Golden, green, and other visas to Dubai for the purchase of real estate and more
Since October 2022, the UAE has introduced visa exemptions for foreigners. This way, the country plans to welcome more talented non-residents and wealthy investors. Let’s sort out the types of visas, the difference between golden and green, and what are the advantages of buying premium property in Dubai in 2023.
Now, if you’re planning to live in Dubai and enjoy a plethora of its perks, i.e. proximity to the Persian Gulf shore, education, and medical services of top quality, you need to get documents allowing you to do so and an Emirates ID card. And here you can apply for a regular residence or a “golden” visa.
Residence Visa in Dubai
A UAE Residence Visa is a permit that allows the holder to live and reside in the United Arab Emirates for a specified period. This one is available for those who fall under one of the following categories: working in the UAE, studying in a UAE educational institution, being a dependent of a UAE citizen or foreign resident, making an investment in the UAE, purchasing property in the UAE, or retiring in the UAE.
The fee depends on the permission duration. The fee for a one-year permit is AED100, and a processing fee of AED70 for in-person or AED40 for online applications will also apply. Other fees for medical exams and health insurance may also apply.
It’s important to note that there is a difference between a UAE Entry Permit and a Residence Visa. The Entry Permit allows the holder to enter the UAE for a limited time, usually up to three months, and is applied for by the sponsor. On the other hand, the latter allows the holder to reside in the UAE long-term and must be applied for by the sponsor when the holder is already in the country.
The duration varies, with papers allowing for work or study being issued for one, two, or three years and being renewable. Investment papers or Retirement ones can be issued for five to ten years and are also renewable.
The sponsor must do the renewal of the permission within 30 days before expiration. However, there is a 30-day grace period from when the documents expire, during which the holder can stay in the country, but if it is not renewed, the holder must leave the country and re-enter using an entry permit. Overstaying beyond the grace period will result in fines.
Be ready to attach the following documents to your application:
- A recent photo.
- A copy of the passport of the dependent.
- Emirates ID Application receipt.
- Housing lease contract (certified) or proof of owning a residence.
- A copy of the sponsor’s passport with a valid residence permit.
- Job contract of the sponsor.
- A medical certificate.
- Entry permit.
The Golden Residence Visa in Dubai can be obtained by purchasing completed properties or construction projects worth a minimum of 2 million dirhams, approximately $545,000. This is a significant decrease from the previous investment threshold of ten times this amount. The investment must also be approved by the Dubai Land Department, depending on the stage of the construction project.
Find more information on the official website https://www.axcapital.ae/.
Retirees 55 or older can also obtain a five-year residence by purchasing a property worth at least 1 million dirhams, around $272,500. A standard two-year visa can be obtained by purchasing a property worth at least 750,000 dirhams, approximately $205,000.
If you continue to own the property that is the basis for obtaining any residency, the validity of your papers can be extended. Taking out a mortgage or installment plan when purchasing a property for these purposes is possible, but the initial payment must not be less than the investment threshold. For example, the ten-year visa requires an initial payment of 2 million dirhams.
The “Golden” option is open to all nationalities and allows holders to reside and work in Dubai without sponsorship. To maintain the validity, the property must be retained and the investment threshold must be met.
The UAE Green visa is a novelty very much expected in 2023. And though experts advise keeping an eye on the process, as the new legislation is still in development, many people hope to get their lucky ticket to the Emirates via the green visa. The novelty targets talented young people, entrepreneurs, investors, and freelancers, and none of them will need a sponsor or a job offer to proceed with their applications.
Issued for five years, the visa will require the aforementioned groups of people to declare the following:
- Freelancers will need to show their bachelor’s degree certificate or a specialized diploma, accompanied by an annual income of at least AED360,000 (~$98,000) for two years and a self-employment permit from MoHRE.
- Skilled employees will require a valid employment contract (of first, second, or third occupational level of MoHRE), a bachelor’s degree, and at least AED 15,000 (~$4,084) in monthly salary.
- Investors will have to show proof of their investments along with approval from local authorities.
One of the key benefits of this novelty is that it extends not only to one’s immediate family (spouse, children) but also to first-degree relatives. It also doesn’t have an 18-year limit for sponsoring children and can be extended to children of up to 25 years and unmarried daughters and children with special needs of any age.
Fees for the application will amount to AED 335.75 or around 92 US dollars. Applicants will also need to pass medical examinations and get an Emirates ID which entails additional costs.
One will have a 60-day overstay period for the application process, which can be handled through the GDRFA-Dubai Smart Application.