Dubai is known for its iconic skyline, luxury real estate, and thriving business environment. One of the most exciting opportunities the city offers is the Golden Visa—a long-term residency permit available to investors, entrepreneurs, and talented individuals. For many, the easiest and most attractive route to securing a Golden Visa is by purchasing property in Dubai.
In this guide, we’ll walk you through everything you need to know about how to get a Golden Visa by buying property in Dubai. From eligibility criteria to the application process, benefits, and more, we’ve got you covered!
What Is The Dubai Golden Visa?
The Dubai Golden Visa is a long-term residency visa introduced by the UAE government to attract foreign talent, investors, and entrepreneurs who contribute to the country’s growth. Unlike the standard tourist visa, this residency visa is renewable and can be granted for 5 or 10 years, depending on the type of investment.
Real estate investment is one of the most common pathways to securing a Golden Visa. If you buy property worth AED 2 million or more, you can apply for the Golden Visa, providing you with a range of benefits, including residency, business opportunities, and tax exemptions.
Key Requirements For Getting A Dubai Golden Visa Through Property Investment – Fast Facts!
If you’re planning to acquire a Golden Visa by investing in property, here’s what you need to know. The requirements are clear, and adhering to them will ensure a smooth application process.
Minimum Property Value:
The most important requirement is the property value. You must invest in real estate worth at least AED 2 million. This can be a single property or a combination of multiple properties, as long as they meet the required total value. The property must be in a freehold area approved by the Dubai government.
Completed or Off-Plan Property:
You have the option to buy either completed properties or off-plan properties (properties that are under construction). For off-plan properties, you must provide a payment confirmation letter from the developer and proof of a down payment. If the property is completed, the process is simpler and quicker.
Property Location:
The property must be located in a freehold area where foreign ownership is allowed. These areas are designated by the Dubai government and include prime locations such as Dubai Marina, Downtown Dubai, and Palm Jumeirah.
Ownership Status and Holding Period:
To qualify for the Golden Visa, you must hold the property for a minimum of two years. This ensures that your investment is long-term, aligning with the purpose of the visa program. If the property is mortgaged, you will need to provide a No Objection Certificate (NOC) from the bank.
Clean Criminal Record and Health Check:
Applicants for the Golden Visa must have a clean criminal record, with no previous convictions. You must also pass a health screening to ensure you do not have any socially dangerous diseases. These checks are standard for most residency applications.
Loan Options:
If you choose to purchase the property using a loan, certain local banks in Dubai offer mortgage options. However, you must ensure that the loan meets the equity requirements and provide a NOC from the bank, if applicable.
How To Apply For A Dubai Golden Visa By Buying Property? – A Step-by-Step Guide!
Once you’ve purchased your property and met the eligibility criteria, the next step is applying for the Golden Visa. Here’s how you can do that:
- Buy the Property: Start by purchasing a property (or multiple properties) worth at least AED 2 million. Ensure the property is located in one of the approved freehold areas.
- Get the Necessary Documents: If your property is mortgaged, obtain the No Objection Certificate (NOC) from the bank. For off-plan properties, get payment confirmation and proof of down payment from the developer.
- Submit Your Application: Submit your Golden Visa application via the ICP platform or Dubai Land Department, providing property documents, a clean criminal record, and passing a health screening.
- Wait for Processing: Once your application is submitted, it will go through the approval process. This includes checking your eligibility, reviewing documents, and completing any additional verification.
- Receive Your Golden Visa: If your application is successful, you will receive your Golden Visa. This visa will allow you to live, work, and invest in Dubai for 5 to 10 years, depending on the value of your investment.
What Are The Benefits Of Getting A Golden Visa By Buying Property?
Getting a Golden Visa by buying property in Dubai offers several benefits. You’ll enjoy long-term residency, allowing you to live, work, and invest in Dubai. You can sponsor your family members, making it a great option for those looking to relocate with loved ones.
With no personal income tax, you can keep more of your earnings. Additionally, you’ll have access to top healthcare and education facilities. This visa also opens doors to business opportunities and further investment in one of the world’s fastest-growing cities.
Things To Consider Before Applying For The Golden Visa – Must-Know Tips!
While the Dubai Golden Visa offers incredible benefits, it’s essential to consider a few factors before making the investment:
- Real Estate Market Volatility: Like any real estate investment, the market in Dubai can fluctuate. Make sure you’re aware of market trends and potential risks.
- Additional Costs: Apart from the AED 2 million property investment, you may incur additional costs such as maintenance, property management fees, and taxes.
- Visa Requirements: Ensure that you meet all health and security requirements, and be prepared for a thorough application process.
- Legal Implications: Make sure the property is in an approved freehold area and complies with Dubai’s real estate laws to avoid any legal complications.
- Long-Term Commitment: The property must be held for at least two years, so be prepared for a long-term investment and residency commitment.
FAQs:
Do I need to purchase a completed property?
No, you can also buy off-plan properties as long as the total value is AED 2 million or more. You’ll need to provide payment confirmation and proof of a down payment.
Is there a tax on property rental income for Golden Visa holders?
While there is no personal income tax in Dubai, property rental income may be subject to other fees, such as municipal taxes or service charges. Check with the authorities for specifics.
What happens if I sell my property after receiving the Golden Visa?
If you sell your property before the required two-year holding period, you may lose eligibility for the Golden Visa. It’s essential to meet the property holding requirement.
Can I use a loan to finance the property?
Yes, you can use a loan from certain local banks to finance the property. Just make sure you meet the equity requirements and provide necessary documentation from the bank.
Conclusion:
The Dubai Golden Visa offers a unique and highly attractive opportunity for investors, entrepreneurs, and skilled professionals looking to establish long-term residency in one of the world’s most dynamic cities. By purchasing property worth at least AED 2 million, you can secure a Dubai Golden Visa and enjoy the numerous benefits it offers, from tax exemptions to high-quality healthcare and education.
By following the outlined steps and meeting the eligibility criteria, you can navigate the application process with ease and start your journey toward becoming a permanent resident of Dubai.