Foreign investors looking to relocate to Dubai can secure the UAE’s 10-year Golden Visa by investing in property worth at least Dh2 million, according to legal expert Ashish Mehta, founder and Managing Partner of Ashish Mehta & Associates. Mehta, who is licensed to practise law in Dubai, the UK, and India, shared the legal pathway for new businessmen seeking long-term residency in the UAE in a piece published by Khaleej Times.The Golden Visa is a long-term residence permit granted to eligible foreigners and their families, allowing them to live, work, and invest in the UAE without a local sponsor. It is regulated under Article 8 of the annex attached to Cabinet Resolution No. 65 of 2022, which implements Federal Law by Decree No. 29 of 2021 regarding the entry and residency of foreigners.
Investment criteria and legal requirements
To qualify for a Golden Visa through real estate, an investor must:Own property or properties worth Dh2 million or more, either solely or jointly. Ownership can include mortgaged properties, provided the loan is from a local bank approved by the competent local authority.Purchase off-plan property valued at a minimum of Dh2 million from local developers authorised by the competent local authority.Maintain comprehensive health insurance for themselves and their family members throughout the visa’s validity or as per requirements set by authorities.According to the law:“The investor shall own one or more real estate property with a total value of not less than Dh2,000,000… It may be a loan, on condition that the loan is from one of the local banks determined by the competent local authority.”And for off-plan investments:“The purchase is made from local companies approved by the competent local authority.”Steps to Secure the 10-Year ResidencyOnce these conditions are met, the following steps lead to the issuance of the Golden Visa:Purchase and registration of eligible property with the Dubai Land Department (DLD)
Issuance of a title deed
Visa application through the DLD, GDRFA (General Directorate of Residency and Foreigners Affairs), or approved digital platforms like Dubai RESTCompletion of medical fitness test and Emirates ID registrationFinal approval and issuance of a 10-year renewable residence permitThe process must be approved by the relevant local authorities. As stated under Article 1 of the annex to Cabinet Resolution No. 65 of 2022:“The ICA may – after the approval of the competent authorities – issue a long-term residence permit for a period of ten years… allowing them to self-reside without the need for the Guarantor/the Host Party inside the State.”
New businessmen can apply immediately after investment
In response to a query published in Khaleej Times, Ashish Mehta clarified that a businessman planning to move to Dubai may apply for the Golden Visa immediately upon purchasing qualifying real estate worth at least Dh2 million, provided all requirements are met. He advised contacting either the GDRFA or authorised platforms like the Dubai Land Department to begin the application process.“Based on the aforementioned provisions of the law, as a businessman intending to move to Dubai, you may be eligible for the UAE Golden Visa upon investing in real estate property with a minimum investment of Dh2 million, subject to the conditions set by the competent local authority,” Mehta stated.The UAE continues to position itself as a global hub for investors and entrepreneurs. The Golden Visa offers not just long-term stability but also the freedom to live and operate in the country independently, making it a compelling incentive for foreign businessmen planning to establish roots in Dubai.
