Dubai’s real estate market remains one of the city’s most important economic drivers. The administration of the emirate has maintained investor confidence and increased international investment in the sector by regularly introducing and implementing new policy ideas and projects.
Therefore, the government of the United Arab Emirates (UAE) introduced the Golden Visa program in 2019, allowing real estate investors and their families to gain permanent residency in the UAE. A retirement visa, valid for life, is one of four types of visas available to investors in the country. Others last three, five, or ten years.
It used to be that the most sought-after visa for foreign investors in the United Arab Emirates was the Golden Visa, which was valid for five years and granted to those who spent at least AED 5 million (about USD 1.36 million) on fully-furnished homes. However, as of October 3, 2022, the need for the UAE Golden Visa was reduced from AED 5M to AED 2M due to recent modifications to the UAE visa law (USD 545K). As part of the Taskeen Programme run by the Dubai Land Department, investors who put down AED 750K ($205K) or more in real estate are granted a visa valid for three years.
Visas for yourself and your immediate family members can be renewed indefinitely (spouse and children). In the next section, we’ll give interested parties a rundown of each investment opportunity’s criteria and characteristics.
A 3-year Investor Visa can be obtained by those who invest at least AED 750k (about $195k) in a finished residential property in Dubai. After securing this visa, you will be eligible to apply for an Emirates ID, which is needed to establish a bank account or obtain a driver’s license.
Individuals who have mortgaged property but have invested at least AED 750K can still apply for an investor visa. To do so, please include a copy of your most recent bank statement with your application. If an investor has one to three residential properties in the country with a combined value of at least AED 750K, he or she can apply for an investment visa.
It is required that the buyer pay a down payment of at least 50% of the property’s worth, or AED 750K when applying for a mortgage to finance the acquisition. In addition to the mortgage bank statement, you will also need to present a No Objection Certificate.
The Green Visa is a novel kind of residency that enables foreign nationals to sponsor themselves and their families without the help of their UAE employers or UAE national family members. Investors engaged in business formation or commercial activities, independent contractors, and highly qualified workers are all eligible for this visa category.
After the cancellation or expiration of a Green Visa, the holder is granted a grace period of 6 months to remain in the UAE. Sponsoring sons under 25, unmarried daughters, and children with impairments, regardless of age, is another perk of the Green Visa.
You can also apply for the Golden Visa if you already have a certain amount of money or property. Each property acquired must remain under the applicant’s control for a minimum of three years. Some local banks that issue Golden Visa loans will finance the acquisition of Golden Visa properties.
Children of any age, household workers, an adviser, and an executive, can be sponsored by investors with a 10-year visa. The most recent changes also make it possible for dependents to remain in the United Arab Emirates for the whole period of the Golden Visa’s residency, even in the event of the visa holder’s untimely demise.
With the acquisition of a finished residential property, our highly skilled brokers at ST. CLAIR Real Estate is prepared to assist you in acquiring a long-term visa. We will handle all aspects of the transaction so that you don’t have to worry about anything, including negotiating with the seller, filling out all documentation in accordance with local legislation, and registering the property. Our real estate professionals will explain your legal protections as a buyer and future property owner.