Getting a golden visa from the UAE no doubt has its perks. Long term residency in the UAE will enable you to move freely in and out of the country without any hassles. Property investors in the UAE can now benefit from getting a golden visa through an investment as low as AED 2 million.
Real estate investors can obtain the golden visa even though they are purchasing a property with a loan from specific local banks. If the properties are off-plan properties, they can also avail the golden visa, provided they are bought from approved local real estate companies. Sometimes, the developers can offer payment plans that enable you to qualify for a golden visa with an investment as low as a downpayment of 10% without a mortgage (AED 200,000) and 25% with a mortgage (AED 500,000), thus lowering the entry bar for getting a golden visa. This change in regulations in April 2022 has given rise to a whole bunch of new investors both local and foreign into the market and has bolstered the Dubai real estate market, resulting in record transactions. According to a report by CBRE, the total volume of transactions in Dubai’s residential market hit 13-year high in May as the investors, high net worth individuals and entrepreneurs plan business migration to the city.
PERKS OF HAVING A UAE GOLDEN VISA
Here are the perks of having a UAE golden visa:
1. 10 years renewable residency in the UAE
2. No sponsor or employer required
3. Duration of stay outside the UAE doesn’t nullify the golden residency status.
4. The initial entry visa is valid for 6 months with multiple entry to secure the golden visa residency
5. Additional golden visas can be applied for families including spouse and children with no age limit 6. In the event of death of the visa holder, the family members can hold on to their golden residency status till end of term.
HOW TO APPLY FOR THE UAE GOLDEN VISA (5-YEARS)
REQUIRED DOCUMENTS
1. Passport
2. Availability of an electronic copy of the title deed certificate
3. Personal photo
4. Valid health insurance
5. Original Emirates ID
CONDITIONS REQUIRED (ANY ONE)
1. Minimum AED 2 million value property or owned share ( one property or more) under the applicant name
2. In case the property is mortgaged, at least AED 2 million of property value must be paid to the bank. NOC letter and paid amount letter should be provided in this case.
3. Husband and wife can share one property. A marriage certificate required as proof.
4. Purchase a property with a loan from specific local banks
5. Buy one or more off-plan properties of no less than AED 2 million from approved local real estate companies.
FEES
1. Medical (VIP) – 753 AED
2. Emirates ID – 573 AED
3. New visa – 2,288.75 AED
4. Management Fees – 100 AED
Total 3714.75 AED
PROCEDURE TO GET THE 5-YEAR INVESTOR GOLDEN VISA
Step 1: The customer visits Cube Centre in Dubai Land Department
Step 2: The customer submits the requirements and pays the fees
Step 3: The medical examination is conducted in the Centre
Step 4: Print the visa on the passport
Estimated time frame – 7 to 10 working days
HOW TO APPLY FOR THE UAE GOLDEN VISA (10-YEARS)
PROCEDURE TO GET THE 10-YEAR INVESTOR GOLDEN VISA
You can apply for the 10-year golden visa online through the ICA website/app or through AMER centers. If you don’t have a current visa, you can apply for an entry permit valid for six months here.
THROUGH ICA
1. Apply online the ICA website or download the UAEICP app
2. Click on ‘Start Service’
3. Fill all the required information and submit documents
4. Pay the service fee The application will be reviewed and you might be asked to submit additional documentation. Your current Emirates ID, title deed, photo, and health insurance should be kept handy.
AMER PROCEDURE
1. Head to one of the service branches of the Amer Centers
2. Select the required service at the receptionist
3. Submit the required documents to the service employee
4. Checking of documents
5. Pay the service fees
6. Submit application
Editor’s note: The above is just a guide for the procedure to attain a golden visa as of June 2022. The onus lies with the individual to conduct their own personal research to stay up to date due to the UAE’s rapidly transforming rules and regulations.
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