How Much Property You Need To Buy To Qualify For A Golden Visa - Don’t Miss This!

31 Oct How Much Property You Need To Buy To Qualify For A Golden Visa – Don’t Miss This!

Posted at 13:32h in Home Services by Richard 0 Comments

The UAE Golden Visa is a valuable residency option for foreign investors and entrepreneurs, allowing them to stay long-term without a local sponsor. One of the easiest ways to qualify for this visa is by investing in property.

You might be wondering, how much property do you need to buy to qualify for the UAE Golden Visa? Stay tuned with us, we will explain the property requirements, benefits, and key things to consider before making your investment. It’s an excellent opportunity for those looking to live and work in the UAE.

What Is The UAE Golden Visa?

The UAE Golden Visa is a long-term residency visa that allows foreign nationals to live, work, and invest in the UAE without needing a local sponsor. Initially introduced in 2019, the Golden Visa program is aimed at attracting investors, entrepreneurs, professionals, and specialized talents from around the world.

One of the most popular and accessible routes to qualify for this visa is through property investment. However, before diving into the specifics, it’s crucial to understand the underlying eligibility criteria.

How Much Property Do You Need To Buy To Qualify For A UAE Golden Visa?

To qualify for a UAE Golden Visa through property investment, the minimum requirement is a property or a combination of properties with a total value of AED 2 million (approximately USD 545,000). This threshold applies whether you’re buying a single property or combining the value of several.

The property must be freehold, meaning you can legally own the property as a foreigner. However, the type of property you invest in can vary, including residential or commercial real estate, off-plan or completed projects.

Key Requirements for Qualifying Through Property Investment – Are You Eligible?

Let’s take a closer look at the main criteria for using property investment as a path to the UAE Golden Visa:

Minimum Property Value:

The total value of your property or properties must be AED 2 million or higher.
This amount can be met by combining several properties, provided they are all in your name.

Property Type:

The property can be residential or commercial, as long as it’s a freehold property.
Both completed properties and off-plan properties (under construction) qualify.
You can also invest in mixed-use developments.

Mortgage Considerations:

If the property is mortgaged, you can still qualify as long as you’ve paid at least AED 2 million to the bank.
You will need a letter from the bank confirming the amount you’ve paid and the remaining balance on the mortgage.

Joint Ownership:

If you and your spouse jointly own a property or properties that meet the AED 2 million threshold, both names must appear on the title deed, and you can apply together for the Golden Visa.

Documentation:

You’ll need to provide the following documents:

Property title deed
Proof of ownership
Letter from the bank (if the property is mortgaged)
Real Estate Registration Department letter confirming the property’s value

Types Of Properties Eligible For The Golden Visa – Need To Know!

When considering real estate investment for the Golden Visa, the following types of properties are eligible:

Residential Properties: This includes apartments, villas, or houses located in freehold areas. You can buy a home in a developed community or a new development.
Commercial Properties: If you prefer to invest in a commercial building (like an office or retail space), it also counts toward the AED 2 million requirement.
Off-Plan Properties: Properties under construction are eligible, provided they are purchased from a developer approved by the government.
Mixed-Use Developments: These include properties that have both residential and commercial spaces, and they are also eligible for the Golden Visa if they meet the AED 2 million value.

What Is The Process Of Buying Property For A Golden Visa?

The process of acquiring a property to qualify for a Golden Visa is fairly straightforward, but it’s crucial to adhere to the following steps:

Choose the Property: Select a property or properties that meet the AED 2 million threshold. Ensure the property is in a freehold area and is registered under your name.
Financing: If you’re mortgaging the property, ensure that you have paid off at least AED 2 million to qualify.
Documentation: Gather the necessary documentation, including a property title deed, proof of ownership, and a letter from the bank (if the property is mortgaged).
Application: Submit your application for the UAE Golden Visa, providing all the required documentation to the relevant authorities.

Benefits Of Qualifying For The UAE Golden Visa Through Property Investment – Why It’s Worth It!

Qualifying for the UAE Golden Visa through property investment offers numerous advantages. First, it provides you with long-term residency, allowing you to live and work in the UAE for 5 to 10 years. You also gain the ability to fully own property in certain freehold areas without a local partner.

With no personal income tax in the UAE, your investment can yield significant financial benefits. The visa also allows you to sponsor your immediate family, making it a great option for families looking to relocate. Lastly, owning property in the UAE gives you access to world-class infrastructure and services.

What To Consider For Property Investment And Golden Visa Eligibility? – Essential Insights!

While the eligibility criteria and benefits are attractive, there are several important considerations to keep in mind:

Property Maintenance Requirement:

Once you have obtained the Golden Visa, you must maintain your property investment for at least two years to retain your eligibility. This means you must continue to own and maintain the property throughout the visa period.

Health and Background Checks:

As part of the Golden Visa application process, applicants must pass health and background checks. This ensures that applicants do not have any criminal history or health issues that could affect their residency.

Potential Impact of Market Fluctuations:

The real estate market can be volatile, and the value of your property may fluctuate. Ensure that you choose properties in areas with strong growth potential to safeguard your investment.

Ongoing Costs:

Owning property comes with maintenance costs, property taxes (if applicable), and service fees. Be prepared for these ongoing expenses, especially if you plan to rent the property out.

FAQs:

What happens if I sell the property two years later?

Selling the property before completing two years may cancel your visa eligibility. You must maintain ownership during that period to remain compliant. This encourages genuine, long-term investment in the country.

Are off-plan properties eligible for the Golden Visa?

Yes, off-plan properties are eligible if purchased from approved developers. The value of the property will count towards the AED 2 million requirement.

Can I apply for the Golden Visa with my spouse?

Yes, joint applications are allowed if the combined property value is AED 2 million or more. Both names must appear on the property title deed. This makes it ideal for couples investing together in UAE real estate.

Do I need to live in the property to maintain my Golden Visa?

No, you don’t have to reside in the property to remain eligible. However, you must keep ownership for at least two years. This rule ensures stability and long-term investment in the UAE market.

Conclusion:

Qualifying for the Golden Visa UAE through property investment is a fantastic opportunity for those looking to enjoy long-term residency in a thriving economy. With a minimum investment of AED 2 million, you can own residential or commercial property while benefiting from a stable lifestyle.

Whether you’re investing alone or with family, the Golden Visa offers both security and growth potential in the UAE.

Richard

ahmadrazaservice@gmail.com