UAE's Golden Visa: Pioneering Long-Term Residency and Strengthening Real Estate Investment
Date: 30-Jul-2024 | Category: News & Updates
The United Arab Emirates has emerged as a leading global center for economic growth, attracting investors, entrepreneurs and professionals from around the world. In its commitment to fostering growth and innovation the UAE government introduced the Golden Visa program—a pathway to long-term residency for real estate investors.
The Golden Visa presents numerous advantages including the benefit of long-term residency. Visa holders can live in the UAE for 5 to 10 years with straightforward renewal procedures.
This stability helps investors establish solid business connections and actively contribute to the UAE's dynamic economy. The visa provides the flexibility to travel freely and stay outside the UAE while retaining residency status, a crucial feature for those with international business interests or family connections abroad.
Visa holders can also sponsor family members of all ages, which supports family reunification and educational opportunities for children. This provision enhances family stability and unity. The Golden Visa program supports various real estate investment options enabling investors to meet eligibility requirements through property ownership, development projects or strategic partnerships.
The program is open to a wide range of foreign talents including real estate investors, entrepreneurs, innovators, scientists, researchers, top-performing students and humanitarian pioneers. To qualify for the Golden Visa as a real estate investor, you must own property valued at AED 2 million or more although criteria may vary between emirates.
Applications can be submitted via online portals, customer service centers or authorized typing centers. Applicants need to provide documents such as proof of property ownership and relevant certificates along with applicable fees. Depending on the type of property-whether fully owned, mortgaged or off-plan specific documentation requirements must be met as outlined by regulatory authorities.
In 2023, Dubai issued Golden Visas to 158,000 individuals providing 10-year residency benefits. Recent reports highlight that Golden Visa holders are increasingly interested in off-plan properties due to their flexible payment plans. According to the General Directorate of Residency and Foreigners' Affairs (GDRFA) in Dubai there was a 52% increase in Golden Visas issued in the first half of 2023 compared to the same period the previous year.
The golden visa program continues to attract global talent and investment reinforcing the UAE's position as a leading hub for economic growth. For those considering relocating or investing the golden visa not only offers stability and long-term residency but also opens door to a prosperous and exciting lifestyle in one of the world's dynamic cities.