Golden visa in the UAE Dubai 2024: step by step instructions for obtaining
All about obtaining a Golden Visa in the UAE Dubai: application, procedure for obtaining
Detailed guidelines include the following: how Russian citizens may obtain a Golden Visa to the UAE in Dubai in 2023, the benefits of the Golden Visa, what a golden card is.
The Golden Visa program appeared in the Emirates relatively not long ago, in 2019. Its goal was to attract talented minds from all over the world and to encourage investments into the economy. In this article, we will share who is eligible to apply for a Golden Visa, what it provides and how to get it.
What is a UAE Golden Visa?
The UAE Golden Visa is a long-term type of residence visa issued for 5 and 10 years to certain categories of foreign citizens. These include investors, entrepreneurs, prominent representatives of the art community and scientists, highly qualified professionals and top-graded students.
Types of the Golden Visa
The United Arab Emirates issues the Golden Visa of 2 types: for 5 and for 10 years. In November 2022, new amendments regarding gold cards came into force: the list of those who are eligible to apply has expanded significantly, and the barriers of entry for investors has been lowered.
A five-year visa is issued for owners of enterprises whose charter capital starts from 500,000 dirhams, as well as for the founders of companies approved by one of the state-accredited business incubators.
Investors who have bought real estate in the amount of 2,000,000 dirhams and more or invested 2,000,000 dirhams into an investment fund, business owners with the charter capital starting from 2,000,000 dirhams are eligible to apply for a ten-year visa. Also, a ten-year Golden Visa is issued to highly qualified specialists, outstanding students and people with special talents.
The visa is renewed automatically while maintaining the grounds on which it was received.
Benefits of getting a Golden Visa
Favourable tax regime
In the UAE, there is no taxation as we know it — individuals do not pay out income tax, capital gains tax, royalties, dividends, inheritance or gift, and also foreign residents are exempt from retirement fees.
Legal entities also pay only 5% VAT now. Changes in the taxation system will take effect in June 2023 and will establish a corporate tax rate of 9% if the company's profit is more than 375,000 dirhams. Small businesses, start-ups and companies registered in free economic zones will remain exempt from taxes.
In addition, the Emirates has signed an agreement on the avoidance of double taxation with 138 countries, including the Russian Federation.
Safety and security
The living standards in the United Arab Emirates are one of the highest in the world, owing also to the extremely low crime rate. Criminal offences are severely punished, the police system works well, and the streets are equipped with CCTV.
Advanced medical service
Every year the state allocates considerable government grants for the healthcare system. Due to this, the clinics have up-to-date equipment and employ the best medical experts. The UAE occupies a leading position in the world healthcare rankings and is a popular medical tourism destination.
Affordable education
There are more than 100 higher education institutions in the Emirates. Foreigners can only study in private institutions where the main language of instruction is English. The cost of education starts from $ 10,000 per year. With good academic performance, you can get a scholarship covering from 5% to 100% of the education fee.
Freedom of movement
Gold card holders do not have to stay in the United Arab Emirates in order to maintain their resident status. You may travel freely and stay outside the country for any period of time.
Atlantis Hotel on the Palm Jumeirah
The Golden Visa program has no restrictions on the age and citizenship of the applicant.
Regardless of the visa type, each applicant must undergo an examination with an accredited medical facility in the UAE and have health insurance. Together with the applicant, members of his family may apply for a long-term visa.
The requirements for each type of the Golden Visa are specified below.
Investors and Entrepreneurs
Requirements for investors and entrepreneurs:
- The amount of investment made is not less than 500,000 dirhams if the investor is applying for a five-year visa and not less than 2,000,000 dirhams if a ten-year one is required. These funds must be the charter capital of the company or must be allocated in an investment fund;
- The charter capital should not be taken as a loan. It is necessary to provide documents confirming this fact.
Requirements for individuals investing in real estate:
- Investments of at least 2,000,000 dirhams must be made into a fully completed real estate unit or the unit under construction;
- The real estate must be residential, commercial units are not included into this program;
- According to the new rules, the property can be mortgaged, but the amount of own funds must be not less than 2,000,000 dirhams;
- The applicants must provide confirmation from the Department of Land and Property that they own one or more real estate units with a total value of at least 2,000,000 dirhams.
Top Management
- The applicants must have a bachelor's degree;
- Length of service must be not less than 5 years;
- Official monthly salary of 50,000 dirhams must be confirmed.
Students and specialists
- Teachers holding a doctoral degree from one of the top 500 international universities approved by the UAE Ministry of Education;
- Applicants who hold awards or certificates of appreciation in their field;
- Scientists who have made major contributions to their field of study;
- Medical professionals with over 20 years of practical experience in the field of healthcare;
- University students with high academic performance and an average grade of 3.75;
- Top-rated high school students on a nationwide scale with a minimum grade of 95% in a certified public or private institution of secondary education.
Talent pool
- Doctors licensed in Dubai;
- IT developers may apply through the Artificial Intelligence Office of the Emirates Government;
- Talented experts in the field of web design and coding, specialists who have worked in leading technological companies, graduates of IT academies, professionals in the field of artificial intelligence and software development are eligible to apply for the Golden Visa.
One of the new symbols of Dubai is The Dubai Frame
Registration fee: is calculated individually and starts from 160,000 dirhams when buying property at the cost of 2,000,000 dirhams.
Visa fee: 3,860 dirhams per person.
Medical examination: from $ 220.
Medical insurance: from $ 400.
Translation and notary certification of documents, expenses for consular legalisation: from $1,000.
Required documents
First, all documents must be translated and all copies must be certified by the notary. The next step is the consular legalisation, which takes place at the Ministry of Foreign Affairs and the Consulate of the United Arab Emirates. In Russia, documents are certified by the Ministry of Justice and the Consular Department of the Ministry of Foreign Affairs in Moscow.
List of documents:
- copies of international passports of the applicants and their family members;
- a copy of marriage certificate;
- copies of birth certificates of kids;
- Colour photos of the applicants and their family members;
- medical statement;
- medical insurance;
- certificate of no criminal record;
- supporting documents for the long-term Golden Visa eligibility.
Step-by-step guidance on how to obtain the UAE Golden Visa for investors
The process of obtaining the Golden Visa for Russian citizens takes several months and goes through the following stages:
- Selection of the real estate unit.
- Closing of the deal and receiving the Certificate of Title from the Department of Land and Property in Dubai city.
- Preparation of all required documents.
- Medical examination in the UAE.
- Submission of documents to the Federal Authority for Identity and Citizenship or to the General Directorate of Residency and Foreigners Affairs.
- Obtaining a temporary six-month visa for entry into the country which will allow you to settle.
- Obtaining the UAE Golden Visa.
The official processing time of the application is up to 30 days.
Reasons for refusal and what to do in this case
A residence permit may be refused if the applicant has submitted an incomplete set of documents or inappropriate copies of documents.
Also, a foreigner may not be issued a residence permit or the valid permit can be terminated if the applicants have previously violated the laws of the country.
Each case of refusal is reconsidered on an individual basis.
Real estate options for your Gold Visa
Chic Tower
42-storey premium skyscraper. In addition to eye-catching architecture and design by De GRISOGONO jewellery brand, the tower is interesting for its wellness concept — residents can find everything here for their wellbeing: open infinity pools, a beauty bar, a personal gym, spa complex. The cost of the apartmentsstarts from $830,000. The completion is scheduled for the 2nd quarter of 2026.
Apartments with terraces in the Chic Tower
Orla by Dorchester Collection
A luxury residential development overlooking the blue of the sea, set on the skirts of the man-made island of Palm Jumeirah. This location is home to some of the world's best hotels, restaurants and premium brands. Spacious apartments will have private terraces, Smart Home system and modern kitchen appliances. The price starts from $6,190,000, and the completion is scheduled for the 4th quarter of 2026.
Orla Club House on Palm Jumeirah
Liv Lux
A 47-story tower located in the popular Dubai Marina area. Future apartments will have floor-to-ceiling panoramic windows, ceiling heights of 3 metres and private terraces. Prices start from $580,000, completion is due in 2026.
Where to apply
You can apply for a visa to the Emirates on the official website of the Federal Authority for Identity and Citizenship or contact the General Directorate of Residency and Foreigners Affairs in person.
To conclude
The Dubai Golden Visa is one of the fastest and easiest to obtain, while having a list of substantial advantages for living and working in this country. A promising market, a growing economy and a warm climate make the United Arab Emirates one of the most desirable destinations. If you want to relocate and are looking for a suitable property in Dubai Marina area, contact our real estate experts, and they will find the best deals for you. With love and without commission.
