Dubai: How to apply for a Golden Visa when your property value has crossed Dh2 million
Dubai: How to apply for a Golden Visa when your property value has crossed Dh2 million
Rally in Dubai property during the post-pandemic period has driven rates of apartments and villas above Dh2 million, a major requirement to apply for a 10-year Golden Visa, across many areas of the emirate.
Prices in Downtown, Palm Jumeirah and Dubai Hills have seen a massive increase on the back of demand from local, regional and foreign investors as well as residents. Even launch prices of townhouses have crossed the Dh2 million mark this year as compared to Dh1.5 million in the past couple of years.
The UAE’s prestigious Golden Visa is a much sought-after residency among foreigners. This was reflected in Dubai recording over a 50 per cent increase in issuances of 10-year residency during the first half of 2023.
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Benefits of Golden Visa
– A long-term, renewable residence visa valid for 5 or 10 years
– Not needing a sponsor
– Can stay outside the UAE for more than 6 months without visa becoming invalid
– Sponsor family members, including spouses and children regardless of their ages
– Sponsor an unlimited number of domestic helpers
– Family can stay in UAE until the end of their permit duration, even if the primary holder of the Golden visa passes away
As of November 2022, Dubai had issued more than 150,000 golden visas to eligible property investors, entrepreneurs, professionals, scientists, outstanding students and others.
Property investors whose assets’ value has crossed Dh2 million can apply for the Golden Visa by first getting their property evaluated through the Dubai Land Department (DLD). They can apply for evaluation through DLD’s Real Estate Services Trustee Offices and Dubai REST app and submit the required documents.
After submitting all the documents, the Department will evaluate the property against a fee of Dh4,000 plus Dh10 each for knowledge fee and innovation fee, which can be paid by credit card, cash and ePay. The property owner will receive the evaluation certificate via email in 1 to 8 business days.
Importantly, an investor can also apply for long-term residency by combining the value of two or more properties to reach the Dh2 million mark.
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source: khaleejtimes
