Dubai has witnessed a remarkable surge in property values, particularly in areas like Downtown, Palm Jumeirah, and Dubai Hills, due to heightened demand from local, regional, and international investors. As the property market flourishes, many individuals are eyeing the coveted 10-year Golden Visa, which requires a property value exceeding Dh2 million. In the first half of 2023 alone, Dubai witnessed a staggering 50 percent increase in the issuance of these long-term residency permits.
Golden Visa Benefits:
The Golden Visa in the UAE offers a host of advantages, making it an enticing option for foreigners:
1. Long-term, renewable residence visas valid for 5 or 10 years.
2. No need for a sponsor.
3. Permission to stay outside the UAE for over 6 months without visa invalidation.
4. The ability to sponsor family members, including spouses and children, irrespective of their ages.
5. An option to sponsor an unlimited number of domestic helpers.
6. Family members can continue residing in the UAE until the expiration of their permit, even in the event of the primary visa holder's demise.
Golden Visa Issuance:
By November 2022, Dubai had already granted more than 150,000 Golden Visas to eligible individuals, including property investors, entrepreneurs, professionals, scientists, outstanding students, and others.
Application Process:
Property investors whose asset values have exceeded Dh2 million can initiate the Golden Visa application process by having their property evaluated through the Dubai Land Department (DLD). To apply for an evaluation, they can use the Dubai REST app or visit the DLD's Real Estate Services Trustee Offices, where they must submit the necessary documents.
After the submission of all required documents, the DLD will assess the property, charging a fee of Dh4,000, in addition to Dh10 for knowledge and innovation fees, which can be paid via credit card, cash, or ePay. The property owner can expect to receive the evaluation certificate via email within 1 to 8 business days.
Notably, investors also have the option to apply for long-term residency by aggregating the values of two or more properties to meet the Dh2 million threshold.