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Transfer of tax domicile to Dubai: Residence permit and golden visa in the United Arab Emirates (UAE) for company owners, real estate investors, retirees, and pensioners

1. Emirates Free Zone Company Visa

2. Dubai Property Visa (Taskeen Programme)

3. Dubai or Abu Dhabi Golden Retirement Visa

4. UAE Citizenship by Nomination

Emirates ID

("بطاقة الهوية الإماراتية")

Apply for the Emirates investor visa

Description of the UAE Golden Visa and Residency by Investment Program

How easy is it really to get residency in Dubai or Abu Dhabi today? International investors and businesspeople can obtain a 3-year or 5-year UAE residence permit (known as the golden Dubai investor visa or Taskeen programme) and, since 2021, even economic citizenship (Emirati passport) in the United Arab Emirates in one of the following ways:

1. Emirates Freezone Company Visa

Corporate investors can obtain a 3-year Emirates Investor Visa if they set up a startup in the UAE (here) in one of the 45 UAE free trade zone (FTZ) (here) as enterprise owners, business managers, or company employees. In addition, investors establishing a business in the United Arab Emirates with a capital of at least AED 10m ($2.7m) are eligible for the highly sought-after 10-year residency permit.

2. Dubai Property Visa (Taskeen Programme)

Dubai real estate investors can obtain a 3-year Dubai Property Visa (Taskeen Program) if they invest AED 750,000 ($200,000) into Dubai residential property, for example with Emaar (here). Eligible dependants include the spouse and children and even the parents who, however, can only obtain a one-year visa in Dubai. The Taskeen Programme ("Taskeen" is Arabic for serenity, tranquillity, consolation) officially started in September 2021 and lowered the investment threshold from property purchases from AED 1m to AED 750,000 (here).

What Are the Main Features of the Taskeen Programme?

• The title deed must be in the name of the applicant (or jointly husband and wife) as the sole owner of one property which is complete and ready to live in
• If the property is mortgaged, at least AED 750,000 must be paid down
• Investors who want to obtain the 5-year Dubai Property Visa must purchase Dubai residential real estate worth AED 2m ($550,000)
• Buyers of an apartment or flat purchased in Emirates other than Dubai only qualify for a 6-month multiple-entry visa

3. Dubai Golden Retirement Visa

Retired investors over 55 years old who have "the financial means to retire with ease" can obtain the 5-year Dubai Golden Retirement Visa.

Applicants for the UAE golden residence permit under the Dubai retirement and pension visa must meet ONE of the following conditions:

• OPTION 1: Monthly pension income of over AED 20,000 ($5,500) or
• OPTION 2: Cash savings of over AED 1,000,000 ($275,000) in the form of a 3-year fixed deposit with a bank account in the UAE or
• OPTION 3: Real estate property in Dubai AED 1m ($275,000) - it can be residential, commercial, or simply an empty plot, but it must be fully paid and unmortgaged

> The UAE residence permit or Emirates ID (here) is renewable indefinitely and allows its holder:

• to reside anywhere in the UAE
• to enter and exit the UAE without limitation
• to conclude a UAE telecom contract and get a local phone number
• to obtain a UAE driving licence

4. UAE Citizenship by Nomination

In January 2021, Sheikh Mohammed bin Rashid al Maktoum who is responsible for the growth of Dubai into a global city announced via Twitter (here) that the UAE intends to grant economic Emirati citizenship to investors and talented professionals and their families (children and spouses) according to a clear set of criteria while allowing dual nationality.

However, instead of an open application procedure, individuals must be nominated for citizenship by UAE royals or officials subject to approval by the UAE cabinet.

According to the Emirates News Agency (here), eligible individuals for the Emirati passport (and criteria for getting UAE citizenship) include:

• Investors | Must own a property in the UAE
• Doctors | Must be specialised in a unique, or locally highly required, scientific discipline, with acknowledged scientific contributions, studies and research of scientific value and a practical experience of not less than 10 years, in addition to being a member in a reputable organisation in that particular field of specialisation.
• Inventors | Must obtain one or more patents that are approved by the UAE Ministry of Economy or any other reputable international body, in addition to a recommendation letter from the UAE Ministry of Economy.
• Scientists | Must be active researchers in a university or research centre or in the private sector, with a practical experience of not less than 10 years in a given field. They also should have contributions in the scientific field such as winning a prestigious scientific award or securing substantial funding for their research during the last 10 years. It is also mandatory to obtain a recommendation letter from a recognised scientific institution in the UAE.
• Intellectuals, artists, talents | Must be pioneers in the culture and art fields and winners of one or more international awards. A recommendation letter from related government entities is mandatory as well.

> The Emirati passport with its navy-blue cover is valid for 5 years and opens from the left-hand side. It is ranked as the most powerful passport in the Arab world.

> Emirati citizens have visa-free (or visa on arrival access) to 174 countries and territories including New Zealand, EU-Schengen (since 2015), China, Israel (since 2020), the UK, Canada (but not to the US).

What Are the Key Benefits of Becoming a Dubai Tax Resident and Living in the United Arab Emirates?

• Dubai International Airport (DXB) is a major hub for international flights and one of the world's busiest airports in terms of passenger traffic, having processed about 88 million passengers in 2019
• There are no personal income taxes in the United Arab Emirates, exactly like in Monaco (here)
• The Emirates investor and Dubai property visa do not require any physical presence other than visiting the UAE every 6 months (that is, absences must not exceed 183 consecutive days). There are equally no minimum presence requirements for the Dubai retirement visa.
• In December 2020, the United Arab Emirates passed legislation that abolished the need for local companies to have an Emirati shareholder (here) - a development analysts from Nomura called "potentially a big moment". Earlier rules had capped foreign ownership in onshore UAE companies at 49%.
• The Emirates residence permit gives the right to work in all of the UAE (only via the company visa)
• With its carefree and lavishly aesthetic lifestyle, world-class infrastructure, a growing healthcare system, ambient restaurants and a diversity of tourist attractions, Dubai continues to offer an attractive playground for aspiring and established entrepreneurs, freelancers, remote workers of the digital age, wealthy pensioners and, of course, real estate investors - rental income in Dubai yielded up to 7% per year for quite a long time...

What Are the Key Downsides of the UAE Golden Investor Visa and Residence Permit?

• Following an initiative by the OECD on a global minimum tax (here), the UAE announced in February 2022 (here) the introduction of a federal corporate income tax of 9% for corporate income over AED 375,000 ($102,000) effective 1 June 2023. However, dividends and capital gains earned by UAE businesses from qualifying shareholdings will be exempt from UAE corporate tax ("participation exemption"). Free zone businesses will equally be subject to the new federal income tax in Dubai, but "incentives currently being offered to free zone businesses that comply with all regulatory requirements and that do not conduct business with mainland UAE" are expected to be preserved. However, free zone companies will be required to register and file a corporate tax return. You can find more information on the new corporate income tax for companies and businesses in the United Arab Emirates (UAE) under this link (here).
• The UAE residency by investment program is among the CBI/RBI schemes which were identified by the OECD in November 2018 (here) as "potentially posing a high risk to the integrity of the CRS" (that is, the automatic exchange of tax information) calling for enhanced due diligence from banks.
• Falling Dubai real estate prices since the 2014 peak (-30%): S&P Global Ratings warned in 2020 (here) that home prices in the Gulf states could slump to 2010 levels as unemployment across key sectors such as tourism and retail weighs on demand. However, it looks as if Dubai real estate prices bottomed in 2020 and are on the rise again...
• The UAE has a track record of enforced disappearances, arbitrary detention, torture, and ill-treatment of domestic dissidents, including members of the royal family (here).

What Are the Physical Presence Requirements for Tax Residence in Dubai/UAE?

How much Is the Personal Income Tax in the UAE?

How much Is the Corporate Income Tax in the UAE?

> Branches of foreign banks are generally taxed at a flat rate of 20%. Oil & gas exploration and production companies are taxed at flat rates of 50% (Dubai) and 55% (Abu Dhabi).

How much is the Real Estate Tax in the UAE?

What Are the Conditions to Get the UAE Golden Visa and Which Are the Necessary Documents?

In order to apply for and get the golden Dubai residence permit for (retired) investors the following documents are required:

• Passports for all types of visa must be valid for over 6 months at the moment of application
• Personal photo
• Medical test in an UAE authorized government hospital (blood test for HIV, X-ray for tuberculosis, eye iris scanned)
• Copy of the latest entry visa in the UAE (entry stamp in passport)
• Marriage certificate in cases of joint ownership

Emirates Free-Zone Company Visa

• Emirates free zone trade licence mentioning the name of the applicant

Dubai Property Visa (Taskeen Programme)

• Police clearance (issued by Dubai Police and addressed to the Dubai Land Department)

Dubai Golden Retirement Visa

Certified and translated into Arabic by the UAE embassy of the applicant's home country:

• Marriage certificate (if the applicant sponsors the spouse)

OPTION 1 (Pension income of $5,500 per month)

• Proof of retirement / end of service / social services letter proving that the applicant is retired
• Proof of income source letter, that is, a letter from a pension scheme (clearly mentioning the name of the beneficiary and the date of pension commencement) and stating that the applicant receives pension income of at least AED 20,000 ($5,500) per month

OPTION 2 (Three-year bank deposit of $275,000)

• Proof of retirement / end of service / social services letter proving that the applicant is retired
• Proof of savings letter, that is, a stamped letter addressed to GDRFA from an UAE licenced bank (in Arabic) proving that AED 1m ($275,000) have been placed in a 3-year fixed deposit in the name of the applicant or spouse

OPTION 3 (Flat worth $275,000)

• Copy of title deed with a minimum value of AED 1m ($275,000) in the name of the applicant (not the applicant's spouse) or in the name of a company (100% owned by the applicant) (i) fully paid (ii) unmortgaged and (iii) not off-plan (that is, not subject to future down payments via a payment schedule)

> Multiple properties with a combined value of AED 1m are admissible.

> Candidates for the Dubai retirement visa should keep in mind that their Dubai real estate is effectively locked for a period of 3 years by the Dubai Land Department during which time they will not be able to sell the property without relinquishing the golden retirement visa.

What Are the Eligible Dependants under the UAE Investor Visa Suite?

Which family members can be included in the UAE golden residence permit?

• Spouse
• (Adopted) child of applicant or spouse under 18 years
• Unmarried child of applicant or spouse 18 - 27 years and wholly maintained by the applicant
• Parents only qualify for a 1-year visa

What are the Costs of the Dubai and UAE Golden Investor Visa?

What Is the Procedure and How Long Does it Take to Get the Emirates ID?

Time Needed to Apply for the UAE Freezone Company Visa

• 1 week: Free-zone company incorporation (FTZ license)
• 1 week: Issuance of a 60-days entry permit
• 4 working days: Visit the Emirates and take a medical test in an UAE government hospital, fingerprinting at UAE police station, passport stamping
• 2 weeks: Issuance of 3-year Emirates ID card (here)
  

Time Needed to Apply for the Dubai Property Visa (Taskeen Programme)

• 2 weeks: SPA, deposit & title deed issuance
• 1 week: Application for UAE residency visa / police clearance / issuance of 3-year Emirates ID Card

Time Needed to Apply for the Dubai Golden Retirement Visa

• Submission of application letter, payment of $25 processing fee
  
• 1 week: Internal assessment by DTCM's official processing partner, Al Rais Travel Agencies LLA
• 1 week: Further processing and final approval of the Dubai retirement visa application by the General Directorate of Residency and Foreigner Affairs (GDRFA) or the Dubai Land Department (DLD)
• 2 weeks: Issuance of 5-year Emirates ID card

Download factsheet on how to get residence in Dubai