GOLDEN VISA

The Golden visa is a long-term residence visa which enables foreign talents to live, work or study in the UAE while enjoying exclusive benefits. Investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes are among those eligible for the Golden visa. Read about the requirements and benefits of the Golden visa, and find digital services to apply for it

WHAT IS THE UAE’S GOLDEN VISA?

The UAE’s ‘Golden visa’ is a long-term residence visa which enables foreign talents to live, work or study in the UAE while enjoying exclusive benefits which include:

1. An entry visa for six months with multiple entries to proceed with residence issuance.
2. A long-term, renewable residence visa valid for 5 or 10 years.
3. The privilege of not needing a sponsor.
4. The ability to stay outside the UAE for more than the usual period of six months in order to keep their residence visa valid.
5. The ability to sponsor their family members, including spouses and children regardless of their ages.
6. The ability to sponsor unlimited number of domestic helpers.
7. The permit for family members to stay in the UAE until the end of their permit duration, if the primary holder of the Golden visa passes away.

GOLDEN VISA REQUIREMENTS:

Requirements for the Golden visa depend on the type of residence, whether investor, talent, entrepreneur, etc.

REAL ESTATE INVESTORS:

If you own a property or a group of properties, you may be granted a Golden visa for a period of 5-10 years, renewable on the same conditions and without a sponsor subject to the:

1. Provision of a letter from the land department of the respective emirate stating that he owns one or more properties whose value is not less than 2 million dirhams.
2. Purchase of a property with a loan from specific local banks approved by the competent local entity.

Other Requirements:

Investors in Public Investments

Entrepreneurs

Outstanding Students

Pioneers of Humanitarian Work

Frontline Heroes

Outstanding Specialised Talents

Outstanding specialised talents include:

• Doctors
• Scientists
• Creative people of culture and art
• Inventors
• Specialists in scientific fields
• Athletes
• Doctoral degree holders and
• Specialists in the fields of engineering and science.

Why Invest in Dubai

Strategic Location

Dubai sits at the crossroads of Europe, Asia and Africa, bridging time zones across East and West and providing easy access to many of the world’s fastest growing emerging markets.

World-Class Infrastructure

Dubai’s vision to invest in its transport, telecommunications and industrial infrastructure also make it an incredibly attractive destination for international business.

Ease of Business Set Up

Free Zones also give companies 100% foreign ownership; exemption from all import duties; 100% repatriation of capital and profits; and freedom from corporate taxation.

Stable Currency

The UAE dirham being pegged to the long-established and globally recognised US dollar means the value of the currency has enjoyed balance and growth, as well as stability to the import and export trade.

Safe and Very Sound

The Gallup Global Law and Order 2021 report revealed that the UAE is one of the safest places in the world in which to live.

Open and Free System

Open economic policies, minimal government control and private sector regulation have played an instrumental role in attracting Foreign Direct Investment (FDI).

Highly Liquid Property Market

Logistically, it’s very easy and relatively inexpensive to invest in property in Dubai, whilst the following points ensure the property market remains highly liquid:

Some of the highest rental yields in the world
Strong capital appreciation
Readily-available financing options

Global awareness and Dubai’s credibility as a desirable lifestyle destination have resulted in a multi-national customer base. Further, a well-developed broker base means resale of property is easy too.

Tax Efficient

Dubai is free from Income Tax for residents and there’s no Value Added Tax (VAT) levied on residential property for investors, making it a very attractive destination in terms of lifestyle as well as investment.

The UAE is the No. 1 country in the world for macro-economic stability in the World Economic Forum’s 2018 Global Competitiveness Index.

Procedures

The procedures to transfer ownership of property purchased with cash are as follows:

Buyer and seller agree terms (With/without the assistance of a real estate broker or solicitor)
Agreement of sale or Memorandum of Understanding (MOU) signed and deposit paid (usually 10%)
Developer issues No Objection Certificate (fee payable) providing all service charges have been settled in full
Buyer and seller go to DLD (with NOC) to officially transfer ownership including:
- Registration fees paid and other duties
- Purchase price paid in the form of a manager’s cheque, payable to the seller on the date of transfer
- New title deed issued in the name of the buyer
If the seller has a mortgage, they must show their mortgage is paid up in full, and show an NOC.

Time frame

30 days from start to finish of an average cash property sale and purchased in Dubai. This can take longer if the seller has a mortgage.

Documents required

Documents required
Original passport

Costs

There are certain standard costs incurred when selling and buying property in the UAE. The following fees apply to the sale and purchase of real estate in Dubai:

NOC fee – between AED 500 and AED 5000, payable to the developer, usually by the seller, subject to mutual agreement.
Real estate agent’s commission – for the most part, paid by the buyer and usually 2% of the purchase price.
Registration fees – calculated at 4% of the purchase price plus administrative costs (currently does not exceed AED 5000).
Mortgage registration fees (if applicable) – calculated at a rate of 0.25% of the registered loan amount and paid to the DLD.
Building service charges – buyers are required to pay building service charges in advance to the developer / owners association. These are on the basis of the participation quota if their property.
Additional fees – payable to the offices of the developer and the DLD in order to discharge a seller’s mortgage.

Tax

The UAE laws currently place no restrictions on the number of properties a foreign national can own and there is no Value Added Tax (VAT) levied on ownership of residential property. VAT is payable on commercial property at a rate of 5%. Foreign nationals are encouraged to seek independent tax advice from experts in their home countries to know how their ownership of property in Dubai affects taxation elsewhere.

Inheritance

Generally, the principles of Shari’a Law apply to Muslims regarding inheritance issues. For non-Muslim foreign nationals, executed wills are accepted and the laws of succession in the country of which they’re citizen are upheld by the UAE Courts.