Dubai, renowned for its lavishness and extravagance, has emerged as a prime destination for property investors. The emirate has witnessed a substantial surge in property values, with numerous properties now being valued at over Dh2 million. This surge presents an excellent opportunity for investors to apply for the prestigious Golden Visa.
Understanding The Golden Visa
The Golden Visa is a long-term, renewable residence visa that is valid for either 5 or 10 years. This visa offers a host of benefits:
- No Sponsor Required: Unlike many other visas, the Golden Visa does not require a sponsor.
- Extended Stays: Golden Visa holders can stay outside the UAE for more than 6 months without their visa becoming invalid.
- Family Sponsorship: Holders of the Golden Visa can sponsor family members, including spouses and children, regardless of their ages.
- Domestic Helper Sponsorship: Another notable advantage is the ability to sponsor an unlimited number of domestic helpers.
- Family Continuation: In the unfortunate event of the primary holder’s passing, their family can continue to stay in the UAE until the end of their permit duration.
As of November 2022, Dubai has issued over 150,000 Golden Visas to eligible property investors, entrepreneurs, professionals, scientists, outstanding students, and more.
Also Read: These Are The World’s Cheapest Golden Visas
Step-By-Step Guide To Applying
If you are a property investor with assets valued at or above Dh2 million, you can apply for the Golden Visa by following these straightforward steps:
1. Property Evaluation: Begin by having your property evaluated through the Dubai Land Department (DLD). You can initiate this process by applying for an evaluation through DLD’s Real Estate Services Trustee Offices or the Dubai REST app.
2. Submission of Required Documents: After applying for evaluation, you will need to submit all the necessary documents as requested.
3. Evaluation Fee: The next step involves the evaluation of your property, which incurs a fee. The charges include Dh4,000, along with Dh10 each for the knowledge fee and innovation fee. These fees can be paid using various methods, including credit cards, cash, and ePay.
4. Receiving the Evaluation Certificate: Upon completing the evaluation, the property owner will receive an evaluation certificate via email. This typically takes 1 to 8 business days.
5. Combining Properties: An important note is that investors can also apply for long-term residency by combining the value of two or more properties to reach the Dh2 million threshold.
Once you have successfully completed these steps and your application is approved, you will be granted a Golden Visa.
Please keep in mind that this information is accurate as of October 2023 and may be subject to change. Therefore, it is advisable to verify the latest requirements and procedures through official UAE government sources when planning to apply for a visa.
For more in-depth information on how to apply for a Golden Visa in Dubai when your property value exceeds Dh2 million, you can visit the official sources.
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