How to obtain a Dubai Golden Visa through real estate investment

Approximately 4,300 Indian millionaires are anticipated to transfer overseas in 2024, with a majority of them preferring to relocate to Dubai, the UAE, in accordance to a latest Private Wealth Migration Report by Henley & Partners. Here’s an outline of how the Golden Visa programme works.

Application course of

The hottest approach of making use of for UAE Golden Visa for long-term residency in Dubai is through real estate investment. A minimal of AED 2 million (round ₹4.57 crore) investment is required to be eligible for Golden Visa.

“Golden Visas are legitimate for 10 years and could be renewed thereafter. Once the necessities have been fulfilled, pending preliminary approval of the applying, the profitable applicant receives a six-month multiple-entry visa and travels to the UAE (United Arab Emirates) to apply for an ID card and bear a medical test,” defined Rohit Bhardwaj, nation head – India and director non-public purchasers at Henley & Partners.

“Thereafter, full approval is granted and the person receives the residence visa. The processing time for the residence software takes over two months,” he added.

Buying real estate in Dubai additionally includes Dubai Land Department (DLD) price of 4% of the worth of the property. “This is to be paid instantly on the time of registration of the property,” says Karan Batra, a chartered accountant with operations in India and Dubai.

Other prices vary from AED 4,000 ( ₹91,000) to AED 4,500 ( ₹1.02 lakh), which incorporates authorities processing charges. Often, builders in Dubai bear these prices to entice patrons. In reality, the Golden Visas could be straight secured with the assistance of property builders, who present assist all through the method. You may test with consultants and advisors for any additional assist.

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Certain expert people may apply for Golden Visa, with out the necessity for investment. “The Golden Visa programme additionally targets people with specialised skills and abilities, together with scientists, C-Suite executives, researchers and inventive professionals. This emphasis on attracting top-tier expertise has boosted the visa’s reputation,” identified Abhishek Menon, government associate – Middle East & Africa, Multipolitan, a international migration platform.

The issuance of Golden Visas is regulated by General Directorate of Residency and Foreigners Affairs in Dubai (GDRFAD).

There are different choices additionally, however these will not be allowed below Foreign Exchange Management Act (FEMA), which is overseen by the Reserve Bank of India (RBI). For instance, the Golden Visa now permits taking loans to purchase a property, however FEMA doesn’t enable it because it means taking leverage below overseas foreign money. Even shopping for under-construction property is below a gray space. “If the development work exceeds the LRS cost, it could be seen as contingent tax legal responsibility, doubtlessly breaching FEMA laws,” stated Vijay Thirumalai, co-founder of Goldwater Technologies, wealth-tech platform specializing in international mobility.

A hard and fast deposit of AED 2 million in a specified financial institution can be an possibility, however that is additionally now within the gray space.

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“It seems that investment in mounted deposit offshore doesn’t particularly get lined within the record of permitted investments. At the identical time, it’s not lined within the record of investments that aren’t permitted,” stated Prakash Hegde, aBengaluru-based chartered accountant.

The Golden Visa might circuitously lead to citizenship. To apply for an Emirati passport, one has to stay within the UAE for at the very least 30 years and citizenship could also be granted to those that have demonstrated distinctive service. Also, proficiency in Arabic is necessary.

Benefits of a Dubai Golden Visa

Getting a long-term, renewable residency of ten years in Dubai could be an possibility for rich Indians searching for a second dwelling in a world centre like Dubai. 

“For business owners with international operations, a Golden Visa can again come in handy, as Dubai is well-connected globally, in terms of time zones and flight connections,” says Devina Mehra, founder and chairperson of First Global, who has been a long-time resident in Dubai. 

For a Golden Visa holder, beginning a firm in Dubai is simpler. A Golden Visa holder may open a checking account remotely.

After the Golden Visa, one can stay, work and research in Dubai or different cities of the UAE. Dubai additionally affords numerous tax advantages for people drawing a wage in Dubai or these operating a enterprise. For instance, there is no such thing as a private revenue tax in Dubai. The company tax price on earnings in Dubai is 9%, however in sure free commerce zones, there is no such thing as a taxation.

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Also, a Golden Visa holder can keep outdoors the UAE for greater than six months with out worrying about his or her residence visa changing into invalid. Other residence visas require the person to re-enter Dubai inside six months to make sure the visa stays legitimate.

Golden Visa holders can sponsor relations, together with spouses, kids, and even home assist.

Should you decide?

Dubai’s Golden Visa programme was launched in 2019, largely to enhance demand for its fast-developing real estate market. The Golden Visa could be helpful for international entrepreneurs in search of higher tax effectivity and higher connectivity with the remainder of the world. It additionally offers a helpful possibility for rich people in search of a second dwelling close to India.