What is Golden Visa?
The Golden Visa is a residency permit program offered by some countries, including the United Arab Emirates (UAE), that provides the holder with the right to live and work in the country for a specified period of time. The name “Golden Visa” is often used to describe programs that offer residency in exchange for significant financial investment, such as the purchase of real estate or the deposit of funds into a bank account.
In the case of Dubai, the Golden Visa is offered to foreign nationals who invest in a property worth a minimum of AED 1 million, or who have a minimum deposit of AED 1 million in a Dubai-based bank account. The visa is valid for three years and can be renewed for an additional three years.
Holders of a Golden Visa in Dubai enjoy a range of benefits, including the right to live and work in the UAE, access to world-class healthcare and education, and the ability to participate in the country’s thriving economy. Additionally, the visa provides a path to permanent residency and citizenship in the UAE, making it an attractive option for those who want to establish a long-term presence in the country.
The process for obtaining a Golden Visa in Dubai typically involves the following steps:
Determine eligibility: To be eligible for a Golden Visa in Dubai, you must either invest in a property worth a minimum of AED 1 million, or have a minimum deposit of AED 1 million in a Dubai-based bank account.
Choose a property: If you choose to invest in property, you will need to select a property that meets the criteria for the Golden Visa program. This typically includes properties in designated investment zones, such as Dubai Marina or Downtown Dubai.
Make the investment: Once you have selected a property, you will need to make the investment and transfer the funds to the developer or property owner.
Apply for the visa: After you have made the investment, you can apply for the Golden Visa by submitting the required documentation, including proof of investment, passport, and residency permit.
Obtain the visa: Once your application has been approved, you will receive your Golden Visa, which is valid for three years and can be renewed for an additional three years.
Maintain the investment: To maintain the validity of your Golden Visa, you must keep the investment active and in good standing. This typically involves renewing the residency permit and ensuring that the property is being used in accordance with the terms and conditions of the visa program.
It’s important to note that the Golden Visa program is subject to change, and the requirements and eligibility criteria may vary depending on the time of application. It’s also advisable to consult with a qualified immigration lawyer or a licensed real estate agent to ensure that you understand the process and are aware of the latest regulations.