Getting a Golden Visa while buying properties in Dubai has made the process much easier and hassle-free
Dubai’s rapid development and attractive business has made this land a jewel of opportunities. The ever booming economy and cosmopolitan lifestyle has contributed to the evolution of the region. Be it any sort of investment such as buying property or anything, you get the chance of getting golden visa in the UAE.
It’s during the recent years that UAE government has set in motion several initiatives to further promote foreign investment, including the Golden Visa. After covid pandemic, expatriates and investors started looking out for more options of staying at UAE, which enhanced the opportunity of attaining golden visa among many people in UAE.
Buying a property elsewhere seems to be a daunting process but that’s never the story in Dubai. First and foremost, for buying a property, be it an apartment, office space, or even a villa, Dubai emphasizes strictly adhering to the rules and regulations of the property.
About Golden Visa
As per Dubai Resource Development Corporation, with the new amendments in UAE law, the government has launched the Golden Visa program for a long-term visa to anyone who invests in properties summing up to 2 million (200,000 AED). Initially, the law was mainly for investors of 5 million (500,000AED), however with the increase in demand for the potential buyers for the property, the amendment has been done.
Anyone holding this visa has some of the privileges that are exempted from the usual visa holders, such as optimizing taxation and many more.
Depending on your income, financial standings, and residential status, the down payments and interest rates can differ accordingly, which again is good news for any potential buyers.
Benefits of Golden Visa
1. A renewable visa of residence with a validity of 5 to 10 years
2. Independent sponsorship
3. Allows to stay outside UAE for more than 6 months.
4. Allows to sponsor family members and domestic helpers.
5. Allows members to stay in UAE even after the demise of the primary golden visa holder.
Investing in Dubai Properties
As per Article (4) of Law no: 7 of 2006, a person can purchase real estate if he/she is a UAE citizen or GCC citizen. However, the law has become flexible enough for foreigners to buy properties across Dubai at foreign property ownership, which is again freehold and leasehold. It is an important element to consider throughout your research the right place to make your living. While carrying out the process of real estate, a golden visa must be done with offices or individuals who have authorization from the ICP
Determining how to plan and finance your investment in a property, be it a mortgage or anything, it is mandatory to do your research at accredited banks across the UAE to understand their lending criteria, interest rates, and down payment terms. Investors, entrepreneurs, scientists, qualified professionals of termed salary, and people with exceptional talents fall into the category for the eligibility of Golden Visa. In order to fall into this prerogative state, valid documents are mandatory as the UAE is a country that adheres to its rules and regulations.
Conclusion
However, growing as a prime location of the globe, Dubai is a remarkable spot with pristine living that offers world-class living standards. Holding a piece of land in Dubai comes with a bunch of benefits.
APIL Properties has multi-diverse agents and property consultants who have all the expertise and knowledge of UAE that help you make a wise decision. We provide the best of the best guidance, and assistance with the property search, and negotiations and ensure compliance with local regulations. Take a closer look at our website platform and social media linked below to see the massive portfolio of APIL Properties and testimonials. We take our clients with utmost care and guidance to serve them the best and fulfill their dreams come true.
FREQUENTLY ASKED QUESTIONS (FAQS)
What is the Golden Visa program in Dubai?
The Golden Visa program in Dubai is a long-term visa initiative by the UAE government. It offers a renewable visa of residence with a validity of 5 to 10 years to individuals who invest in properties amounting to 2 million AED.
What was the initial investment requirement for the Golden Visa, and how has it changed?
Initially, the investment requirement for the Golden Visa was 5 million AED. However, with recent amendments, the government has lowered the threshold to 2 million AED to accommodate a broader range of potential buyers.
What privileges does a Golden Visa holder enjoy?
Golden Visa holders enjoy privileges such as a renewable residence visa, independent sponsorship, the ability to stay outside the UAE for more than 6 months, the option to sponsor family members and domestic helpers, and the ability for family members to stay in the UAE even after the demise of the primary Golden Visa holder.
Who is eligible to purchase real estate in Dubai?
According to Article (4) of Law no: 7 of 2006, UAE citizens and GCC citizens are eligible to purchase real estate. However, flexible laws allow foreigners to buy properties in Dubai, either through freehold or leasehold ownership.
What are the types of property ownership available to foreigners in Dubai?
Foreigners can buy properties in Dubai through freehold and leasehold ownership.
What documents are required for the real estate process in Dubai?
Valid documents are mandatory for the real estate process in Dubai. The UAE adheres to its rules and regulations, and individuals are required to provide the necessary documentation as per the guidelines.
Who falls under the eligibility category for the Golden Visa?
Investors, entrepreneurs, scientists, qualified professionals with a certain salary, and individuals with exceptional talents fall under the eligibility category for the Golden Visa.
