministry of Education.
University Graduates: Exceptional graduates from A or B-rated institutions may apply for a 10-year visa, subject to GPA requirements (3.5 minimum for A-class, 3.8 for B-class universities) and graduation within the last two years.
International Graduates: Students from the top 100 global universities recognized by the Ministry of Education with a minimum GPA of 3.5 and graduation within two years may also qualify.
Visa durations may be adjusted based on the length of academic programs.
Humanitarian Work Pioneers
Individuals with notable achievements in humanitarian efforts may be eligible for a 10-year golden visa. Eligible categories include:
Members or key staff of international or regional organizations with at least five years of experience.
Workers in civil associations or public interest institutions with a minimum of five years’ experience.
Award recipients from organizations focused on humanitarian efforts.
Financial contributors with at least AED 2 million donated to humanitarian initiatives.
Recognition for Frontline Workers
Healthcare and essential service workers who demonstrated remarkable commitment during crises, such as the COVID-19 pandemic, may be eligible for the golden visa. Qualified positions include nurses, medical technicians, and other professionals recognized by the Frontline Heroes Office.
Final Thoughts
The golden visa program in the UAE represents a strategic effort to draw global talent, investment, and innovation by offering long-term security and exclusive benefits. Its wide-ranging eligibility criteria encompass diverse categories—from investors and entrepreneurs to students and essential workers—showcasing the UAE’s aspiration to develop a knowledge-based and thriving society.