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Article: The Dubai Golden Visa: Comprehensive Guide to 10-year Residency for Investors and Professionals (2024 Update)

Dubai

The Dubai Golden Visa: Comprehensive Guide to 10-year Residency for Investors and Professionals (2024 Update)

The dubai golden visa: comprehensive guide to 10-year residency for investors and professionals (2024 update)

Dubai's Golden Visa program has become a cornerstone for those seeking long-term residency in the UAE. This visa, first introduced in 2019, offers renewable 5- and 10-year residency options, particularly aimed at attracting investors, entrepreneurs, and highly skilled professionals. As of 2024, the Dubai Golden Visa has undergone several updates to make the application process more accessible and beneficial to a wider audience. This detailed guide covers everything you need to know about the Golden Visa, including eligibility, the application process, costs, and the benefits of holding this prestigious residency visa.


What is the Dubai Golden Visa?

The Golden Visa allows non-UAE nationals to reside in the country for up to 10 years with an option for renewal. This visa is aimed at people who are likely to make significant contributions to the UAE's economy and development, including investors, entrepreneurs, specialized professionals, and exceptional students. The Golden Visa holders enjoy numerous benefits, including family sponsorship and more freedom in their residency status.


Key Benefits of the Dubai Golden Visa

  • Long-Term Residency: Choose between a 5- or 10-year visa, which is renewable, providing long-term stability.
  • Family Sponsorship: Visa holders can sponsor their spouse, children (regardless of age), and even their parents for the same visa duration.
  • Multiple Entries: Applicants can make multiple entries during the application process.
  • No Need for a Sponsor: Unlike other visas, the Golden Visa eliminates the need for a local sponsor, giving applicants more autonomy.
  • Stay Outside the UAE: Unlike standard visas, Golden Visa holders can remain outside the UAE for extended periods without losing their residency status.
  • Sponsorship of Domestic Workers: Golden Visa holders can sponsor up to three household staff members.
  • Residency Security: Even in the unfortunate event of the visa holder's death, their family members can continue residing in the UAE until the visa expires.

The dubai golden visa: comprehensive guide to 10-year residency for investors and professionals (2024 update)

Eligibility Criteria for the Dubai Golden Visa

The Golden Visa is open to individuals in various categories, each with specific eligibility criteria.

1. Investors

Real estate investors can apply for a 10-year Golden Visa if they invest at least AED 2 million in property. As of 2024, joint ownership with a spouse is allowed, provided the total investment exceeds AED 4 million. If the combined value is less than AED 4 million, only one spouse can apply, while the other can be sponsored later. Investors can also combine the value of multiple properties to meet the eligibility threshold.

2. Entrepreneurs

Entrepreneurs who own businesses valued at AED 500,000 or more can apply for a 5-year Golden Visa. Businesses focused on innovative or future-oriented technologies are particularly encouraged, and applicants must receive approval from relevant UAE authorities.

3. Specialized Professionals

Highly skilled professionals, such as doctors, scientists, engineers, and executives, are eligible for the 10-year Golden Visa. They must meet a minimum monthly salary requirement of AED 30,000 and hold relevant qualifications. Evidence of expertise, such as degrees or certificates, is required.

4. Outstanding Students

Top-performing students from UAE high schools and universities, as well as graduates from globally recognized institutions, can qualify for the Golden Visa. A GPA of at least 3.5 is generally required for university graduates.

5. Humanitarian Workers and Frontline Heroes

Individuals recognized for their work in humanitarian efforts or healthcare during critical times (such as the COVID-19 pandemic) may also be eligible for the Golden Visa.


The dubai golden visa: comprehensive guide to 10-year residency for investors and professionals (2024 update)

2024 Updates to the Dubai Golden Visa

1. New Real Estate Rules

Real estate investors can now qualify for the Golden Visa through properties that are off-plan or purchased with mortgages. The minimum down payment for mortgaged properties must be at least 20% of the property’s value. This update broadens the range of eligible properties.

2. Salary Requirements for Professionals

In 2024, the UAE refined its salary criteria for professionals applying for the Golden Visa. Now, professionals must have a basic salary of AED 30,000 to qualify. This brings clarity and accessibility for those in high-demand industries like technology, engineering, and healthcare.


How to Apply for the Dubai Golden Visa

The application process involves several steps, but it is relatively straightforward if you meet the eligibility requirements.

  1. Determine Eligibility: Check your eligibility category (investor, entrepreneur, professional, student, etc.).
  2. Prepare Documents: Gather the necessary paperwork, which includes:
    • Passport copies and passport-sized photos.
    • Proof of investment (e.g., property title deeds or investment certificates).
    • For professionals: a salary certificate and employment contract.
    • Medical insurance for yourself and your family.
  3. Submit Application: Apply through the official UAE immigration portal. Make sure to upload all required documents accurately.
  4. Biometric Data & Security Check: Schedule an appointment for biometric data collection if required, and undergo a background check.
  5. Visa Issuance: After approval, your Golden Visa will be issued for either 5 or 10 years.

Cost of Obtaining the Dubai Golden Visa

The total cost of applying for the Golden Visa can vary depending on the applicant’s category and the services required. Below is a breakdown of the typical costs:

1. Application Fees

The initial Golden Visa application fee ranges from AED 3,800 to AED 4,000 for a 10-year visa, while the 5-year visa costs around AED 3,000.

2. Medical Examination Costs

A medical fitness test is mandatory for all applicants, with costs ranging between AED 700 to AED 1,000 per person, depending on the facility and urgency.

3. Emirates ID and Biometric Fees

Obtaining an Emirates ID costs approximately AED 1,070 to AED 1,150, including biometric data processing. The ID is valid for the entire duration of your visa.

4. Insurance Costs

Health insurance is required and typically costs between AED 5,000 to AED 10,000 annually, depending on coverage and age.

5. Additional Fees

If you are applying through real estate investments, property evaluation certificates from the Dubai Land Department will cost between AED 500 to AED 1,000. Additionally, legal document translations may cost between AED 300 to AED 800.

6. Total Estimated Costs for Investors

For a 10-year Investor Visa, the total cost, including all services (application fees, medical tests, Emirates ID, and insurance), generally ranges from AED 12,000 to AED 15,000.


Ongoing Costs for Golden Visa Holders

  1. Property Maintenance: For property investors, annual service charges for maintaining property can range from AED 10 to AED 25 per square foot.
  2. Business License Fees: Entrepreneurs must renew their trade licenses annually, which typically costs between AED 12,000 to AED 15,000.
  3. Family Sponsorship Costs: Additional family members (parents or older children) incur further visa issuance, medical, and insurance fees.

Conclusion

The Dubai Golden Visa is a gateway to long-term residency and offers multiple benefits for investors, professionals, and their families. While the costs involved in securing the visa can be significant, the advantages—ranging from tax-free business opportunities to family sponsorship and long-term security—make the Golden Visa a worthwhile investment.

If you're interested in applying for the Dubai Golden Visa or exploring property investments, submit your interest via our contact form, and a representative will assist you in navigating the process.


FAQs About the Dubai Golden Visa

1. What is the total cost for a 10-year Golden Visa?
The total cost typically ranges from AED 12,000 to AED 15,000, including medical tests, Emirates ID fees, and insurance.

2. Can I apply for the Golden Visa if my property is mortgaged?
Yes, but you need to make a down payment of at least 20% of the property’s value.

3. What are the ongoing costs for Golden Visa holders?
You may have annual service charges for property maintenance and business license renewal fees.

4. How long does the Golden Visa application process take?
The process generally takes between 2 to 3 months.

5. Can I sponsor my parents with a Golden Visa?
Yes, parents can be sponsored for the full 10-year visa duration.


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