As well as the world-leading returns, one of the main benefits of investing in Dubai property in recent years has been the introduction of new rules around visas and residency in the UAE.
In April 2022, the rules were changed (and again modified in October 2022), and since then around 250,000 new visas have been issued. The visa, and the subsequent benefits, are some of the reasons that demand for Dubai property has soared, recently hitting a record-high level of transactions.
The so-called Dubai Golden Visa grants notable people long-term residency, which in turn enables you, as an overseas national, to live, work or study in the UAE.
What's so golden about Dubai's Golden Visa for property investors?
For years – even before the introduction of these new visa rules – Dubai has been one of the world’s most popular expat destinations. In fact, currently, more than 80% of the UAE’s residents are expatriates.
This is largely due to the extensive travel links the country offers via its global aviation hubs, its attractive tax-free status, its vibrant economy and strong career prospects, as well as an overall high quality of life in one of the world’s safest cities.
The visa offers a very flexible and generous method of achieving this way of life. A gold visa allows you to enjoy:
- A long-term, renewable residence visa that’s valid for up to 10 years
- Residency with no need of a sponsor
- The freedom to live outside of the UAE for more than the usual period of six months, whilst keeping your residency status intact
- Residency status for your spouse and children of any age
- The ability to sponsor domestic helpers
- The surety that even if you pass away, your family members can live in the UAE for the duration of their original permit
These are substantial benefits – especially considering that they are obtainable with the acquisition of property that in itself, is a very attractive proposition.
How much do you need to invest in Dubai property to get a Golden Visa?
According to the latest official government information:
“If you own a property or a group of properties, you may be granted a Golden Visa for a period of 5 years, renewable on the same conditions and without a sponsor subject to the:
- Provision of a letter from the land department of the respective emirate stating that he owns one or more properties whose value is not less than AED 2 million (USD 544,500)
- Purchase of a property with a loan from specific local banks approved by the competent local entity.”
These rules are fluid and the requirements can be met via mortgages and off-plan properties.
Many of our investors have been successfully issued with Golden Visas, but it is always best to check current requirements before any purchase. If you have any questions or require support, this is an aspect of Dubai property investment that we can assist with, so please don’t hesitate to get in touch.
The threshold for acquiring a Golden Visa is not much above the average transaction value, so if you already have Dubai property in your portfolio and are looking to make another acquisition, or you have a budget of over AED 2 million, it is certainly worth enquiring about your eligibility for the Golden Visa. Indeed, many single purchases – particularly on the villa market – will be enough to reach 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 an area M&M Real Estate 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.
Does the Dubai Golden Visa offer citizenship for property investors?
It is a long-term, renewable, but temporary residency visa.
Currently, there is no way to invest in Dubai property and be granted a full level of citizenship.
The UAE’s citizenship laws were recently amended to allow those of exceptional talent to apply, but that is currently the only route foreign nationals can take.
Is it only Dubai you can invest and live in with a Golden Visa?
Most people and investors refer to the visa as the Dubai Golden Visa, as not only is it the country’s strongest property market, but also the place most people want to live, but it is in fact the UAE Golden Visa.
Dubai is one of seven emirates in the UAE, so if you so wish, you could purchase property and live in any of these. They include Abu Dhabi, Sharjah, Ajman, Umm Al-Quwain, Fujairah and Ras Al Khaimah.