Dubai continues to be a magnet for global investors, particularly in the property sector. By purchasing real estate in the Emirate of Dubai, foreign nationals can apply for residence permits for the United Arab Emirates ("UAE") in a separate procedure, provided certain conditions are met. The Property Golden Visa allows for a residence period of 10 years. We will inform you about the current state of affairs in five important areas:
Fact 1
Threshold for Eligibility
Property owners who have acquired a property in a so-called freehold zone in Dubai for a purchase price of at least AED 2 million are eligible to apply for a Property Golden Visa.
The threshold value can also be reached by combining the purchase prices of several properties. Furthermore, a property co-ownership with a value of at least AED 2 million entitles its owner to apply for the Property Golden Visa as well.
Fact 2
Eligibility in case of Off-Plan Properties
Properties that are in the planning or construction phase are referred to as off-plan properties. It is not necessary that the property is completed at the time of application of the Property Golden Visa, provided that the entry in the Interim Property Register has already been made, i.e. an Initial Contract of Sale, also known as Oqood, has been issued.
However, the final decision on the eligibility for a Property Golden Visa in case of off-plan properties is at the discretion of the Dubai Land Department. Amongst other factors, the degree of completion of the project is taken into account. In order to get a binding confirmation of the applicant's eligibility, an inquiry can be made with the Dubai Land Department in advance.
Fact 3
Optimised Application Process
The application procedure for the Property Golden Visa has been streamlined and is now to be processed via the online portal of the Dubai Land Department. The required documents must be submitted electronically. A personal visit is therefore no longer required for the application and generally no longer possible.
However, the applicant must remain in the UAE during the entire application process. During this time, a medical test and an appointment for electronic fingerprinting must be completed with the relevant authorities.
Fact 4
Allocation of Spousal Ownership
Spouses, who have jointly purchased a property, can each apply for a separate Property Golden Visa if the respective co-ownership amounts to at least AED 2 million.
If the spouses' individual share of ownership is less than AED 2 million, one of the spouses can apply for the Property Golden Visa and have the other spouse's share attributed to him or her. After receiving the Residence Visa and the Emirates ID Card, the other spouse can then be sponsored.
Fact 5
Sponsorship of Dependants
The ability to sponsor family members broadens the scope of the Property Golden Visa and increases its appeal to property owners considering Dubai as their permanent home for themselves and their family members. Spouses, parents and unmarried children regardless of age and gender can be sponsored.
In principle, the application process for dependants is similar to that for the property owners themselves. It is therefore necessary that both the sponsor and the applicant are physically present in the UAE during the entire procedure. In addition, the family relationship must be proven by legalised documents.
Minors do not have to undergo a medical test or have their fingerprints collected. Hence, the duration of the application process is shorter.