The United Arab Emirates began issuing golden visas, which are residence permits for investors, entrepreneurs, scientists, professionals, and exceptional talents, in 2019. They also changed the visa regime last year for multiple visas, including tourist visas.
Obtaining a golden visa through investment previously required AED 5 million to 10 million. In 2022, the government approved new conditions for obtaining a UAE Golden Visa through investment, including a lower investment amount, no restrictions on the duration of stay in other countries, and the ability to purchase off-plan properties and take out a mortgage. The new regulations went into effect in October.
You can obtain a 10-year UAE Golden Visa by purchasing real estate in the UAE for AED 2 million ($545,000). Another option is to purchase real estate for AED 750,000 ($204,000) in order to obtain a two-year residence visa.
About Dubai and the United Arab Emirates
The UAE is one of the most appealing business destinations in the world. The UAE Residence by Investment program is designed to provide long-term residency to foreign investors, entrepreneurs, and talented individuals such as specialists, students, and researchers who make significant investments in the country.
The Dubai Investor Visa
The Dubai Investor Visa, also known as the Dubai Partner Visa, is for foreign nationals who want to start their own business or invest in an existing one in Dubai.
The Dubai investor visa allows the holder to live in the United Arab Emirates and come and go as they please for the duration of the visa. A holder of a Dubai Investor Visa becomes a tax domicile of the UAE and is not taxable by the country of their nationality, subject to the regulations of the investor’s home country.
A Dubai Investor Visa holder is eligible to apply for an Emirates ID card, open a bank account, obtain a UAE driving license, sign up for Etisalat or Du mobile and home packages, and many other important services.
The Dubai Investor Visa also allows its holder to sponsor their spouse, children, and parents for entry into the UAE.
A UAE passport and UAE citizenship can be obtained in Dubai through ancestry, naturalisation, marriage, or extraordinary merit. Investors can choose the latter alternative. They receive a 2- or 10-year residence permit before seeking for citizenship by investing at least AED 750,000, or approximately $204,000, in UAE property.
The Dubai Investor Visa is available in four different types detailed below:
Golden visa options for the UAE
Getting a Golden Visa in Dubai means that applicants can choose one of six options to qualify for residency:
The Advantages of a UAE Golden Visa
There are multiple key benefits of applying for UAE residency by investment through foreign investment, some of which are:
- Strategic location: Because of the country’s strategic geographic location, it serves as a gateway to Africa, the Middle East, Asia, and Europe.
- Tax optimization: In the UAE, income tax, capital gains, inheritance, gifts, and real estate are all tax-free. Also, there is no tax on corporate profits, but it will be 9% starting in 2023 if a company makes AED 375,000 or more. The corporate tax in the UAE is lower than in many other countries.
- A safe and secure environment
- High service standards and a high quality of life
- At no additional cost, the applicant’s spouse and unmarried children, one executive director, and one advisor may be added.
- UAE is among the top 30 countries in the world for ease of doing business.
- Streamlined, efficient residence permit system
- UN, Gulf Cooperation Council, and Arab League member
The UAE golden visa procedures and time frame
Applications for UAE residency must include completed application forms, as well as the appropriate fees and supporting documentation. The residence visas obtained for the investment fund and senior employees options are valid for ten years. The visas for the real estate option are valid for five years and can be renewed.
After the preliminary due diligence checks are completed and the retainer is paid, the application for UAE residency can be submitted to the UAE government.
Once the requirements are met, and subject to initial approval, the successful applicant receives a six-month multiple-entry visa and travels to the UAE to apply for an ID card and a medical check. Following that, full approval is granted, and the client is issued a residence visa.
From the time the application is submitted to the time it is approved, the processing time for the residence application is three months.
