10 Year UAE Golden Visa for Real Estate Investors
Jun 23, 2023
With its business-friendly environment, sunny weather and booming tax-free economy, Dubai is the place that people from over 200 nations are proud to call home. However, getting a visa for residency has traditionally required a job offer from a locally registered company and only lasted 2 years.
Fortunately for property investors, there is now a 10 year “Golden Visa” available when a certain amount of money is invested into property in Dubai and the UAE. This article lays out what a Golden Visa is, its associated benefits and how a property investor can apply for one. If you are considering investing in Dubai in order to obtain a Golden Visa, our team of specialists can be contacted via WhatsApp, email or on +971 543 112 456 - if you buy a property through us, we will cover the costs of your Golden Visa application!
Note that while the Golden Visa is available for several different purposes, this article focuses solely on the one that is available for property investors.
What is the UAE Golden Visa?
The Golden Visa for the UAE is a long-term residency visa. It enables foreigners to live and work/study in the United Arab Emirates for a period of up to 10 years. At the end of the validity period, the Golden Visa can be renewed if certain criteria are met.
The program is designed to bring foreign talent and investment into the country in exchange for residency and a variety of benefits. Golden Visas are not tied to a particular employer and holders do not need a national sponsor.
What are the benefits of a UAE Golden Visa?
The UAE Golden Visa has a variety of benefits, including:
Sponsorship of family members (such as spouses and children) irrespective of their ages
Sponsorship of an unlimited number of domestic helpers
10 year validity period
The ability to stay outside of the UAE for any amount of time without the visa being cancelled (unlike most visas which require re-entry every six months)
Self-sponsorship (rather than via a company or local partner)
Six month entry visa for multiple visits before residency permits are issued
Ability for family members of the Golden Visa holder to stay in the UAE until the end of the validity period if the Golden Visa holder dies
For Dubai specifically, there are some specific benefits, including:
The ability for foreigners with a driving licence from their home country to take a driving test without the usual mandatory extra lessons (or if you hold a licence from one of 32 approved countries, you will automatically be eligible for a UAE driving licence).
Issuing of an Esaad card, which offers discounts for a variety of goods and services in the UAE
Exclusive health care packages for Golden Visa holders
How do real estate investors qualify for a UAE Golden Visa?
Real estate investors can qualify for a Golden Visa if they fulfil at least one of the following conditions:
They purchase a property (or properties) worth no less than AED 2 million in total on the secondary/resale market
They purchase a property using a mortgage from an approved local bank with a maximum loan of 50% of the property price
They purchase an off-plan or completed property (or properties) worth no less than AED 2 million in total from an approved local real estate developer
Additionally, to qualify for the visa, the investor must fulfil all of the following requirements:
Be over 18 years of age
Not have a criminal record
Have a valid passport
Not have any socially dangerous diseases (e.g. HIV)
Be able to confirm the legality of personal income
Can real estate investors still get a Golden Visa if they don’t have AED 2m to invest?
The UAE Golden Visa is only available to real estate investors who invest at least AED 2m in property in the UAE. However, there is a renewable 2-year real estate investor visa available for investors who purchase property worth between AED 750k and AED 2m. This doesn’t come with the same benefits as the Golden Visa, but does give the holder to right to live and work or study in the UAE throughout their visa validity period.
How much does it cost to apply for a Golden Visa?
Golden Visa applications are processed by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP). As of June, the application costs AED 1,250.
You will also need to have a medical check-up (around AED 700) and get an Emirates ID card (around AED 1,150).
What is the application process for the UAE Golden Visa?
The process is handled almost entirely online. You can start your application on this link.
The first step is for the ICP to issue a six-month entry permit to the Golden Visa applicant. This enables you to freely enter and exit the UAE multiple times over a six-month period to complete all the necessary steps for the Golden Visa application.
As of June 2023, the cost of the six month entry permit is AED 1,250. This covers:
AED 1,000 issuance fee
AED 100 application fee
AED 100 smart services fee
AED 28 electronic services fee
AED 22 ICP fee
How long does it take for a Golden Visa to be granted?
Assuming you meet all the requirements for a Golden Visa, it can be granted in as little as 30 days. If there are any unusual circumstances or more information is required, the time period can be extended - hence why a six-month multiple entry permit is granted once your application is started.
How do I renew my Golden Visa?
The renewal process for Golden Visa takes place entirely online. As it stands, so long as you still match the criteria for which you were granted the visa initially, you can extend your Golden Visa.
How can PropertyData help?
PropertyData specialises in helping investors find high potential real estate opportunities in Dubai. For a limited time, we’ll cover the cost of a Golden Visa application for overseas clients who invest in properties through us. To learn more, you can get in touch on firstname.lastname@example.org, +971 543 112 456 or WhatsApp.