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
Investment Options
1) Property Investment – 10 years (Golden Visa)
The property in Dubai must be worth at least 2 million AED ($545,000). Multiple properties under the applicant’s name will be accepted (valuation not accepted). If the property is mortgaged or on an instalment plan with a bank or developer, the amount paid must be at least 2 million AED of the property’s worth. To proceed with the visa application and mortgage statement, a NOC letter from the mortgage bank stating the amount paid is required. Other emirates and DIFCA are not accepted.
Government Fees:
- 10-year visa issue fee: 9,734.75 AED
- 10-year visa renewal fee: 9,419.75 AED
- 10-year visa cancellation: 190.75 AED
2) Property Investment – 5 years (Retiree Visa)
To be eligible for the visa, the property in Dubai must have a minimum value of 1 million AED as stated on the title deed. Please note that properties from other emirates and DIFCA are not accepted.
Government Fees:
- 5-year retirement visa issue fee: 6,734.75 AED
- 5-year retirement visa renewal: 6,419.75 AED
- 5-year retirement visa cancellation: 190.75 AED
3) Property Investor Visa – 2 years
To be eligible for the visa, you must own a property in the UAE that is valued at a minimum of AED 750,000. If the property is mortgaged, you will need to provide a NOC (No Objection Certificate) from the bank or developer, as well as the property mortgage statement. The NOC should specify the total amount paid so far and the remaining amount.
Government Fees:
- 2-years visa issue fee: 9,958.00 AED
- 2-years visa renewal: 7,808,50 AED
- 2-years visa cancellation: 1,140.00 AED
Why is this the most sought-after Golden Visa?
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.
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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