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Dubai Golden Visa

In recent years, investing in Dubai property has not only provided world-leading returns but has also offered new benefits related to visas and residency in the UAE. The introduction of new rules around these areas has been a significant factor in attracting investors. The rules were initially changed in April 2022 and were later modified in October of the same year.

Since then, approximately 250,000 new visas have been issued, leading to a surge in demand for Dubai property. This demand has recently reached a record-high level of transactions. The Dubai Golden Visa, which grants long-term residency to notable individuals, has been a key factor in these changes. As an overseas national, the visa enables you to live, work, or study in the UAE.

WHAT MAKES THIS VISA GOLDEN

Dubai has been a top expat destination for many years, even before the introduction of new visa rules. Currently, over 80% of the UAE’s residents are expats, which can be attributed to the country’s excellent travel links via global aviation hubs, attractive tax-free status, vibrant economy, strong career prospects, and high quality of life in one of the world’s safest cities.

The Gold Visa provides a highly flexible and generous means to attain this lifestyle. It includes:
A long-term, renewable residence visa that’s valid for up to 10 years.

Residency without requiring a sponsor

The ability to reside outside of the UAE for more than the standard six-month period while maintaining your residency status.
Residency status for your spouse and children of any age
The option to sponsor domestic helpers.
The assurance that your family members can stay in the UAE for the duration of their original permit even if you pass away.

WHAT IS THE MINIMUM INVESTMENT REQUIRED IN DUBAI PROPERTY TO OBTAIN A GOLDEN VISA?

The most recent official government information states that owning a property or a group of properties may entitle you to a 5-year Golden Visa, which can be renewed under the same terms and without a sponsor, provided that you meet the following conditions:

Obtaining a letter from the land department of the respective emirate that confirms your ownership of one or more properties with a total value of no less than AED 2 million (USD 544,500)
Purchasing a property using a loan from specific local banks that are approved by the competent local entity.

The guidelines are flexible, and mortgages and off-plan properties can fulfil the requirements. If you have any queries or need assistance, please contact us as this is an area of Dubai property investment where we can provide support.

The Golden Visa threshold is only slightly higher than the average transaction value, so if you already own property in Dubai and are considering another purchase, or have a budget of more than AED 2 million, it’s worth inquiring about your eligibility for the Golden Visa. In fact, even a single purchase, particularly in the villa market, can meet the Golden Visa threshold.

HOW MUCH DOES A GOLDEN VISA COST WHEN INVESTING IN DUBAI PROPERTY?

As well as meeting the portfolio value requirements, there are some fees involved in obtaining a Golden Visa.
Fees an investor is required to pay to get the 5-year residency Visa in Dubai (correct as of March 2023):

Medical (VIP) – AED 753
Emirates ID – AED 573
New visa – AED 2,288.75
Management Fees – AED 100

WHAT IS THE PROCEDURE TO GET A GOLDEN VISA VIA PROPERTY INVESTMENT IN DUBAI?

The most important aspect of the procedure is ensuring your property investments qualify. The visa requires off-plan purchases and some mortgaged properties to be secured using certain developers, agents and banks. Again, this is something PV Group International can assist you with.

There are 5 main steps:
Have the required property portfolio
Visit the Dubai Land Department (DLD)
Submit the paperwork and ownership requirements
Pay the fees
Have a visa medical examination

The whole process can take 1 to 2 weeks, and you’ll need your passport, proof of medical insurance, and proof of no convictions.

INVESTING AND LIVING IN THE UAE WITH A GOLDEN VISA

The visa commonly known as the Dubai Golden Visa is actually the UAE Golden Visa. This is because Dubai, which is regarded as the country’s most desirable place to live and has a robust property market, is just one of the seven emirates in the UAE. Therefore, if you purchase property in any of the other six emirates, namely Abu Dhabi, Sharjah, Ajman, Umm Al-Quwain, Fujairah, and Ras Al Khaimah, you can also purchase property and live.

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