Complete Guide to Dubai Residency Visas for Investors
Dubai’s real estate market has been a cornerstone of its economic development, thanks to the government’s ongoing efforts to attract foreign investment through supportive policies and ambitious projects.
So, The UAE government introduced the Golden Visa program in 2019, offering long-term residency for property investors and their families. Investors can choose from four visa options: a three-year investor visa, a five-year Green Visa, a ten-year Golden Visa, and a retirement visa. We’ll delve into the specific requirements, fees, and application procedures for each visa type.
Visas for investors
The United Arab Emirates (UAE) has recently lowered the investment threshold for obtaining its prestigious Golden Visa. Previously, a 5-year Golden Visa required a minimum property investment of AED 5 million (USD 1.36 million). However, effective October 3, 2022, the investment requirement has been reduced to AED 2 million (USD 545,000). This means that investors can now secure a 5-year Golden Visa with a significantly lower investment. Additionally, the Dubai Land Department’s Taskeen Program offers a 3-year investor visa for property investments exceeding AED 750,000 (USD 205,000). These amendments have made it more accessible for individuals to obtain UAE residency through property investment.
All these visas offer unlimited renewals and cover your spouse and children. Below, you’ll find a breakdown of the conditions and advantages of each option for potential investors.
3-Year Residence Visa
Invest in a Dubai residential property worth at least AED 750k and qualify for a 3-year Investor Visa. With this visa, you can enjoy the benefits of an Emirates ID, including opening a bank account, getting a driving license, and more.
Foreign investors who own mortgaged real estate valued at least AED 750,000 are eligible for an investor visa. They must provide a bank statement to confirm their investment. Additionally, ex-pats with one to three residential properties totaling AED 750,000 or more can also apply for this visa.
When purchasing a property with a loan, you must pay an upfront amount equal to at least half of the property’s value or AED 750,000. Additionally, you’ll need to provide a No Objection Certificate and a mortgage bank statement.
To apply for a Dubai property visa, you can submit your application and required documents online through the DLD Vault website or the Dubai REST application. After your application is approved, you must pay the necessary fees at the Cube Centre located at the DLD Head Office. The visa fee is approximately AED 15K (USD 4.1K), and the processing time is typically 3-5 business days. Your visa will remain valid as long as you own the property.
NBD! If you hold a 3-year visa, you must spend at least 6 months in the Emirates annually.
5-Year Green Visa.
The Green Visa is a groundbreaking residency program that empowers expats to independently sponsor themselves and their families, eliminating the need for local employers or citizens. Eligible applicants include investors establishing businesses or engaging in commercial ventures, freelancers, and skilled professionals.
The Green Visa allows its holders to stay in the UAE for a grace period of six months after their residency ends or is canceled. Additionally, Green Visa holders can sponsor their unmarried daughters and children with disabilities, regardless of their age, as well as their sons who are under 25 years old.
Green Visa eligibility requires investors to fulfil the following criteria.
- Authorization from the relevant local governing bodies
- Approval and Legal confirmation of the investment (The overall cost will be calculated based on the number of licenses you purchase.)
To obtain a freelance visa, you must present a freelance permit issued by the Ministry of Human Resources and Emiratisation, a bachelor’s degree, and evidence of self-employment earnings of at least AED 360,000 (USD 98,000) annually for the past two years.
NBD! To work as a freelancer in the UAE, you’ll need a visa sponsored by a local company, which typically lasts for 3 years.
The Green Visa application fee is 335.75 dirhams (AED), or approximately 91.41 US dollars. If you change your status while in the UAE, you’ll need to pay an additional fee of 650 dirhams (AED), or about 176.97 US dollars.
10-Year Golden Visa
If you possess a property of a certain value, you are eligible for the Golden Visa. All assets acquired must remain in your ownership for at least three years. If necessary, you can obtain a loan from specific local banks to purchase the required property for the Golden Visa.
The 10-year investor visa grants holders the privilege of sponsoring their families, encompassing children of any age, domestic staff, as well as an adviser and an executive. A noteworthy amendment allows family members to remain in the UAE for the entire duration of the Golden Visa residency, even in the event of the principal visa holder’s demise. In contrast to the previous regulations, which imposed a grace period limit of 180 days, Golden Residence visas remain valid regardless of extended absences exceeding 6 months. The acquisition of this visa typically requires 7 to 10 working days.
Golden Visa holders have access to the Esaad card, which provides discounts on various goods and services from thousands of brands in numerous countries around the globe, including the UAE.
NBD! Investors purchasing off-plan properties can obtain a 10-year residency visa, but only after the property is fully constructed. This requirement also applies to those seeking a 3-year investor visa.
Retirement Visa
This type of visa is aimed at elderly investors aged 55 or older and offers a five-year stay. Applicants must have UAE health insurance when applying and meet one of the following requirements:
- Monthly income of AED 20K (USD 5.4K)
- At least AED 1M (USD 272K) in savings
- Purchased a local property for at AED least 2 million Only with one’s funds
This visa category is eligible for renewal every five years, provided that all stated requirements continue to be fulfilled. Retirees with this visa may remain employed. Additionally, they have the option to sponsor their spouses and children (school and student age).
NBD! If you’re planning to retire in Dubai, you’ll need a monthly income of at least 15,000 AED (roughly 4,000 USD) to qualify for a retirement visa.
Additional terms
All of the visas mentioned require applicants to possess a property valued at a minimum of AED 750,000. Eligible properties include completed, freehold units such as hotel apartments, townhouses, villas, offices, serviced apartments, warehouses, and residential apartments. However, properties that are disputed, rented, or under construction do not qualify for investor visas.
Married couples can both apply for investor visas if they are joint venture partners. A certified copy of their marriage certificate should be included in their application.
Which documents are necessary to complete the application process?
To complete your application, you must also provide the following documents.
- Property deed
- Passport copy
- Copy of their current visa
- Certificate of Good Conduct
- Health insurance
- Bank statement for the last 6 months
Before beginning the registration process, it’s advisable to consult with your visa advisor and ensure you have all the necessary documents.
The Application Process
The application process for a Dubai residence investor visa involves the following stages.
- Before proceeding, investors need to obtain a reference letter from the Dubai Land Department (DLD). To do this, they must present their passport, property title deed, and a copy of their current visa (if applicable) at the DLD office. Once received, the reference letter should be submitted to the Dubai Police.
- The reference letter indicates that the visa applicant needs to provide a certificate of good character from the Dubai Police.
- Then, To start a business in Dubai, the applicant must register with the Dubai Economic Department and secure a trade license.
- Once the Department of Economic Development (DED) grants the license, the applicant must visit the General Directorate of Residency and Foreign Affairs (GDRFA) to request a specific type of residence visa.
What About the Fees?
Investor visas for a 3-year period typically start at AED 15K.
- 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)
When applying for the Golden Visa or retirement visa, consider the following criteria:
- VIP medical coverage – AED 753 (USD 205)
- Emirates ID registration – AED 573 (USD 156)
- New visa fee – AED 2.23K (USD 606)
- Administrative fees – AED 100 (USD 27)
The total cost is AED 3,700 (USD 1,010). Extending the contract or sponsoring dependents will cost an additional AED 4,000 to 7,000 (USD 1,090 to 1,900).
How Can We Help?
Our experienced agents at Luxury Spaces can assist you in securing a long-term visa by purchasing a completed residential property. We’ll handle the entire process, including negotiations, paperwork, and property registration, ensuring a smooth and stress-free experience. Our team will guide you through your rights and obligations as a buyer, protecting your interests throughout the transaction.