Every Indian have Dubai on their travel bucket list. Right? And when we travel there, we wish the stay could have been extended. So why not? And we’re not talking about some illegal way of staying there after your travel visa expiration. We’re talking about a visa that can elongate your stay in Dubai or in fact in the whole UAE to 10 years.
We’re talking about the king of all visas — Golden Visa!
There must be many questions running in your head right now, like “What’s a Golden Visa?”
"What are the eligibility requirements?" "How do I apply?"
Don’t worry because this blog answers all of this and much more. Stay tuned!
What are the requirements and conditions for applying for a Golden Visa as a real estate investor?
Applying for a Golden Visa in Dubai involves several steps, which are outlined below:
If you are a real estate investor who wants to obtain a Golden Visa in Dubai, you need to meet certain requirements and conditions depending on the type and value of your property. According to the official portal of the UAE government, you may be granted a Golden Visa for a period of 5 years, renewable on the same conditions and without a sponsor, subject to the:
purchase of a property or properties worth no less than AED 2 million from a list of approved local real estate companies. The property can be completed or off-plan.
payment of at least AED 2 million of the property value to the bank if the property is mortgaged, and provision of a letter from the bank mentioning the paid amount.
ownership of any type of property, such as warehouses, apartments, hotels, and villas, except land plots, off-plan and leasehold contested properties.
submission of the following documents to the Dubai Land Department (DLD):
Alternatively, you may be granted a Golden Visa for a period of 10 years without a sponsor, subject to the:
purchase of a property worth no less than AED 2 million as stated on the title deed.
purchase of a property with a loan from specific local banks or financial institutions approved by DLD.
provide either a letter from a UAE-accredited investment fund confirming your AED 2 million deposit, or submit a valid commercial or industrial license along with a memorandum of association indicating a capital of no less than AED 2 million.
payment of no less than AED 250,000 annually to the government and provision of a letter from Federal Tax Authority stating that.
ownership of the invested capital completely; it must not be a loan and provision of proof of medical insurance for yourself and your family (if any).
In both cases, you need to have a valid health insurance and your property must be free from any legal claims or disputes. You also need to maintain your investment for at least three years.
How to choose the best property for your investment goals and budget?
Choosing the right property is crucial to achieving your investment goals and budget. You need to consider various factors such as location, type, size, quality, price, and return of the property before making a decision. Here are some tips on how to choose the best property for your investment goals and budget in Dubai:
Location: Location is one of the most important factors that affect the value and demand of a property. Look for properties in premium areas offering substantial rental returns and the potential for capital appreciation. Also, consider the proximity to transport, education, healthcare, entertainment, and other amenities that enhance the quality of life and attract tenants and buyers.
Type: Dubai offers a wide range of property types, such as apartments, villas, townhouses, penthouses, studios, offices, warehouses, hotels, and more. Depending on your investment goals and budget, you need to choose the type that suits your preferences and needs. Generally, apartments provide stronger rental yields than townhouses and villas due to Dubai’s largely transient, low to mid-income population with a budget geared toward smaller, affordable homes. However, villas and townhouses may offer more capital appreciation and stability in the long term. You can also take consultancy services from a Real Estate Company for smart property investments in Dubai.
Size: The size of the property affects its price and rental yield. Larger properties tend to have higher prices but lower rental yields than smaller properties. Therefore, you need to balance between the size and the return of the property according to your investment goals and budget. For example, if you are looking for a high rental income, you may opt for a smaller property with a higher occupancy rate. If you are looking for capital growth, you may opt for a larger property with more potential for appreciation.
Quality: The quality of the property refers to its construction, design, finishing, maintenance, and facilities. A high-quality property will attract more tenants and buyers and command a higher price and rent than a low-quality property. Therefore, you need to inspect the property thoroughly and check its condition, age, defects, repairs, warranties, etc. before buying it. You also need to consider the quality of the developer, the community, and the property management service provider that are responsible for delivering and maintaining the property.
Price: The price of the property is determined by its location, type, size, quality, demand, supply, and market conditions. You need to compare the prices of similar properties in the same area and negotiate with the seller or agent to get the best deal possible. You also need to factor in other costs such as registration fees, transfer fees, agency fees, mortgage fees, service charges, maintenance costs, etc. that may affect your budget and return.
Return: The return of the property is measured by its rental yield and capital appreciation. Rental yield is the annual rental income divided by the purchase price of the property. Capital appreciation is the increase in the value of the property over time. You need to analyze the return of the property based on its historical performance, current market trends, future projections, occupancy rate, vacancy rate, etc. You also need to consider the risks involved such as market fluctuations, legal issues, tenant issues, etc. that may affect your return.
By following these tips, you can choose the best property for your investment goals and budget in Dubai and enjoy the benefits of owning a prime real estate asset in one of the most attractive destinations in the world. Zoltan Properties expert consultancy services and listed projects helps you find the right fit. Also, our property maintenance services ensure that your property is always cashflow positive and ready to sell at any point.
How to apply for a Golden Visa and what are the steps involved?
Applying for a Golden Visa in Dubai is a simple and fast process that can be done online or through a smart application. Depending on your eligibility category, the application process may vary slightly, but in general, the following steps are involved:
Select the required service: You can choose the type of Golden Visa you want to apply for, such as investor, entrepreneur, talent, etc. and fill out the application form with your personal and professional details.
Attach the required documents: You need to attach all the required documents to support your application, such as passport, visa, title deed, certificate of good conduct, recommendation letter, etc. depending on your eligibility category.
Pay the visa fee: You need to pay the visa fee online using a credit card or debit card. The visa fee may vary depending on the type and duration of the Golden Visa. For example, a 5-year Golden Visa for real estate investors costs AED 1,150, while a 10-year Golden Visa for public investors costs AED 1,150 plus AED 650 for each dependent.
Once you complete these steps, you will receive your Golden Visa within 30 days. You can also track the status of your application through the GDRFA-Dubai Smart Application or website. With your Golden Visa, you can enjoy living, working, or studying in Dubai for 5 or 10 years without a sponsor and with exclusive benefits.
Dubai is a great place to invest in real estate and obtain a Golden Visa that allows you to live, work, or study in the UAE for a long period of time. However, you need to be aware of the requirements and conditions for applying for a Golden Visa as a real estate investor, as well as how to choose the best property for your investment goals and budget. You also need to follow the steps involved in applying for a Golden Visa and pay the visa fee accordingly. By doing so, you can enjoy the benefits of owning a prime real estate asset in one of the most attractive destinations in the world and secure your residency and access to the UAE market.
We hope this blog has given you some useful insights on how to get a Golden Visa in Dubai by investing in real estate. If you have any questions or need any assistance, please feel free to write us at info@zoltanproperties.com or call on +91 8448448804. We are happy to help you with your real estate investment and Golden Visa application.
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