What is a Golden Visa in Dubai and how to get it?
We gather the latest relevant data on Golden Visas in Dubai with the eligibility criteria, process guidance, and suitable new property developments.
In 2021, Dubai ranked 5th for the best cities in the world by Resonance Consultancy. It is little surprise that the emirate attracts a huge influx of international investors, businessmen, and other specialists to live and work in Dubai. As a result, the UAE government has recently introduced several measures to support this trend and attract the top talents to the state.
For instance, they introduced the UAE Golden Visa. Read on and discover what does this mean, find out the eligibility criteria for the Golden Visa, the process description, and several suitable properties (purchasing there gives you the right to apply for a 5-year Golden Visa). Additionally, we cover how to apply for this visa when you are not located in the UAE.
The Golden Visa in Dubai: a brief outline
In a nutshell, a golden visa is a long-term residency visa in the UAE. People get 5-year or 10-year visas, while the renewal happens automatically. It was implemented by the government in 2019, and the new rules suggested that foreigners did not need a national sponsor to live, study, or work in the state.
Moreover, the government has allowed 100% business ownership by international businessmen on the mainland of the UAE. To clarify, mainland companies in the UAE freely operate anywhere in the UAE, unlike the Free Zone companies.
Securing a Golden Visa has various additional benefits, including the long-term residency (5 or 10 years). It is extremely convenient for foreigners who want to work and live in Dubai or the UAE in general without the need to constantly renew their visas.
Golden Visa aims to attract top talents from all over the world to the UAE. According to the data, Golden Visas are for:
- Businessmen (entrepreneurs)
- Students with promising scientific capabilities
- Researchers and talents in various fields of science and knowledge
The Golden Visa in Dubai (5-year): eligibility criteria
These are the requirements for a 5-year residency visa in the UAE:
- Property investors need to invest in real estate a total of at least AED 5 million.
- The bought property has to be retained for at least three years. Moreover, the invested funds must not be loaned.
- Entrepreneurs with a business (min. capital is AED 500,000 or $136,000), or those who have been approved by an accredited business incubator in the state. In this case, the business owner can get a 6-month multi-entry visa and renew it for extra 6 months. The visa includes a business partner, 3 employees, a spouse, and kids.
- Talented school students with a minimum grade of 95 per cent. In addition, university students, both local and international, with a GPA of 3.75 or higher upon graduation. In this case, a 5-year visa likewise includes the family members of the talented students.
The Golden Visa in Dubai (10-year): eligibility criteria
There are two categories of those who can apply for a 10-year residency visa in the UAE: investors in the public investment (the minimum amount is AED 10 million or $2.7 million). The second category is people with specialised talents.
As for the first category, the investments may be:
- Establishing a business in the UAE with a total capital of AED 10 million or higher.
- Partnering in a new or an existing business with a share value of AED 10 million or higher.
- A deposit of AED 10 million or higher in one of the investment funds in the UAE.
- Investments of AED 10 million or higher in all the mentioned areas. The core condition here is that the investment in the property sector should not exceed 40% of the total funds.
There are other conditions for securing a 10-year golden visa for investors:
- Investment funds must not be borrowed
- The investments have to be retained for 3 years or longer
- Financial solvency has to be up to AED 10 million.
Business partners can be included in the visa, but each one has to contribute at least AED 10 million. In addition, this 10-year residency visa includes one executive director, one advisor, a spouse and kids.
As for the second category, it consists of specialised talents and researchers in science and knowledge fields. For instance, inventors, scientists, doctors, and artists. The critical condition here is having a valid working contract in the specialised priority field.
There are several conditions that specialised talents have to meet to get a 10-year residency visa in the UAE. For instance, artists and creatives have to be accredited by the Ministry of Culture and Youth. The official website of the UAE government presents the complete list of requirements.
The Golden Visa in Dubai: the whole process
If you are wondering how to obtain the golden visa in Dubai, here is a brief outline of the whole process:
- First, register on the UAE's Federal Authority For Identity and Citizenship (ICA) website. You can find the specific field for the golden services.
- Apply and create a new request by following «Visa – Golden Visa – Nomination Request For Golden Residence – New Request». This is for those who fall into one of the suitable categories but wan not nominated.
- Fill in the personal data and select your category. In addition, you need to put the Unified Identification Number or UID. Everyone who enters the state gets this number automatically.
- UAE Authorities will check the application and reply within a month provided your application has met the requirements. Expect to receive a link via email and upload the required documents for getting the new visa.
- Last, ICA verifies the application and issue the Golden Visa.
There are several things to remember here. First, only the applicant is eligible to provide the relevant data via the specified visa centres.
International applicants outside the UAE need to get the 6-month multi-entry visa first. Later, they convert it into a residency visa. The associated costs for a multi-entry visa reach AED 1,150 or a little over $310.
An applicant should have a No Objection Letter (NOC) to get a Golden Visa. Total costs of getting a Golden Visa to reach AED 6,000 or a little over $1,630. They include the application fees, visa insurance, and the cost of the visa itself.
The Golden Visa in Dubai: relevant properties
Buying a new property in Dubai is perhaps the most obvious solution for securing a 5-year Golden Visa. The total investment should be at least AED 5 million, or $1.361 million.
There are many relevant new properties to buy in Dubai that allow the opportunity to apply for a Golden Visa in the UAE. One of the most promising and sought-after new developments is the Six Senses Residences by Select Group developer.
This new waterfront development sits in Palm Jumeirah and offers exceptional new homes in Dubai. This ultra-luxury new build will have 162 new properties with top-tier features and amenities, including a massage circuit pool and a spa.
Currently, the development is in the construction phase and is set to be finished in the 4th quarter (Q4) of 2024.
How can 1newhomes.ae help?
Getting a Golden Visa in Dubai and buying a new property might be an intimidating prospect, and there are reasons for that. However, local and international homebuyers need to understand that a sensible approach is critical to make these processes smooth and less stressful.
Be sure to carefully research the market, look through the list of available options, work out the budget, and make only well-thought-out decisions.
As a PropTech service, we prioritise user experience the most. That is why we gather a complete selection of new builds in Dubai with relevant prices and profound data on each development, so our users can easily research the market and get powerful insights hustle-free. We also continue to add new features to meet the current market needs and help make only sensible decisions.