Golden Visa: Everything Dubai Buyers and Investors Need to Know
Dubai’s real estate market has long been a highly sought-after destination for buyers and investors alike. With its impressive economic growth, prime location, and world-class infrastructure, it’s no wonder that Dubai has become a hub for global property investment.
In recent years, the UAE government has implemented several initiatives to further promote foreign investment, including the introduction of the Golden Visa.
The Golden Visa is a residency scheme that offers eligible individuals and their families the opportunity to obtain long-term residency in the UAE. Since its introduction in 2019, it has undergone significant changes, making it even more attractive, particularly for real estate buyers and investors.
Throughout this blog, we’ll provide an in-depth overview of the Golden Visa, including its eligibility requirements and benefits. We will also explore the latest updates and changes that have made this program even more appealing to real estate buyers and investors interested in Dubai’s market.
Whether you’re new to real estate investment or an experienced buyer, our guide to Dubai’s Golden Visa will equip you with all the essential information you need to know about the program and how it can benefit you. Let’s dive in!
What is Dubai’s Golden Visa?
Dubai’s Golden Visa is a long-term residency program designed to attract talent and investment to the UAE. Introduced in 2019, the program initially targeted select groups of professionals, including entrepreneurs, investors, scientists, and outstanding students and graduates. Its aim was to promote economic growth, innovation, and entrepreneurship in the UAE.
In 2022, the program was expanded to simplify eligibility criteria and expand the categories of applicants. This expansion was aimed at further encouraging investment in the UAE’s real estate market, which has been a significant driver of economic growth in recent years.
The Golden Visa program is an excellent opportunity for individuals interested in investing in Dubai’s real estate market. With the program’s long-term residency benefits, individuals can establish a stable and secure future for themselves and their families to own a property in the UAE and the potential for significant returns.
What are the updated Golden Visa requirements?
The Golden Visa program in Dubai underwent changes on October 3, 2022, which opened up new opportunities for real estate buyers and investors. One of the most significant changes is a reduction in the minimum property investment required to obtain the Golden Residence.
Previously, a minimum investment of AED 5 million in real estate was required to be eligible for the program. However, the new rules now allow buyers and investors to obtain the Golden Visa when purchasing a property worth no less than AED 2 million, making the program more accessible than ever before.
The new rules also expand the eligibility of the program to include off-plan properties, making it easier for buyers and investors in Dubai looking to purchase one or more off-plan properties of no less than AED 2 million from approved developers.
Buyers and investors can now also obtain the Golden Visa when purchasing a property with a mortgage from specific local banks, giving them greater flexibility and options.
Lastly, under the new rules, a husband and wife can jointly own and share one property. For this, a valid marriage certificate will be required as proof.
What are the benefits of a Golden Visa?
The Golden Visa in Dubai offers a number of advantages to real estate buyers and investors, making it an appealing option for those looking to establish a presence in the UAE. These benefits include:
- Long-term residency for up to 10 years
- Own and operate a business in Dubai
- Access to education, healthcare, and other public services
- Sponsor family members for their residency in Dubai
- The ability to sponsor children, regardless of age
- The ability to stay abroad without affecting residency status
- The sponsorship of an unlimited number of domestic helpers
- The permit for family members to stay in the UAE until the end of their permit duration, even if the primary holder of the Golden Visa passes away.
How to apply for a Golden Visa?
To apply for the Golden Visa in Dubai, you can use the GDRFA-Dubai Smart Application or Amer Centers. Here are the six simple steps to follow for each option:
GDRFA-Dubai Smart Application:
- Download the mobile app
- Create a new user account
- Select the service you need
- Attach required documents
- Pay the service fees
- Submit your request
Amer Centers:
- Visit a service branch
- Choose your service
- Submit documents for verification
- Wait for approval
- Pay the service fees
- Submit your application
The Golden Visa is a game-changer for property buyers and investors looking to invest in Dubai’s real estate market. Not only does it offer long-term residency, but it also provides a range of benefits to buyers and investors in Dubai.
Ready to obtain your Golden Visa in Dubai? With the support of our trusted partner, OpenHub, we can guide you through the process. From selecting the right property to completing the necessary paperwork, we are here to assist you every step of the way. Get in touch!
