Golden Visa through Property Purchase in Dubai
The Real Estate market in UAE is a strategic sector contributing significantly to the economy and the business outlook of UAE. The Golden Visa through property purchase in Dubai has become easy with the elimination of the minimum deposit requirement of AED 1 Million.
However, the property value must be above AED 2 Million and can be in a mortgage, loan or EMI plan.
With numerous new projects lined up and handing over of completed apartments to the owners, the real estate segment is actively progressing in the region. It is a dynamic industry sector with vibrant choices for the investors to own their dream home in UAE.
How to get a Golden Visa by Purchasing a Property in Dubai?
To be eligible for the 10-Year Golden Visa, the investor must have a property worth AED 2 million or above. It also could be multiple properties in the name of the investor that will add up to the value of AED 2 Million or above.
As per the recent update, there is no requirement for a minimum down payment of AED 1 Million to be eligible for applying for the Golden Visa. Also, the property can be on a mortgage, loan, or EMI plan. The investor must get an NOC from the Bank stating the payments made and the remaining amount.
So, now the pathway to obtaining a Golden Visa through property purchase is becoming accessible to a wide audience. Those who have a property investment (AED 2 Million and above – the amount financed by loan or EMI) in any of Dubai’s Freehold areas are eligible for a Golden Visa valid for 10 years (renewable).
Furthermore, the investor can sponsor their dependents (wife, son, and daughter –until married), two housemaids, and a driver. Additionally, they can extend their stay in UAE for a longer period and also travel out of UAE for any duration (no six-month return).
Why Choose UAE for Settling with your Family?
There are umpteen reasons why investors choose UAE to settle down with their families. The political stability, improved lifestyle, ease of doing business, business-friendly laws, zero personal & income tax, lowest crime rate, etc.
Property purchase in UAE is a lucrative investment opportunity for investors and professionals around the world. Also, it makes the investor eligible for a UAE Golden visa upon meeting certain investment criteria.
It allows the ex-pats to extend their stay in UAE and enjoy the world-class facilities and business opportunities available here in the region. Furthermore, the property market in UAE offers a wide range of options from affordable to ultra-luxurious homes for all types of buyers.
Wide Range of Property Selection in UAE
The introduction of budget-friendly homes across UAE freehold areas such as Jumeirah Village Circle, International City, etc., are attracting middle-income ex-pats and foreign investors to acquire their dream home at relatively lower rates when compared to global real estate markets.
Then, there is are a lot of luxurious villas and apartment projects in the heart of Dubai such as projects in Business Bay, Dubai Water Canal, Palm Jumeirah, etc., where investors can spend a fortune to own world-class quality homes overlooking the sea and cityscapes.
UAE Residence Visa Tied to Property is a Trend
The UAE Residence Visas tied to the property are right at the center of the property decision-making for a global investor aiming to settle in the UAE. Purchasing a property will help investors to experience the life in UAE and stay for a prolonged period in the region.
Property investment in UAE offers a high-yielding business investment over the years and that is the key reason why investors are aiming for a property purchase in UAE. The 10-year Golden Visa is the key attraction for foreign investors to settle down in Dubai, UAE through property purchases.
Property Visa in UAE – Attracting Foreign Investors
The residence Visa along with the property purchase is a key highlight attracting foreign investors to UAE. Ambitious projects such as the Al Hamra Properties in Ras Al Khaimah are offering 12-year visas tied to property purchases.
The property developer has teamed up with the Ras Al Khaimah Economic Zone (RAKEZ) to offer a simplified process of UAE Residence Visa application. The aim is to attract entrepreneurs, freelancers, consultants, and senior citizens to live and work in UAE.
Property Visa is opening up new possibilities for investors in UAE in terms of living and working or starting a business in the region. Also, the developers in UAE are aiming to tap the white-collar professionals and the abundance of freelancers and employees in the UAE market.
Long Term Golden Visa and Property Purchase in UAE
By introducing long-term 10 year Golden Visas along with property purchase, UAE aims to retain the top talents and enable the ex-pat population to continue their stay in the country.
The Golden Visa for 10 years is for supporting businesses and investors in achieving their long-term goals. They can purchase exquisite properties in prime locations of Dubai, and meet the eligibility criteria for Golden Visa.
The process of applying for the Golden Visa is streamlined and simple with minimal documentation requirements. Expert Business Consultants will coordinate with the Investors and Government Authorities such as the Dubai Land Department to get the processing of Golden Visa efficiently.
10-Year Golden Visa
For an ex-pat investor in UAE, a property purchase worth above AED 2 million is the first step towards realizing the long-term goal of settling in the UAE with family.
For the 10-year Golden Visa, as per a recent update, the minimum requirement of 50% down payment for the AED 2 Million property is eliminated as a criteria to apply. Also, the property purchase of AED 2 million can be either through a loan, mortgage, or Easy Monthly Installments, etc.
So, now the investor who has started the property purchase process for a Villa, Townhouse, or Apartment in Dubai that is worth AED 2 Million; is eligible for the Golden Visa.
Required Documents for Long-Term Residence Visa in UAE
There are a few documents for processing the Golden Visa for the investor. Following are the paperwork that needs to be in place for the submission to the Dubai Land Department.
- Title Deed for the Property mentioning the Property Value (Must be AED 2 Million and above)
- Bank or Developer NOC letter stating the loan, or monthly installment amount paid up and pending.
- A clear passport copy (Passport valid for more than 6 months) and Previous Emirates ID (If applicable).
- A high-quality applicant digital photo that matches the ICP specifications
- Applicants from the following countries must have their National ID (IRAN – PAKISTAN – IRAQ – LIBYA – AFGHANISTAN).
- Health insurance (from any insurance company in UAE). As per GDRFA regulation, Medical insurance is compulsory for all residence permit applications.
To know more read: UAE Residence visas for Investors
Property Purchase in UAE Paving Way for Long Term Sustainability
So, with the Golden Visa under the Property Purchase pathway, investors in UAE can continue to stay in UAE while owning a home.
Thus, an investor visa through property purchase enables more people to stay in the country for a longer time. Also, In turn, creates a sustainable demand for property in the region.
Dubai’s home buyer’s pathway. Majorly, there are two types of home buyers in UAE. One is the resident population who wants to get a home for them with minimum upfront payment.
Then there are investors who aim for long-term residency by investing in high value properties. UAE has introduced a scheme for First-Time Home Buyers with Zero down payment plans and easy processing of home loan.
Estimated Costs involved in a Property purchase worth AED 1.5 Million
The Dubai Land Department has introduced the First-Time home buyer program for UAE residents who are looking at long term residency options by purchasing a property for themselves.
- DLD Transfer Fee (4%) – Payable in interest-free instalments, and get full waiver through participating Developers
- Developer Discounts – Up to 10% off on selected projects
- Agent Commission – (2 % +VAT)
- Registration and Title Deed Fee – AED 8,200 approx.
- Down Payment – 85% loan-to-value, the minimum downpayment is 15% (Lower than usual 20-25%)
- Mortgage Processing – Discounted rates through partner banks including Emirates NBD, Dubai Islamic Bank and Mashreq
- Programme application fee – None
Altogether there is a discount of about AED 100,000.
There is a 1 year holding period for the first time home buyers to ensure the benefits are going to the real occupants and not to property flippers.
Golden Visa via Property
The Golden Visa of 10 Years through property purchase paves way for long term residence in UAE. Investors can reap the benefits of extended stay in the UAE and sponsor their dependents, property rate appreciation, and more.
The property worth AED 2 Million can be mortgaged or in loan and must be under the investors name. The Golden Visa through property purchase is launched by UAE Government to attract investors to economically contribute to the country and gain significant benefits for themselves.
The cost associated with an AED 2 Million Property is the below.
- DLD Transfer Fee – 4% of the property value.
- Agent Commission – 2%
- Registration and Title Deed – AED 8,200 Approx.
- Mortgage-Related Fees – 0.25% of the loan amount + AED 290 for mortgage registration + (0.5%-1% in bank processing fees)
Golden Visa Applicants visa Charges
- Entry Permit Application – AED 2,800 -AED 3,000
- Emirates ID (10 years) – AED 1,150- AED 1,200
- Medical Exam – AED 700-750
- Typing & Services Fee – AED 300-500
- Mandatory Health insurance – AED 500-2000 Per Year
The upfront cost of Golden Visa via property purchase is significantly higher than the First-Time Home Buyers route. However, Golden Visa has many benefits listed out for the investors.
Both the pathways are real estate investments, but they have different goals. The First-Time Home Buyers Program is for investors who are mostly residents of UAE and want to have a stability and own a home instead of renting.
The property purchase for securing the golden Visa is mostly an investment. The investor is aiming at property price appreciation, long term residency and contributing to the UAE’s economic development.
To know more about Property Purchase in UAE and the Residence Visa process. Talk to our expert Business Consultants right away!
