FAQs: Everything You Need to Know About the UAE Golden Visa
In recent years, the Golden Visa program has emerged as a valuable opportunity, offering long-term residency to property buyers in Dubai's fast-growing real estate market.
Whether you're buying property or navigating the application process, understanding the program's specifics is crucial.
In this blog, we delve into the most pressing questions surrounding the UAE Golden Visa, providing clarity and guidance for prospective property buyers.
1. What's the minimum property price for a 10-year Golden Visa?
To obtain a 10-year UAE Golden Visa, you are required to make a minimum investment of AED 2 million. This investment threshold is set by the government to attract high-net-worth individuals and promote long-term residency.
Meeting this requirement enables buyers to apply for the Golden Visa which offers stability and opportunities in the UAE. This initiative aims to stimulate investment in the local real estate market and provide appealing residency options for both investors and end-users.
2. Can I sponsor family members with my Golden Visa?
Yes, the Golden Visa allows you to sponsor immediate family members, including spouses and children. Additionally, you can sponsor household staff. This means that once you obtain your Golden Visa, your family members can also benefit from long-term residency in the UAE.
This provision makes the Golden Visa an attractive option for those looking to relocate with their families. It allows families to settle together in the UAE, ensuring stability and continuity for all members.
3. My property's value increased after purchase. Can I still apply?
Yes, you can still apply if your property's market value has increased to meet the required threshold. If you bought an apartment for AED 1.9 million two years ago and its current market value is AED 2 million, you are eligible to apply for the Golden Visa.
To proceed, you need to obtain an official valuation certificate that confirms the current market price of the property. This ensures that the property meets the minimum investment requirement of AED 2 million. The valuation certificate must be issued by a recognized authority to be valid for the application process.
4. Can co-owners both get Golden Visas?
Yes, co-owners can both get Golden Visas if the property's value is sufficient. If a property is registered to two people and its value is above AED 4 million, each co-owner can apply for a Golden Visa.
This means that both individuals must have equal shares in the property. The combined investment must meet the minimum requirement to qualify for the visas. This provision allows joint investors to benefit from the residency program without requiring separate properties for each applicant.
5. When can I apply for a Golden Visa for an off-plan property?
You can apply for a Golden Visa for an off-plan property once the construction has reached a 50% milestone. If the construction is below 50%, you will need to obtain special approval from the Dubai Land Department.
This ensures that the investment is secure and that the property is likely to be completed. It's important to monitor the construction progress and ensure that you meet the required milestones before applying.
6. Can I apply for a Golden Visa with a payment plan on an off-plan property?
Yes, you can apply for a Golden Visa even if you are on a payment plan for an off-plan property. You do not need to wait until you have completed all payments. Once you have finalized the purchase agreement and made the initial payment, you can proceed with your visa application.
This provision allows buyers to start the residency process without unnecessary delays. It's advisable to check the specific payment plan terms and ensure that they comply with the visa requirements.
7. What percentage of the property price is required for a Golden Visa?
Currently, there is no specific percentage of the property price required for Golden Visa eligibility. Previously, buyers needed to pay at least 50% of the property's value but this requirement was lifted in January 2024.
Now as long as the total property value is at least AED 2 million, you can apply for the visa. This change has made the program more accessible to a wider range of buyers. It allows for flexibility in payment methods, including full payments, mortgages and installment plans.
8. Can I utilize a mortgage for purchasing multiple properties to qualify for a Golden Visa?
Yes, you can use a mortgage to purchase multiple properties to meet the Golden Visa threshold. The combined value of the properties must add up to at least AED 2 million. When using a mortgage, you will need a No Objection Certificate (NOC) from the bank.
This allows buyers to leverage financing options to qualify for the residency program. It's important to ensure that all mortgage agreements are in compliance with the visa requirements and that the total investment meets the necessary criteria.
9. What happens to my Golden Visa if I sell the property?
If you sell the property for which you obtained a Golden Visa, the visa will be canceled. However, you can retain your Golden Visa if you transfer it to a new property worth at least AED 2 million before selling your property.
This ensures that the investment requirement is continuously met. The new property must be registered and meet all the necessary criteria for the Golden Visa. This provision allows for flexibility in managing property investments while maintaining residency status.
10. Are Golden Visa holders subject to taxation on property transactions?
No, Golden Visa holders in the UAE are not subject to personal income tax or capital gains tax on property transactions. This tax-free environment extends to all individuals, including Golden Visa holders, who engage in property transactions within the UAE.
This favorable tax regime enhances the attractiveness of the UAE as a top destination investors, offering them the opportunity to maximize their returns on investments without the burden of additional taxation.
11. What happens if the property's value falls below AED 2 million after purchase?
If the market value of your property falls below AED 2 million after you have obtained the Golden Visa, the visa remains valid as long as the property met the AED 2 million threshold at the time of application.
However, maintaining the property's value can be important for future renewals. Regularly checking the property market and considering potential upgrades or improvements can help sustain or enhance the value of your investment.
12. Is it possible to include multiple properties to meet the AED 2 million requirement?
Yes, it is possible to combine the values of multiple properties to meet the AED 2 million requirement for the Golden Visa. This can be particularly beneficial for investors who have several smaller properties whose combined value reaches the threshold.
Each property must be registered in your name and the total combined value must meet or exceed AED 2 million. This approach provides flexibility and allows investors to diversify their real estate portfolio while still qualifying for the residency program.
13. What documents are required for the Golden Visa application?
The key documents required for the Golden Visa application include:
- A valid passport
- An e-Certificate of Title or Title Deed for the property
- A recent personal photograph
- UAE ID (if applicable)
- A copy of the current residence permit (if applicable)
As regulations evolve and market dynamics shift, staying informed and seeking guidance remain crucial for maximizing the benefits of the Golden Visa program.
Got any more questions about Dubai's Golden Visa as a property buyer? Get in touch.