UAE New Golden Visa Rule vs. Real Estate Visa: Can High School & University Students Benefit From The Scheme?

The United Arab Emirates (UAE) has announced new rules for its golden visa to foreigners who are looking to reside in the country. The new revision to the golden visa allows flexible and efficient immigration and is low in cost. Indians can attain the UAE's golden visa for life with a one-time payment of Rs 23.30 lakh.

However, it needs to be noted that the latest rules in UAE golden visa is an alternate option to its already existing measures. The existing visa scheme requires a certain amount of investment in the UAE's local real estate market.

One of the perks of the UAE golden visa is that foreign nationals studying in the country can also avail of this benefit.

New UAE Golden Visa Rules:

The new category introduced in the Golden Visa is based on nomination and is an alternative option to the existing rules.

Under the new category, foreign nationals can avail UAE golden visa for life by making a one-time fees payment of 1,00,000 dirhams, which is around Rs 23.30 lakh.

How the new golden visa rules are different from the real estate-linked golden visa rules. There are three parameters to obtain 5 5-year to 10-year visa under the real-estate linked scheme.

UAE Golden Visa Real Estate Linked:

As per the Henley Global report, there are numerous categories of beneficiaries for the UAE's Golden Residence visa, including real estate investors who, depending on their age, may qualify for a 5-year or 10-year renewable residence visa by purchasing one of the following:

- A property worth a minimum of AED 1 million (approximately USD 280,000) for investors aged 55 and over (5-year visa) or a property worth a minimum of AED 2 million (approximately USD 550,000) for investors of any age (10-year visa)

- A property worth a minimum of AED 2 million (approximately USD 550,000) with a loan from specific local banks for investors of any age (10-year visa)

- One or more off-plan properties worth a minimum of AED 2 million (approximately
USD 550,000) from approved local real estate companies for investors of any age (10-year visa)

How High School Students and University Students Can Obtain UAE Golden Visas:

As per the UAE website, high school outstanding students can follow these steps:

- Bring a recommendation letter from the Ministry of Education.

- The duration of the Golden Visa is (5) years for a high school without the need for a Sponsor inside the UAE, and it may be extended by the authority if he is enrolled in one of the specialties/colleges in the UAE that requires the study period more than (5) years (such as medical Universities).

- The students may sponsor the parents and their Brothers (subject to the conditions and requirements as set out by the Federal Authority for Identity and Citizenship).

For university outstanding students, the following is the procedure:

- A recommendation letter from the university stating that his GPA is not least (3.8).

- The duration of the Golden Visa is (10) years, and may sponsor the parents and their Brothers (subject to the conditions and requirements as set out by the Federal Authority for Identity and Citizenship).

- The students are able to sponsor their families (wife and kids) whenever they have the financial Potential.

All About UAE Golden Visa:

According to UAE's Federal Authority For Identity, Citizenship, Customs & Port Security, Golden visa is one of the services provided by the Federal Authority for Identity, Citizenship, Customs and Ports Security. Under this service, people who meet the conditions can apply for a long-term residency for a period of five to ten years. This new system in the UAE allows residents, foreign expatriates and their families to come to work, live and study in the country, and to have the possibility of enjoying a long-term residency without the need for a sponsor within the country, and it is automatically renewed. Furthermore, this system enhances the environment that supports business growth and success in the country.

As part of the authority's keenness to support the golden visa system, the long-term residency visa system has been activated by a decision of the Council of Ministers, which aims to attract the investor who invests his money in the country, the entrepreneur who runs an economic project, and the talented or skilled person, or the leader in different fields of science, knowledge or sports, and the outstanding students who graduated from high school or from accredited universities in the country with a GPA of 3.8 or more, and all PhD holders, doctors and engineers in the fields of computer engineering, electronics, programming, electricity and biotechnology, and those who hold specialized degrees in artificial intelligence, big data or epidemiology and viruses, it added.