Dubai: How to apply for a Golden Visa when the value of your property has exceeded Dh2 million – News
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The emirate recorded a more than 50 percent increase in 10-year residence emissions during the first half of 2023.
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The rebound in the real estate sector in Dubai during the post-pandemic period has seen prices of apartments and villas exceed Dh2 million, an important requirement to apply for a 10-year Golden Visa, in many areas of the emirate.
Prices in the centre, Palm Jumeirah and Dubai Hills have seen a massive increase due to demand from local, regional and foreign investors and residents. Even introductory prices for townhouses have surpassed the Dh2 million mark this year, compared to Dh1.5 million in the last two years.
The prestigious UAE Golden Visa is a highly sought-after residency among foreigners. This was reflected in Dubai recording a more than 50 per cent increase in emissions from 10-year residences during the first half of 2023.
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Benefits of the Golden Visa
– Long-term residence visa, renewable and valid for 5 or 10 years.
– Do not need a sponsor
– You can stay outside the United Arab Emirates for more than 6 months without the visa losing validity.
– Sponsor family members, including spouses and children, regardless of their ages.
– Sponsor an unlimited number of domestic employees.
– The family can stay in the UAE until the end of the duration of their permit, even if the main golden visa holder dies.
As of November 2022, Dubai had issued more than 150,000 golden visas to real estate investors, businessmen, professionals, scientists, top students and others eligible.
Real estate investors whose asset value has exceeded Dh2 million can apply for the Golden Visa by first having their property assessed through the Dubai Land Department (DLD). They can request an appraisal through DLD Real Estate Services Trust Offices and Dubai REST App and submit the required documents.
After submitting all documents, the Department will assess the property with 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 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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