Insight for Property Investors in Dubai concerning the Golden Visa
The Golden Visa already in effect for the past years and a success story is here to spread. The article is written for the purpose to provide awareness and insight for all property owners in Dubai concerning their eligibility to obtain the 10 years Golden Visa or the 5 years residency Visa. We hope this article will give you a better understanding on how to obtain yours.
The UAE has introduced the long-term residency visas in 2019 for certain individuals. The visas are renewable and are valid for 5 or 10 years depending on the kind of golden visa you are eligible for. As an investor, you have the choice between two types of Golden Visas: Investor Visa and Established Professional Visa.
The Golden 10 Years Visa:
The UAE Residence and Entry Scheme has been recently updated allowing property investors owning property worth AED 2 million to now obtain the 10 years Golden Visa!
The eligibility for the 10 years Golden Visa are:
- Golden Visa program sponsorship is open to applicants who are ready to invest a minimum AED 2 million value in a property or own share of a property (one property or more).
- Property investors in Dubai must meet all the requirements to get the Golden Visa. Property value must be at least AED 2 million, and if you are mortgage holder, then at least AED 2 million should be paid to the bank and provide a letter from the bank mentioning the paid amount from the mortgage
- If you are resident in Dubai and own off-plan property, once you get the handover letter of the project from the Developer and at least AED 2 million of property value must be paid to the Developer, you can apply for the Visa.
The Benefits are certainly:
- Ten-year residence in the UAE, with the chance to extend your visa when the requirements are met.
- The Golden Visa program by the UAE government has been created to invite new investors into the country. It offers 100% ownership of any business started and owned in the UAE.
- Under this visa scheme you can employ an unlimited number of domestic helpers.
- This new visa will allow all investors to open bank accounts and car licenses at a fraction of the time and cost it takes now.
- You will also get an extension on your time outside the UAE which is currently 1 year at a time, but will soon increase to 5 years with this new scheme.
The Retirement 5 years Visa:
The new law entitles a retired resident over the age of 55 years old, to apply for a long-term visa for a period of 5 years. Indeed, this visa can be renewed when the conditions are met.
The eligibility for the 5 years Retirement Visa is:
The new scheme will allow individuals to apply for permanent residency in three years. The individual must be 55 years old and above. He/she should make a minimum investment of AED 1 million value property or owned share (one property or more). Or, he/she can deposit AED 1 million in any local bank for two years and bring a letter from the bank that (the deposit cannot be released within 2 years). If the property is mortgaged, at least AED 1 million of property value must be paid to the bank and provide a letter from the bank mentioning the paid amount from the mortgage. If the property is off-plan, there should be a handover letter of the project from the Developer and at least AED 1 million of property value must be paid to Developer.
The 5 Years Residency Visa:
The Golden Visa is a great opportunity to immigrate to the UAE. Making an investment of over AED 2 million will allow you to apply for the visa, which entitles you to enjoy so many privileges. Our expertise will be guiding you through the entire process; therefore do not miss out this opportunity!