Are you a property investor in Dubai? Are you seeking information about the golden visa rules? Then, you have reached the right spot. In this article, we have enlisted new golden visa rules in Dubai for property investors.
The golden visa program was started to encourage and provide different opportunities to those who have made remarkable achievements and investments in the country. According to the new golden visa rules, the UAE now allows long-term residence permits for all eligible people.
The Golden 10 Year Visa:
Changes were recently announced to the UAE Residence and Entry Scheme on the 3rd of October, 2022. According to new golden visa rules in Dubai, property owners or investors who won a property worth 2 million AED can now receive the Golden Visa for ten years.
Eligibility:
The following individuals are eligible for the 10-year Golden Visa:
- Property or held shares worth at least 2 million AED. It can include one or more than one property.
- If the property has a debt, you must pay at least 2 million AED of the total value to the bank. In addition, the authority will ask for a statement from the bank stating the paid loan amount.
- In the case of off-plan property, the owner must provide a transfer letter for the property and at least 2 million AED of total property value.
Perks of the Golden 10-Year Visa:
- You may hire and maintain an endless number of local workers.
- Enjoy ten years of residency in the UAE, with a renewal option.
- Sponsor your parents, husband/wife, and kids.
- Increase your stay outside of the UAE to one year.
- 100% shareholding of any firm founded and held in the UAE.
- Allows visa holders to create a bank account and get a driver’s license.
The 5-year Retirement Visa:
According to the latest law passed by the UAE cabinet, retired people over 55 will have a long-term 5-years visa. To satisfy all requirements, one can also extend the visas.
Eligibility:
The following people are eligible for the 5-year Retirement Visa:
- The person must be at least 55 years of age.
- The person should have a minimum investment of 1 million AED. Investments can be either owned properties or owned shares.
- Else, the person should have 1 million AED in the savings account (for two years in any regional bank). He must also submit a letter from the bank stating that the money can only be withdrawn after two years.
- If the property has a debt, the owner must pay 1 million AED to the bank and present a statement stating the loan amount paid.
- In the case of off-plan property, the owner must provide a transfer letter for the property and at least 1 million AED of total property value.
The Five-year Residency Visa:
Immigration will make one more statement in October on the eligible investment value and other criteria.
Frequently asked questions:
1. How much does a UAE golden visa cost?
Ans: For those already in the UAE, the 10-year golden visa will cost around 2800-3800 AED. The 10-year golden visa would charge about 3800-4800 AED for Candidates who aren’t from the UAE.
2. Can Golden Visa holders purchase real estate in the UAE?
Ans: Yes, Golden visa holders can purchase property in the UAE. In 2022, the UAE cabinet announced new criteria for obtaining a Golden Visa through investment, including a lower investment threshold, no limits on the stay period in other nations, and the ability to purchase off-plan houses.
3. How long can I reside outside the UAE with a golden visa?
Ans: Holders of a 10-year golden visa may reside outside the UAE for over six months without changing their residency status. There are no time restrictions on how long you may stay outside the UAE to maintain your Golden- visa active.