Having moved on from being a country reliant on oil to a major global commerce hub connecting the eastern and western hemispheres, the UAE has become a dream destination for many looking to obtain a better life in a safe place with a fantastic living standard.
Historically, access to residing in the United Arab Emirates was exclusive for those coming on work visas, but as times changed, so did the immigration framework of the Gulf nation, as it finally introduced the first Golden Visa within the region.
The UAE’s Cabinet Resolution No. 56 of 2018 Regarding the Organisation of Residence Permits for Investors, Entrepreneurs, and Professional Talent. The resolution allows successful candidates and their families to obtain residence permits without sponsorship in the UAE.
Living In Dubai On The Golden Visa
The UAE’s popularity, especially in Dubai, has seen tremendous growth in its population. Dubai has grown from one million residents to three million in twenty years since 2002. The city is, unsurprisingly, the most popular city for expats residing in the UAE.
Lush with malls, events, activity centres, great schools, a sunny climate all year round, and some of the world’s most marvellous architectural wonders, Dubai is becoming a major global destination for investor immigrants looking to set up shop in one of the globe’s most important economic centres as well as those coming to spend their retirement on the beach.
Prime Minister of Dominica visited Savory & Partners office in Dubai. Read about his visit here.
A significant number of residents have set up their base to operate businesses or retire comfortably without the need to worry about future admin with regards to residency. The Dubai Golden Visa allows an applicant to receive a five or ten-year residency permit.
Aerial view of iconic Palm Jumeirah Island, Dubai – UAE
Ten-Year Golden Visa
The ten-year Dubai Golden Visa requires applicants to invest a minimum of AED 10m ($2.72m) into the UAE. There are various options available for the applicant to invest in.
Investors:
Applicants may receive a ten-year Golden Visa if they invest a “significant” value of AED 10m ($2.72m) in the UAE based on the following criteria:
- AED 10m ($2.72m) investment into a UAE incorporated fund;
- AED 10m ($2.72m) investment into a newly established business operating in the UAE;
- Partner with an existing company incorporated in the UAE or start a new company with a share capital of at least AED 10m ($2.72m).
- The investor may spread the investment if the total investment is more than AED 10m ($2.72m). 40% of the total investment may be in the property.
Five-Year Golden Visa
The Dubai-based Golden Visa also allows residency for five-year for investors and entrepreneurs based on lower investment criteria.
Investors:
The five-year Dubai Golden Visa issued to an investor is straightforward. There are no additional criteria or conditions which need to be completed by the investment after purchasing a property in the UAE.
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The investor can purchase a property no less than AED 5m ($1.36m) in the UAE. They will obtain a five-year Golden Visa and can live freely in Dubai or visit the UAE during the five years. If the applicant wants to sell their asset, they may do so after three years.
The total FDI balance in the country increased to reach nearly Dhs630bn by the end of 2021https://t.co/L1wyVz2dI3
— Gulf Business (@GulfBusiness) April 7, 2022
Entrepreneurs:
The five-year Golden Visa can be issued to entrepreneurs looking to establish a new business or expand their existing business in Dubai. The applicant needs to deploy at least AED500,000 ($136,000) capital investment into growing their business in Dubai.
The long-term visa may include dependent children and the principal applicant’s spouse, a business partner, and three executives for the business.
The Benefits
While the Golden Visa process is very straightforward and quick, the real attraction remains with the country itself and not just the program. Here are some of the major benefits for obtaining a Dubai Golden Visa.
Strong Property Market:
The applicant will maintain their Golden Visa if they sell their asset after three years. The holding period is much shorter than most other Golden Visa investment programs that often require a five or seven-year holding period, yet maintains a good amount of time which can give the property appreciation rates greater profitability.
Dubai’s property market is growing tremendously, making the Golden Visa program a good investment option for its applicants. Rentals are strong in the country’s most populous Emirate, providing good annual yields if investors decide to rent their property.
In the UAE, especially in Dubai, real estate brokers are anticipating a more balanced market, but with high demand continuing – Gulf Business.
Favourable Tax Regime:
There are no personal income taxes in the UAE, and the country only has a 5% VAT on goods and services. The favorable tax regime has brought many high net worth individuals to Dubai to become tax residents.
The country and Dubai Emirate have created world-class financial legislation and infrastructure, competing with the likes of London, Hong Kong, and New York.
Safe Environment and Large Expat Community:
Dubai is an incredibly safe place to live for its residents. It is no wonder that thousands of expats have opted to make an investment and live comfortably without worrying about crime in Dubai. Residents have an array of lifestyle choices, depending on their preferences.
There are many options for shopping, brunches, fine dining, desert adventures, and exciting nightlife for some. For those looking for more relaxing options, there are several golf courses, padel and tennis courts, beaches, or relaxing by a resort or hotel pool.
A Unique Destination
The city offers a safe, vibrant or relaxing, and tax-free lifestyle for its residents. The future looks bright as investors flock to Dubai, many of whom spend large parts of the year living in the Emirate.
The Golden Visa has become an attractive route for residency in Dubai for thousands of applicants. To learn more about Dubai and the Golden Visa, contact us now to book a free, comprehensive consultation with one of our experts.
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