The UAE residents were greatly relieved when the Golden Visa rules were updated in October since it removes the hassle of renewing the visa every year. The residents can now get a golden visa with 10-year validity, a reduced investment, and no purchase transaction restrictions.
So, what are these new rules for obtaining a UAE Golden Visa in 2023?
Can you also obtain a 10-year residency in the UAE and remain worry-free about renewing your visa every other year?
Let’s explore the UAE Golden Visa Rules regarding property investments and how you can apply for the Golden Visa.
The Dubai Land Department (DLD) introduced rules for obtaining Golden Visa through investment in 2019. They updated these rules in October to attract more investments and provide better incentives for long-term residents.
Earlier, obtaining a Golden Visa through investment required hefty amounts of up to 10 million. The property transaction rules such as bought off-plan property (buying property before construction), paid through a mortgage, or cash are also relaxed.
Hence, expat property owners or high-net-worth individuals used to get Golden Visas through their investments in the UAE.
As part of the new rules, the new investment limit to obtain a UAE Golden Visa through investment is reduced to AED 2 million. No restriction exists on whether the property is paid through a mortgage or cash or bought off-plan.
The rules also do not nullify your visa if you stay outside the UAE. As per the rules, the DLD allows family (husband/wife, children) and parents sponsorship by the applicant, which is an excellent move by the country for the expat UAE residents.
The DLD has mentioned a detailed procedure on its website for applying for the UAE 10-year residency through property investments. Let’s understand the documents required, the cost of visa application and sponsorship, and how to apply for the Golden Visa.
You will need these documents to apply for the UAE Golden Visa:
Documents needed to sponsor your family’s (spouse and children) visa for 10 years:
Documents needed to sponsor your parents’ visa for 10 years:
You can directly apply for the UAE Golden Visa by visiting the DLD Golden Visa service center.
Please note that the applicant has to be present in person to apply for the visa; the government doesn’t allow any escorts or agents to submit your application.
Thus, obtaining a 10-year residency permit in the UAE has been significantly eased, with reduced investment requirements and simplified purchase transaction criteria. This is an attractive opportunity and an added incentive for real estate buyers, encouraging them to invest more and extend their stay in the UAE.