Who doesn’t want to live luxuriously in a heavenly place? Especially if the resident country promises a world of fun and stability. The answer is almost predictable. The United Arab Emirates (UAE). No matter which country you belong to originally, you will surely wish to become a citizen or resident of the UAE. The reasons are numerous, ranging from socio-economic prosperity to a place filled with enjoyable activities, particularly Dubai.
A tourist magnet, an investor’s heaven, a shopaholic’s den, a city of tall skyscrapers and gold markets, Dubai possesses it all and much more. Most people outside UAE go for Dubai as an excellent Residency choice. Another great investors’ choice is Abu Dhabi, the capital of the United Arab Emirates. The UAE government issued a Golden visa program to encourage more people and investment in its country.
Recently UAE announced a New Golden Visa Rule that prompts property investors in UAE to invest 2 Million AED at the minimum to get a 10-year residence visa. Earlier, this minimum required value was much more at 5 Million AED. Let’s see what the UAE Golden Visa program is about and the new changes promised in it soon.
UAE Golden Visa Program
Like other countries of the world, UAE, in a bid to increase its foreign investment, introduced Golden and Silver visa programs in 2019. These programs greatly hit the global population, particularly the 10-year Golden Visa Scheme. Because it provided long-term residence to people in the country, which was difficult previously, even for investors and businessmen.
With no national sponsor required through this Golden Visa, foreigners could now stay and work in the UAE with absolute freedom. They also enjoyed complete ownership of their business. That’s why introducing the Golden Visa caused investors to flock to UAE, making it their second home away from their home country. Here, Residency by investment also saw an incredible rise in real estate investment.
Did you know?
Dubai, the hub of tourist activities and commercial or property investment, saw property dealings hitting AED10.3 billion ($2.8 billion) during August 2022 alone. It was an aggregate result of more than 3,000 deals. It’s all due to the rising property boom in the UAE, an indirect result of the UAE government’s flexible visa policies.
UAE’s New Golden Visa Rule
The Golden Visa policy has changed in UAE recently, bringing new rules to the table with better options for overseas investors and future residents.
Declaration of New Rules
On 18 April 2022, the UAE Cabinet approved the new rules, titled executive regulations, of the Federal Decree-Law on Entry and Residence of Foreigners. The statement by the UAE media office clearly explains the purpose of these new rules.
“The new system of entry and residence aims at attracting and retaining global talents and skilled workers from all over the world.”
The aim was to increase the“competitiveness and flexibility of the job market and foster a high sense of stability among UAE residents and families.”
The new Golden Visa rules will get implemented from September 2022.
What does it entail?
The new executive regulations widen the eligibility criteria for applying for long-term visas. Additionally, they raise the number of individuals in various categories who can apply for such long-term visas. You can divide the new visa policy into two distinct classes on a fundamental level;
- Golden Residency Visa, with a validity of 10 years.
- Green Residency Visa, with a validity of 5 years.
Apart from these 2 groups, other new entry-purpose visas and permits have also been added to these changed regulations by the UAE government. The aim is to support job seekers, visitors, and even tourists.
Who will benefit from New Golden Visa Rule
The new changes target a wide range of intended beneficiaries. The UAE government has welcomed any expert individual for a UAE residency, whether an artist or a singer. In such a case, a support reference from a local UAE official is only needed.
These target people include:
- Investors include both public and property types of investments.
- Entrepreneurs of existing or new setups.
- Exceptional Talents from various fields, like art, culture, technology, sports, and others.
- Dedicated scientists and Professionals from different walks of life.
- Exceptional Students or Graduates from both within UAE and across the globe.
- Daring Champions who help to deal with serious situations. For example, the Covid-19 crisis.
- Those who lead great Humanitarian causes worldwide.
Let’s observe targeted investors in the latest executive regulations, particularly property investors in UAE.
New Golden Visa and Real Estate Investors
The huge change has been in reducing the minimum investment amount needed for investment in UAE property. The transition has been an eye-opener from AED 5 Million to AED 2 million as it’s already creating much hype in the investment community within UAE and abroad.
- Now you just need to invest 2 Million AED to enjoy the New Golden Visa to UAE. It comes with an extended residence time of 10 years, a pleasant change from the previous allowed time of 5 years only.
- Typically a person applying for a long-term Residency has to stay within a specific country to apply for a long-term stay. The new regulations bring a welcoming respite from this constriction. If you are an overseas investor, you don’t need to visit UAE after every 6 months to register your stay period compared to earlier Golden Visa rules.
Minimum Requirements for Property Investment
To get the Golden Visa through real estate investment, property investors in UAE must follow at least one of the minimum requirements stipulated in the regulations.
- There must be a real estate purchase of at least AED 2 Million, or
- An investor must purchase a property of said minimum AED 2 Million value with the aid of a loan from specific local banks, or
- An investor must purchase one or more than one properties that equal the minimum criteria of AED 2 Million from approved local real estate companies. Such properties can be either of completed or off-planned nature.
Apart from these features and requirements, the immediate family of a real estate investor gets the lion’s share in terms of extra incentives.
Extra Incentives from New Golden Visa Rule
For the family of real estate investors or other types of investors, the new executive regulations promise multiple extra incentives such as:
- The New Golden Visa holder can sponsor his or her children to come and stay in UAE with no kids’ age restrictions.
- Even after the death of an actual Golden Visa holder, the visa holder’s family will be allowed to stay in the UAE until visa time completion with no fuss.
- No limit is set for bringing support staff under the New Visa policy. Previously, there was a limit on the old UAE Golden Visa.
- It’s not only an investor who gets a 10-year Golden Visa. Any family he has automatically gets permission for a 10-year stay in the UAE after visa issuance.
Other Golden Visa Investment Options
The New Golden Visa Policy has given ample opportunities to not just investors from the real estate sector. Individuals from other fields of life can now easily apply for the New Golden Visa. They will experience ready acceptance due to the more flexible approach of the UAE government in encouraging foreign productive input in the country. Some examples of potential applicants other than property investors include doctors, sportsmen, social workers, and many more.
Where to Apply for New Golden Visa UAE?
Applying for a UAE Golden Visa without proper knowledge can be confusing. The best thing is to apply online, especially for people outside UAE. You don’t need to physically go to an office just to apply for a long-term Residency.
Here the UAE government’s ICP website is a gem, where you submit the required documents to initiate the whole process. If everything checks out fine, you will get your 10-year visa in no time.
New Golden Visa Estimated Cost
Keeping a rough estimate of the applying cost can save you from stress. The estimated price depends upon the location of the person applying, whether he is applying from within the UAE or abroad.
Those applying from outside the UAE will face a much heftier average total of around AED 4300. On the other hand, people applying for Golden Visa from within the UAE will be required to pay a lower estimated average cost of around AED 3300. The price still outweighs the long-term benefits a Golden Visa holder and his family reaped.
Necessary Documents for New Golden Visa
The list of needed documents for the UAE Golden Visa is quite long. Make sure you submit all the right ones as mentioned on the official UAE website of ICP (Federal Authority for Identity, Citizenship, Customs & Ports Security). The E-copy of the property purchase deed, your passport, and other vital documents are considered before starting your visa processing.
The New Golden Visa Rule has made UAE a tremendously appealing country with a reduced property investment value. Even now, property investors in UAE are consolidating the purchase of more than one property to meet the invested 2 Million AED stipulation. The goal is for everyone involved to benefit from a 10-year New Golden Visa scheme. Nowadays, the UAE real estate market is booming, with substantial property purchases left and right. You can’t go wrong by investing a minimum amount for an extraordinary future in the amazing UAE as a long-term resident.