Dubai Property Developers Offers Free Golden Visa to Investors

In a new attempt to attract high-net-worth individual investors, property developers in Dubai are now offering multiple free Golden Visas for investors and their families. The scheme is eligible for investors purchasing property worth over AED 2,000,000 (USD $544,514) or above.

In this article, we will talk about the benefits of a Golden Visa in Dubai, the requirements to apply for one under normal circumstances, and the health insurance requirements you need to fulfill for the UAE’s mandatory health insurance policy.

About Damac Properties Golden Visa Scheme

Damac Properties, the largest private developer in Dubai, has been offering to cover the costs of applying for a Golden Visas to buyers of the Violet units at the Damac Hills 2 project.

According to the developer, the 600 units (worth AED 1.2 billion – USD $326,708,412) of the Violet Phase 3 were sold out a few hours after launch, showing the high demand of the Golden visa among property buyers.

Benefits of Dubai Golden Visa

Dubai has become a beacon for investors seeking long-term residency options and the Golden Visa in Dubai offers just that. With a minimum property investment of AED two million, investors can secure a 10-year residency, opening doors to the unparalleled opportunities the emirate offers.

The Golden Visa grants expats a six-month entry visa and a long-term, renewable residence visa for 5 – 10 years. The key factor which makes the Golden Visa a great option for investors is that it offers long-term residency and visa holders do not require a sponsor.

Other benefits of Golden Visa in Dubai:

• Family Inclusion

• • • Golden Visas often extend to immediate family members, allowing families to reside together in the UAE under one visa, promoting family unity and cohesion.

• Access to Services

• • • Holders of the Golden Visa may benefit from access to various services in the UAE, such as healthcare, education, and other amenities available to residents.

• Enhanced Business Opportunities

• • The Golden Visa facilitates business activities and investments in the UAE, creating a conducive environment for entrepreneurs and investors to thrive.

Golden Visa Requirements Under Normal Circumstances

The requirements under normal circumstances for the Golden Visa depends on whether the applicant is a public investments investor, real estate investor, or entrepreneur.

Public Investments Investors

For investors in an investment fund, the golden visa grands 10 years of residency without the need of a sponsor.

Requirements include:

• Letter from an investment fund accredited in the UAE stating that the investor has a deposit of AED two million, or
• A valid commercial license or industrial license and a memorandum of association stating that the investor’s capital is not less than AED two million
• Letter from the Federal Tax Authority (FTA) stating that the investor pays the government no less than AED 250,000 (USD $68,064) annually.
• Own the invested capital completely (not owned through a loan)
• Proof of medical insurance

Real Estate Investors

The Golden Visa can be obtained through real-estate investments. Obtaining the visa through real-estate investments grants residency for a five year period and is renewable on the same conditions without a sponsor.

Requirements include:

• Letter from the land department of the respective emirate stating that you owns one or more properties whose value is not less than AED 2,000,000 (USD $544,514)
• Purchase of a property with a loan from specific local banks approved by the competent local entity

Entrepreneurs

Entrepreneurs can apply for a Golden Visa if they own an economic project of a technical or future nature based on risk & innovation. Obtaining a visa this way will grant residency for a period of 5 years.

Requirements include:

• Proof that the project value is not less than AED 500,000 (USD $136,129)
• Proof stating that the project is of a technical or future nature
• An accredited business incubator in the UAE to establish the proposed activity in the country

Outstanding Specialized Talents

The requirements for Outstanding Specialized Talents vary depending on the recognized field you are in. obtaining a visa as a specialized talent will grant you 10 years of residency. For the most accurate requirements for each field, refer to the UAE’s official Golden Visa site.

Mandatory Health Insurance in Dubai

All residents in Dubai are required to have minimum health insurance coverage, which can be provided by an employer or sponsor, according to the Health Insurance Law of Dubai. The plan must have an annual limit of AED 150,000 per person.

If you are looking for a health insurance plan, check out our guide on what insurance expats need in Dubai.

Conclusion

As Dubai continues to position itself as a global hub for business and tourism, the symbiotic relationship between developers offering Golden Visas and investors seeking long-term residency underscores a thriving real estate ecosystem.

With a balanced approach and a focus on value, these initiatives are not just reshaping the landscape of Dubai’s property market but also propelling it towards sustained growth and prosperity.

Are you thinking about relocating to Dubai and need health insurance? If you are, then Pacific Prime can help you.

With over 20 years of experience in the insurance industry, Pacific Prime offers comprehensive individual and family health insurance plans. Our experts can assist you with all your insurance queries and help you find a plan that meets your requirements.

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Vista Nip

Content Creator at Pacific Prime

Vista is a content creator at Pacific Prime. With over 8 years of writing experience for online platforms on various topics such as luxury lifestyle and digital entertainment. He enjoys diving into complex and otherwise confusing topics, and creating easy-to-understand content for the readers to help them navigate through the topic - something that’s perfectly aligned with Pacific Prime’s motto of ‘simplifying insurance’.

Born and raised in the cultural melting pot that is Hong Kong, and having studied at an international school, Vista has developed a multicultural perspective that he uses in his writing and strives to connect to people of different backgrounds.

In his free time, Vista enjoys immersing himself in different worlds, from video games to light novels and movies. His hobbies help him expand his writing style by putting himself in the point-of-view of different people and characters.

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