UAE Property: Do I Receive a Golden Visa for Buying Real Estate?

Question:
I am interested in obtaining a UAE golden visa through property investment. What is the minimum property value required to qualify? Are there any other eligibility criteria I should be aware of? Can I buy property anywhere in the UAE for this visa, or are there specific areas to focus on?

Also, what is the process for applying for the golden visa as a property owner? Does the property need to be ready or off-plan? Which department should I approach to apply, and what documents do I need to submit?

If I already own a property valued below Dh1 million ($272,295), am I eligible for a golden visa? Do these requirements apply to both residential and commercial properties?

Answer:
To qualify for the UAE golden visa through property investment, you must invest in a property worth at least Dh2 million. This can be a single property or multiple units totaling at least Dh2 million, and this includes both ready or off-plan properties.

Eligibility Criteria:

• The property must be located in the UAE and be freehold.
• You must be a non-UAE citizen with a valid passport and a clean criminal record.
• There is no longer a requirement for a 50% down payment, and buying property through a mortgage is now allowed, but only through specific local banks approved by the relevant authorities.
• The final approval for your golden visa application will be assessed by the Dubai Land Department, with each application being reviewed on a case-by-case basis for a fair evaluation.

Other Points to Note:

• If you already own property valued below Dh1 million, you will not be eligible for the golden visa. However, you can either purchase an additional property to bring the total value to at least Dh2 million or apply for the ordinary investor visa, which has a minimum investment requirement of Dh750,000 in property.

Process to Apply for the Golden Visa:

• Property Type: Both ready and off-plan properties are eligible for the golden visa.
• Application Department: You can approach government offices, legal firms, or lawyers who specialize in the golden visa process.
• Required Documents: You will need to upload your valid passport, proof of property ownership, a clean criminal record, and other necessary supporting documents.
• Application Website: Applications can be submitted through the UAE government portal or relevant department websites.

Location of Property:

• The property must be freehold and located anywhere within the UAE. There are no specific location restrictions for golden visa eligibility, but the property must meet the Dh2 million minimum investment requirement.

Source: The National News