The UAE government has set up a great golden visa system. This system is aimed at bringing in foreign investment and global talent. It provides long-term residency visas that have many benefits for people who meet certain eligibility criteria. In this blog post, you will find useful information about the UAE's Golden Visa program. It will cover the recent changes and the benefits for people and families wanting to start their lives in this exciting country.
Key Highlights
The UAE Golden Visa is a long-term residency visa offering substantial benefits to investors, entrepreneurs, talented professionals, and exceptional individuals across various sectors.
Recent updates to the Golden Visa program have abolished the minimum down payment requirement for real estate investments, making it more accessible to a broader range of investors.
Individuals investing AED 2 million or more in UAE real estate are now eligible for the Golden Visa, regardless of whether the property is off-plan, completed, or mortgaged.
This long-term visa provides holders and their families with stability and the opportunity to become active members of the thriving UAE community.
The updated Golden Visa regulations aim to bolster foreign investment, attract global talent, and foster economic growth and innovation within the UAE.
What is the UAE’s Golden visa?
The UAE's Golden Visa is a long-term residence visa given by the federal authority of the United Arab Emirates. It lets eligible people and their families live, work, and study in the UAE. This program started to bring in foreign investors, entrepreneurs, skilled professionals, and special talents from all over the world.
The Golden Visa has many benefits compared to regular residence visas. It has longer validity times, simpler renewal processes, and more flexibility for jobs and owning businesses. Golden Visa holders also get more security and stability. This makes it a very popular choice for residency in the region.
What are the Golden Visa UAE benefits?
One big benefit of the Golden Visa is that it allows long-term residency. This means people and their families can feel safe and stable. They can settle down and plan their future in the UAE. Golden Visa holders do not need to meet the usual sponsorship rules for other resident visas. This gives them more freedom and choices.
Golden Visa holders can also work in the UAE without needing a different work permit. They can completely own businesses in certain areas, which helps encourage new ideas and brings in skilled professionals from many fields. Other benefits might include using government services like healthcare and education. Depending on different situations and tax rules, there could also be tax benefits.
UAE Golden Visa New Rules 2024
A big change in the new rules is that there is no longer a minimum down payment for real estate investments. Before, you needed to put down AED 1 million to get the Golden Visa for properties. Now, this rule applies to off-plan properties, finished units, and those bought with mortgages.
You can qualify by owning a property worth AED 2 million or more. This change gives investors more options and makes getting the Golden Visa easier for many people. However, the final approval of your Golden Visa application still depends on reviews by the Federal Tax Authority and Customs & Port Security, who will assess each case individually.
Eligibility for UAE Golden Visa for Real Estate Investors
Investors who want to get a UAE Golden Visa through real estate must meet certain requirements. The main one is owning a property or several properties in Dubai worth at least AED 2 million. This ownership can be freehold or leasehold, based on the type of property.
Applicants need to provide a valid title deed or proof of ownership from the Dubai Land Department (DLD) with their visa application. They might also need to show proof of funds to prove they can invest in UAE real estate. Meeting these requirements makes the application stronger and helps in getting the Golden Visa.
What is the price of a UAE Golden Visa for Investors?
The cost of a UAE Golden Visa varies based on the visa category and the investor's specific circumstances. The fees include government charges, application fees, and any additional costs associated with document processing and translations. Generally, investors can expect to pay the following fees:
Golden Visa Type | Estimated Cost (AED) |
5-Year Property Investor Visa | 7,000-10,000 |
10-Year Property Investor Visa | 9,500-12,000 |
Remember that these are approximate costs, and the final amount may vary. The invested capital in real estate is separate from these fees. The processing time for a Golden Visa application can also vary but typically takes around 4-6 weeks from the submission date, subject to the completeness of the application and the relevant authorities' final approval.
Can I travel freely with a Golden visa?
One main benefit of getting a UAE Golden Visa is the travel freedom it gives. Golden Visa holders can enter and leave the UAE as many times as they want during the visa's validity. This open travel helps people and their families stay connected with their home countries and seek business opportunities easily.
Having a Golden Visa makes travel easier and offers peace of mind. You can feel secure about your residency in the UAE. Whether you are traveling for fun or business, Golden Visa holders can discover personal and work opportunities around the world without the limits of regular visas.
Can I work anywhere in the UAE with a Dubai Golden visa?
The Dubai Golden Visa does not limit holders to one employer or place in the UAE. However, there are some rules to consider. This Golden residence visa allows people to work in jobs that match the visa category they have. For example, if someone has a Golden Visa because of real estate investment, they can work in real estate or similar jobs.
If a person wants to work in a different emirate or in a job that doesn't fit their Golden Visa category, they might need to apply for special permits. They would need approval from the local authorities in that emirate or the Ministry of Human Resources and Emiratisation.
Documents required for a 10-year investor Visa in the UAE
To get a 10-year investor visa in the UAE, you need to gather all the required documents. This will help your application process go smoothly. Here are the key documents you need:
Valid passport with at least six months validity left
Visa application form filled out
Passport-sized photos
Title deed or proof of ownership for a property worth AED 2 million or more
Bank statements from the past six months
Business plan (if starting a company in the UAE)
Recommendation letter from your bank or financial institution
Always check with the UAE government or talk to a trustworthy immigration consultant for the complete list of documents and any specific requirements.
Is it possible to renew the Golden Visa, and what are the conditions?
One big benefit of getting a UAE Golden Visa is that you can renew it when it expires, as long as you still qualify. This renewal lets you keep living in the UAE and enjoy its benefits, which is great for anyone wanting to stay long term.
The rules for renewal can change based on the type of Golden Visa you have. Usually, you need to keep your investment (if you have an investor visa), stay employed with a company in the UAE (if you have an employment visa), or show that you continue to contribute to a specific field (if you have a talent visa).
To renew, you generally need to send in certain documents. These include a valid passport, a new visa application form, and proof that you meet the renewal rules for your visa type. You usually need to get an approval letter or confirmation from the right authorities before your visa runs out. Planning ahead and getting help from immigration experts can make your Golden Visa renewal easier and more successful.
Investment requirement for the Golden visa
One way to get a UAE Golden Visa is to invest a lot of money in the country. You can do this by putting money into an investment fund that the UAE government has approved. The smallest amount you need to invest depends on the fund and how long you want the visa to last.
Another way to qualify for the Golden Visa is to invest directly in a UAE company or start your own business there. The amount you need to invest can change based on the type of business and its size. Usually, you need at least 5 years of experience in a related field. It is important to talk to financial advisors or business setup experts. They can help you understand the investment amount, rules, and steps needed for a successful golden visa application.
Conclusion
In conclusion, the Golden Visa in the UAE offers big benefits for real estate investors. New rules will take effect in 2024. It’s important to know the eligibility criteria and investment requirements. The visa allows you to travel and possibly work anywhere in the UAE. You need the right documents and must meet the investment amount for a successful application. If you want to take advantage of this opportunity, it's a good idea to keep an eye on any updates and get help from experts like Upperkey. If you have any questions or need help with the Golden Visa process, feel free to ask for support.
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Frequently Asked Questions
How long is UAE Golden Visa valid for?
The UAE Golden Visa is typically valid for 5 or 10 years, depending on the type of visa and the eligibility criteria met.
Can family members benefit from the Golden Visa?
Yes, family members can benefit from the Golden Visa as holders can sponsor their spouses, children, and in some cases, their parents to live in the UAE.
Are there any nationality restrictions for applicants?
No, there are no nationality restrictions for applicants to the UAE's Golden Visa program.
How does the Golden Visa impact tax obligations?
The Golden Visa in the UAE can have implications on tax obligations for holders. Understanding how different types of income are taxed and seeking advice from a tax advisor familiar with UAE tax laws can help Golden Visa holders navigate their tax responsibilities effectively.