The United Arab Emirates has long been a hub for international talents and investors, attracting professionals and entrepreneurs alike. Over the decades, millions of these individuals have chosen to call this vibrant country home and reside here with their families due to its live, work, and play environment offering a high quality of life. Recognizing the potential that such a diverse expat population brings to the UAE’s continued economic growth and development, and also to encourage talent and investment, the government introduced specialised long-term residency visa programs, known as the Golden and Green visas.
Understanding the Golden Visa
In recent years, the Golden Visa in Dubai has emerged as a focal point for property investors keen on seizing the abundant opportunities presented by the emirate’s real estate market, especially in Dubai.
But what exactly does this coveted visa entail, and how does it serve investors? The Golden Visa in Dubai stands as a residency initiative crafted to entice high-net-worth individuals and investors, offering them extended residency privileges within the emirate. Pioneered by the Dubai government, this visa scheme presents foreign investors and their families with the prospect of residing in Dubai for prolonged durations.
Types of UAE Golden Visas
The Golden Visa offers two main categories each catering to different segments of investors and entrepreneurs.
The 5-year Green Residence visa targets skilled professionals, freelancers, investors, and entrepreneurs, allowing them to add three executives and their families to the visa. On the other hand, the 10-year visa primarily targets investors and entrepreneurs, offering flexibility in terms of adding family members, domestic support staff, executive directors, advisors, and business partners contributing a specified amount. Both visas grant free UAE travel and the ability to live and own businesses in Dubai.
Eligibility and Cost:
Eligibility for the Golden Visa varies depending on the type of visa applied for.
For the 5-year visa for property investors, applicants must invest in a property of a gross value not less than AED 2 million, while entrepreneurs must have an existing project with a minimum capital of AED 500,000 or approval from an accredited business incubator in the UAE.
For the 10-year visa, investors can qualify by making a deposit, establishing a company, partnering in an existing or new company, or having a total investment of not less than AED 2 million in specified sectors.
Applicants need to show proof of stable finances, a clean record, and good health. They must submit documents like proof of investment, passport copies, and a completed application form to Dubai authorities for review.
Applicants should also plan for administrative fees, processing charges, and other related costs during the application process. Seeking advice from legal experts or immigration consultants can help manage financial risks effectively.
Benefits of the Golden Visa:
The benefits of obtaining a Golden Visa in Dubai are manifold, extending beyond mere residency rights. Golden Visa holders enjoy the freedom to live, work, and study in Dubai without the need for a sponsor, along with access to public services like healthcare, education, and utilities on par with UAE nationals. Moreover, the Golden Visa serves as a pathway to long-term residency and citizenship, offering investors the opportunity to establish roots in Dubai and contribute to its vibrant community.
The benefits of obtaining a Golden Visa in Dubai are many, such exclusive benefits include:
- Entry visa for six months with multiple entries
- Long-term, renewable residence visa valid for 5 or 10 years
- No need for a sponsor
- Ability to stay outside the UAE for more than six months to keep residence visa valid
- Ability to sponsor family members, including spouses and children of all ages
- Ability to sponsor an unlimited number of domestic helpers
- Permit for family members to stay in the UAE until the end of their permit duration if the primary holder of the Golden visa passes away.
Need to Know Before You Apply for a Golden Visa:
Before embarking on the Golden Visa application process, there are several essential factors to consider.
- Prospective applicants should evaluate their investment strategy.
- Conduct thorough due diligence on selected properties.
- Familiarize themselves with eligibility criteria and documentation requirements.
- Seek guidance on tax residency implications from financial advisors.
In Summary:
The Golden Visa in Dubai represents a golden opportunity for property investors seeking to establish a foothold in one of the world’s most dynamic real estate markets. By offering long-term residency and a host of associated benefits, the Golden Visa enables investors to unlock new horizons and embark on a journey of growth and prosperity in Dubai. However, diligence and foresight are crucial in approaching the application process to ensure compliance with all requirements and the allocation of resources prudently. With careful planning and expert guidance, the Golden Visa in Dubai can catalyze realizing investment aspirations and securing a brighter future in the City of Gold.
