Investing in your future: Dubai's golden visa programme for Maltese property buyers

An interesting prospect has presented itself to Maltese investors and professionals seeking to broaden their horizons as Malta keeps strengthening its business connections to the United Arab Emirates. With Dubai's Golden Visa programme, Maltese nationals have a rare opportunity to get long-term residency in one of the most vibrant and fast-expanding cities on earth. The nuances of the UAE Golden Visa program, its advantages for Maltese property buyers, and how it can open doors to fresh investment prospects in the Emirates are all covered in this article.

The Golden Ticket to Dubai

Designed to draw and keep talented people and investors, the UAE Golden Visa is a long-term residency scheme. This program provides a ten-year visa, which contrasts sharply with the usual two-year visas given for property investments of more than AED 750,000 (EUR 187,621). Maltese property owners that satisfy the investment requirements can use this program to access a variety of advantages, including:

Long-term residency: Live, work, and study in Dubai for up to ten years to strengthen your bond with the city.

Family sponsorship: Under certain circumstances, family sponsorship will let your visa's advantages extend to your spouse, children, and even parents.

Business freedom: Run your own company fully owned and have the option to live outside of the UAE if you so want.

Investment flexibility: You can diversify your investment portfolio by purchasing multiple homes with your Golden Visa, giving you more investing choices.

Tax advantages: The UAE features a territorial tax structure, hence income made outside of the nation is usually not taxed.

Unlocking Dubai's Potential Through Property Investment

Malta's strong real estate industry has made many Maltese people astute property investors. Dubai presents a similarly appealing investment scene, with a strong property market serving a broad spectrum of tastes and budgets. According to the 2023 annual sales report by Bayut Property Portal, Dubai witnessed a record-breaking 132,628 transactions valued at AED 409.8 billion (EUR 102.5 billion) highlighting the tremendous growth of Dubai’s real estate market. The Golden Visa scheme mandates a minimum investment in freehold properties of AED 2 million (about EUR 501,556) according to the UAE government portal. One property or a maximum of three can be used for this investment, therefore enabling a varied portfolio.

Taking the First Step

There are various tools available for Maltese property purchasers looking at the Golden Visa scheme. The website of the Federal Authority for Identity, Citizenship, Customs & Port Security (ICP) offers thorough details on eligibility requirements and the application procedure. You can also visit the UAE official portal to check more details about the Golden Visa. Additionally advised to guarantee a seamless transition is speaking with immigration experts versed with both Maltese and UAE laws.

Making Your Golden Visa Dream a Reality: A Step-by-Step Guide for Maltese Applicants

Drawn by the possibility of a ten-year residency in Dubai and all the benefits involved? This thorough analysis will help you as a Maltese property buyer navigate the Golden Visa application process:

Step 1: Gather Your Documentation

• Maltese Passport: This attests to your nationality.
• Property Ownership Documents: These papers should unequivocally show that you own a freehold property (or set of properties) valued at least AED 2 million. These include sales contracts and title deeds.
• Financial Statements: Send bank statements or other financial records verifying your capacity to commit the necessary funds.
• Passport-Size Photographs: Recent images following the appropriate format and size.
• Health Insurance: Proof of valid health insurance coverage is necessary.

Step 2: Choose Your Application Channel

Your Golden Visa application can be submitted using either of the below choices:

• Federal Authority for Identity, Citizenship, Customs & Port Security (ICP) website: Applying through this online portal lets you simplify things. To start your application, go to the section on "Golden Visa" and follow the guidelines.
• Authorised Typing Centers: Maltese nationals living in the United Arab Emirates can visit approved typing centres to help with visa applications. These centres can help you through the paperwork and guarantee that all of the documentation is up to date.

Step 3: Complete the Application Form

The application form will ask for your personal data, passport information, contact details, and specifics on your Dubai property investment. Guaranteeing completeness and correctness helps to prevent delays.

Step 4: Pay the Application Fees

The application process includes cost-related expenses totalling around AED 9,684.75 (EUR 2,422.76). If you so want, these charges can be paid through the online portal or at approved typing establishments; these charges cover administrative expenses. Below are the charges as mentioned on the Dubai Land Department website:

• Medical Examination Fee: AED 700 (EUR 175.11)
• Emirates ID Fee (10 years): AED 1153 (EUR 288.44)
• Fee for Confirmation of Residency Permit: AED 2,656.75 (EUR 664.62)
• Land Department Fee: AED 4,020 (EUR 1,005.65)
• Administrative Fee: AED 1,155 (EUR 288.94)

Step 5: Submission and Review

After you paid the fees and submitted the required paperwork, send your application electronically or via the typing centre. After that, the government will carefully go over your application—which can take up to thirty days.

Step 6: Receiving Your Response

You will be informed of the state of the application following the review period. Should your approval be granted, you will be directed to finishing the security clearance processes and medical exam.

Step 7: Final Steps and Visa Collection

You can pick up your Golden Visa after the medical examination and security checks go well. Hi there! Depending on the visa type obtained, you now live in Dubai for the next five or ten years.

Disclaimer: Visa requirements are subject to change. For the latest Golden Visa investment info, check official government sources.

Additional Considerations

• Seek Professional Guidance: See an immigration attorney knowledgeable in both Maltese and UAE laws to offer priceless assistance all through the procedure.
• Translation Requirements: Certain documents might need certified Arabic translation. Check this first and, if needed, use approved translating services.
• Family Sponsorship: Following effective application acceptance, you can start the sponsorship process for your spouse, children, and maybe even your parents (subject to particular requirements).

Following these guidelines and keeping ready with the necessary papers will help you to negotiate the Golden Visa application procedure quickly. Dubai is waiting to greet you as a resident; the possibility for a rich future calls.

Conclusion

For Maltese property buyers looking to diversify their assets and establish a presence in a vibrant worldwide city, Dubai's Golden Visa program offers a convincing prospect. Maltese investors can start this fascinating adventure with confidence and benefit from a thriving future in Dubai by carefully weighing the application process, property market dynamics, financial ramifications, and lifestyle elements.

Frequently Asked Questions

Q1. Can I apply for the Golden Visa if I invest in property through a Maltese company?

A: Yes, if you buy Dubai property through a Maltese firm, you can apply for the Golden Visa. The firm must be registered in Malta, though, and you will have to provide proof of ownership and control of it.

Q2. What are the renewal procedures for the Golden Visa after 10 years?

A: The UAE officials are still working on the particular Golden Visa renewal policies. Renewing the visa, however, is usually assumed to need fulfilling specific requirements, maybe including health insurance coverage and ongoing property ownership.

Q3. Are there any restrictions on the type of property I can buy to qualify for the Golden Visa?

A: No, the type of property you purchase to qualify for the Golden Visa is not limited. As long as the entire value meets the minimum threshold of AED 2 million (EUR 501,556), you can invest in residential apartments, villas, commercial property, and even off-plan properties.