The United Arab Emirates (UAE) has announced that foreign nationals who own real estate in Dubai will be eligible for a golden residency visa for up to ten years, provided that proof of residence is established, and that they meet the criteria for the category of real estate that qualifies for obtaining golden residency in the UAE.
The United Arab Emirates (UAE) created this system so that foreign investors and business owners from across the world can set up shop in the country without having to find an Emirati guarantor or sponsor.
The price of UAE property that qualifies for 10-year "golden residency"
- It's worth noting that the UAE government lowered the minimum property value required to qualify for "golden residency" from 5 million dirhams to 2 million.
- The United Arab Emirates government has stated its intention to speed up the golden visa application process and increase the number of eligible applicants through the latest revisions.
- All of the property, not just a portion of it, must be owned by the investor in order to satisfy UAE law.
Conditions for granting golden residency to investors in the Emirates
- The minimum amount an investor can deposit in a national bank or investment fund within the country is 2,000,000 dirhams.
- That the investor sets up shop in the country with a minimum capitalization of 2,000,000 AED.
- To invest a minimum of two million dirhams as a founding member of a business or organisation.
- To be the proprietor of a business or organisation that yearly submits a tax payment to the federal government equal to at least $250,000 AED.
- To have a partnership position in a business that remits federal taxes and where his annual contribution to the business equals at least 250,000 UAE dirhams in tax.
- That the money being invested is the investor's own and not a loan, and that they can give proof of this.
- That the investor and his family have full medical coverage beginning on the date of application for permanent residency in the country being sought.
Advantages of obtaining golden residency in the UAE
Long-term residency status granted with 10-year renewal options
Those who fall into specified categories can enter and remain in the nation without a local sponsor or guarantee.
The Federal Authority for Identity and Nationality, Customs and Ports Security ultimately disclosed that the appendix to the new legislation on golden residency contained two types of investors. state, as well as property buyers and sellers within the state.
