September 2021, the United Arab Emirates (UAE) had announced an expansion of its Golden Visa program, which offers long-term residency visas to investors, entrepreneurs, and other eligible individuals. Real estate investors are among those who may be eligible for the Golden Visa program in the UAE. Since its implementation, the UAE Golden Visa system has generated quite a buzz among certain groups of expatriates with plans of securing permanent residency in the United Arab Emirates.
With expanded categories and eligibility, the Golden Visa is expected to further boost the UAE’s position as one of the world’s foremost hubs for global business and investment. Here is everything you need to know about Golden Visa UAE, the current requirements and the application process:
What is the Golden Visa UAE?
The Golden Visa is a long-term residency visa that enables foreign talents to live and work or study in the UAE for up to 10 years. This golden residency scheme is renewable and reserved for certain categories ranging from investors to individuals with exceptional talents. This Visa program is designed to attract foreign investment and expertise to the UAE as it offers a number of benefits to holders, including the ability to live and work in the UAE, and the ability to sponsor family members for residence visas.
Here’s how you can apply for a Golden Visa through property investment:
Dubai Land Department
Real estate investors can apply for a Golden Visa through the Dubai Land Department (DLD).
Step 1: The customer visits one of DLD’s Service Centers
Step 2: The customer submits required documents and pays fees
Step 3: The medical examination is conducted in the center
Step 4: Visa stamping on the passport
The length of the Golden Visa is 10 years, after which it can be renewed. This type of investor visa comes with the requirement of Minimum AED2 million value property or owned share (one property or more) under the applicant’s name. It is important to know that in case the property is mortgaged, at least AED2 million of property value must be paid to the bank. A NOC letter and paid amount letter are also required in this case. Husband and wife can share in one property, but a marriage certificate is required.
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