Booming Dubai Property Market Drives Demand for UAE Golden Visa
28 March 2023, Pro Pakistani
UAE’s long-term residency permit, Golden Visa, is currently the most popular option among foreigners looking to invest in Dubai’s growing property market, which recorded deals worth AED 10.1 billion ($2.8 billion) last week.
Last year in November, around 100,000 golden visas were issued, which is an increase of 35% compared to the earlier period of 2022. Recently, wealthy Indians have also shown interest in UAE Golden Visa, particularly after some European countries, including Portugal, scrapped their long-term residency permit.
Investors who are buying property in the UAE have the option to apply for a Golden Visa, which grants them 10 years of residency in the country. This applies to those who are buying property off-plan or with a mortgage, and the property should be worth at least AED 2 million.
According to Lynnette Sacchetto, a UAE-based Real Estate Consultant, by purchasing a secondary or off-plan property, which can also be mortgaged, one can now get a Golden Visa. This rule covers most common scenarios, making it easier for property buyers to apply for a residency permit, he added. Besides, UAE has also massively reduced the amount of investment required to get a Golden Visa.
How to Apply for Golden Visa as a Real Estate Investor
Property investors can apply for this long-term residency permit via Dubai Land Department (DLD) in four simple steps, which are as follows:
Visit DLD’s Service Centre.
Submit mandatory documents and pay fees.
After which, a medical examination is carried out at the center.
Visa stamp on the passport.
Softcopy of title deed certificate.
Emirates ID (original).
Investment Criteria for a 10-year Golden Visa
The applicant must own a property or a share in a property worth at least AED 2 million.
If the property is mortgaged, the applicant must have paid off at least AED 2 million of the property value to the bank. The applicant must also provide a NOC letter and a paid amount letter in this case.
A husband and wife can share ownership of a property, but they must provide a marriage certificate as proof.