A Complete Guide to Dubai Residence Visas for Investors
Dubai’s government has consistently prioritized the real estate sector as a key driver of economic growth. Through strategic policies and development projects, they have fostered investor confidence and attracted significant foreign investment.
The UAE government established the Golden Visa initiative in 2019, facilitating long-term residency for property investors and their families. Four distinct visa categories are available for investors: a 3-year investor visa, a 5-year Green Visa, the 10-year Golden Visa, and a retirement visa. A comprehensive overview of each visa, including eligibility criteria, associated costs, and the application process, is provided below.
Investor Visas
The 5-year Golden Visa was formerly a highly sought-after option for investors seeking UAE residency, available to those buying completed residential properties valued at AED 5 million (USD 1.36 million) or higher. However, with the implementation of new UAE visa regulations on October 3, 2022, the required investment for the Golden Visa has been reduced to AED 2 million (USD 545,000). Additionally, under the Dubai Land Department’s Taskeen Programme, a 3-year investor visa is now attainable for property investments of AED 750,000 (USD 205,000) or more.
These visas offer unlimited renewals and cover immediate family (spouse and children). The requirements and features of each investment option are detailed below.
3-Year Residence Visa
A completed residential property purchase in Dubai, with a minimum price of AED 750,000, qualifies you to apply for a 3-year investor visa. This visa allows you to obtain an Emirates ID, which is necessary for various services, including opening a local bank account and getting a driving license.
A minimum investment of AED 750,000 qualifies mortgaged property owners for an investor visa, provided they submit the required bank statements. Similarly, expats owning between one and three residential properties with a combined value of at least AED 750,000 can apply for this visa.
If the property is purchased on a loan, a down payment of either 50% of the property’s value or a minimum of AED 750,000 is required upon application. Additionally, a No Objection Certificate and a mortgage bank statement must be submitted.
The application process, including document submission, can be completed digitally via the DLD Vault platform or the Dubai REST mobile application. Upon approval, payment of the necessary fees is required at the Cube Centre, located within the DLD Head Office. The estimated minimum cost for this visa is AED 15,000 (equivalent to approximately USD 4,100), with a processing time of 3 to 5 working days. Visa validity is contingent upon continued property ownership.
A 3-year visa requires the holder to remain within the Emirates for at least six months each year.
5-Year Green Visa
The Green Visa offers a novel residency option, enabling foreign nationals to sponsor themselves and their families for residency in the UAE, independent of employer or citizen sponsorship. This visa is available to several groups, including investors establishing businesses or participating in commercial ventures, as well as freelance workers and highly skilled professionals.
One of the advantages of the Green Visa in the UAE is a six-month grace period after residency cancellation or expiry. Further benefits include the ability to sponsor sons under 25, unmarried daughters, and children with disabilities, regardless of their age.
For investors to be eligible for a Green Visa, they must fulfil the following requirements:
- Permission from the competent local authorities.
- The investment must be approved and confirmed. If multiple licenses are involved, the total investment amount will be taken into account.
The requirements for a freelance visa include a freelance permit obtained from the Ministry of Human Resources and Emiratisation, a bachelor’s degree, and evidence of annual self-employment earnings of no less than AED 360,000 (USD 98,000) for the preceding two years.
A three-year visa option exists for freelancers in the UAE; however, it is contingent upon securing sponsorship from an employer.
The Green Visa application fee is AED 335.75 (equivalent to approximately USD 91.41), as reported by Arabian Business. If you need to change your visa status while already in the UAE, there’s an extra charge of AED 650 (approximately USD 176.97).
10-Year Golden Visa
Existing property owners with assets meeting the required value are also eligible to apply for the Golden Visa. It’s important to maintain ownership of any purchased assets for a minimum of three years. Financing options, such as loans from certain local banks, are available for Golden Visa real estate purchases if needed.
The 10-year investor visa offers sponsorship opportunities for the holder’s family, encompassing children of all ages, domestic staff, and both an advisor and an executive. Recent updates to the regulations now permit family members to maintain their UAE residency for the full term of the Golden Visa, even if the primary visa holder passes away. A significant change from prior regulations, which imposed a 180-day limit, is that Golden Residence visas remain valid even with absences from the UAE exceeding six months. Processing time for this visa typically ranges from seven to ten business days.
Those who hold a Golden Visa are also eligible to apply for the Esaad card, granting access to appealing discounts on various products and services from more than 7,000 companies across 92 countries, including the UAE.
- Obtaining a 10-year residency visa through off-plan property investment is contingent upon the project’s completion. This completion requirement also applies to investors seeking a 3-year visa.
Retirement Visa
This five-year visa is intended for senior investors who have reached the age of 55. Possession of UAE medical insurance is mandatory at the time of application. Furthermore, applicants are required to satisfy one of the criteria outlined below:
- Monthly income of AED 20K (USD 5.4K)
- At least AED 1M (USD 272K) in savings
- Have purchased personal property worth a minimum of AED 2 million using personal funds only.
This visa is renewable every five years, provided all the previously stated requirements are still satisfied. Even as a retiree, the visa holder remains eligible to work. They also have the option to sponsor their spouse and dependent children of school age.
Dubai’s retirement visa program mandates a minimum monthly income of AED 15,000 (USD 4,000) for eligibility.
Additional terms
While various visas are available, each requires the applicant to possess a property worth at least AED 750,000. Eligible properties encompass completed freehold units like hotel apartments, townhouses, villas, offices, serviced apartments, warehouses, and residential apartments. However, properties that are contested, currently rented, or still in the off-plan stage do not meet the criteria for investor visas.
If you and your spouse are investing together in a joint venture, you can still apply for an investor visa. Just make sure to include a certified copy of your marriage certificate with your application.
What documents are required during the application process?
In addition to the aforementioned documents, each applicant is required to submit the following.
- Property deed
- Passport copy
- Copy of their current visa
- Certificate of Good Conduct
- Health insurance
- Bank statement for the last 6 months
Ensure you have a full set of the required documents by consulting your visa advisor prior to contacting the registrar to initiate the process.
The Application Process
The following is the procedure for applying for a Dubai residency investor visa:
- Firstly, Investors seeking a reference letter for Dubai Police are obligated to present themselves at the Dubai Land Department (DLD). Required documentation includes their passport, the property’s title deed, and a copy of their current visa page, should they possess one.
- This reference letter indicates that the visa applicant is required to obtain a certificate of good conduct from the Dubai Police.
- Following that, the applicant must apply for a trade license at the Dubai Economic Department (DED).
- Following the issuance of the license by the DED, the applicant will need to visit the General Directorate of Residency and Foreigners Affairs (GDRFA) to request the necessary type of residence visa.
What About the Fees?
The starting price for a 3-year investor visa is generally AED 15,000.
- Criminal Records Certificate – AED 220 (USD 59)
- Various administrative fees – AED 420 (USD 114)
- Application fees – AED 3K (USD 816)
- Entry permit – AED 1K (USD 272)
- DED license – AED 8.5K (USD 2.3K)
- Emirates ID and health insurance – AED 2.5K (USD 680)
If you’re applying for a Golden Visa or a retirement visa, there are some things you need to think about:
- VIP medical insurance – AED 753 (USD 205)
- Emirates ID processing – AED 573 (USD 156)
- New visa fee – AED 2.23K (USD 606)
- Administrative fees – AED 100 (USD 27)
The total amount is AED 3.7K (USD 1.01K). Extending the contract and sponsoring spouses or dependents incurs an additional cost of AED 4K-7K (USD 1.09K-1.9K).
How Can We Help?
Metropolitan Premium Properties’ experienced brokers are prepared to assist you in acquiring a long-term visa through the purchase of a ready-to-move-in residential property. We manage all transaction details, including seller negotiations, legal paperwork completion in accordance with local regulations, and registration with relevant government bodies. Our real estate agents will clearly explain your rights and responsibilities as a buyer and prospective owner, protecting your interests.