Today we're looking at the Dubai Golden Visa, a 10-year renewable residence permit that you can obtain by investing in property in Dubai. It can be one, or a portfolio of properties, but the minimum value must be greater than $545,000 USD (2m AED to be specific, although the currency is pegged to the USD).
The Dubai Golden Visa is demonstrably the best Plan B residency in the world in 2024. It gives you the unlimited right to reside in a safe, neutral country with an ultra-low tax regime. It’s the perfect place to escape to if you run into any difficulties at home - be that war, social unrest, or even tax-related issues.
The Golden Visa gives you the right to live, work or study in Dubai if you so choose; you don’t have to stay there at any point. If you do decide to become a resident of Dubai, however, you’ll have access to its famous tax benefits: that means zero tax on income, no capital gains tax, no wealth tax, no tax on dividends and no inheritance tax. Of course, you should always make sure you’re not being taxed anywhere else - so ask an advisor if you’re not sure. Wealth managers like myself can usually help you here, in addition to providing advice on the Dubai Golden Visa 2024 itself.
Being a resident of Dubai would also give you access to its world-class healthcare and education systems, and allow you to open up a business in either the mainland or the freezone. That’s another topic for a separate video, but that’s a great benefit in and of itself. You can also open a bank account in the UAE, and the investment case for the underlying property investment can be really quite spectacular if you choose the right property for your goals.
Essential Background to the Dubai Golden Visa:
The Dubai Golden Visa began in 2019 and has been hugely popular since, with over 200,000 residence permits granted as of 2024. The big change this year, and what really sets the Dubai Golden Visa 2024 apart from many others right now, is that as of this year there will be no minimum equity requirement. If you have enough for a down-payment on a property, which could conceivably be as low as $100,000 in some cases, then you can finance the rest with a mortgage and still get the Golden Visa. This is especially interesting if you rent it out to tenants, and can cover the cost of the mortgage in such a way.
The property you use for the Golden Visa can be ready-built or off-plan, that’s up to you, either will give you the residence permit. Interestingly, any nationality can apply and you don’t even need to spend any time in Dubai to keep the residence permit. And if you meet the ongoing criteria after the 10 years are up, you can simply renew your Dubai Golden Visa again. You can also include your spouse, your dependent children and parents, and even domestic helpers if that is relevant to you.
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4 июл 2024
