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Investments in real estate: what are the criteria for application for "golden visas" in Dubai?
Last Thursday, the Dubai Land Department (DLD) issued the first batch of 5-year-long resident’s visas (or "gold cards") to twenty real estate investors from 12 countries. Obviously, the process of reforming the real estate market of the emirate has been launched, and today many potential investors want to know what exactly they need to get this “golden card”.
The long-awaited official requirements for real estate investors wishing to obtain a 5-year residence permit in Dubai published on the eve by the Dubai Land Department have clarified the situation.
- First of all, the construction of the property that you plan to purchase (or have already bought) must be completed. In other words, investors, who bought units in the off-plan housing projects will have to wait for their completion in order to apply for a long-term visa.
- Secondly, the price for the property you invest in must be at least AED5 million or more (USD1.36 million plus), and this unit must be registered in the name of the applicant.
- The third important criterion is that “the property must be fully paid by the applicant and must not be the subject of any registered mortgage,” the Land Department comments said.
In addition, the applicant must be personally present in Dubai in order to personally submit an application to the appropriate authority — the Cube office of the Land Department. Employees of the Cube Center confirmed that the 5-year visas for investors in real estate is already open for submission to the general public. The Cube Office is the DLD’s single window for a whole range of services related to real estate.
What investors need to have with them?
The applicant must have the original proof of his ownership of the related property and the original passport. The visa application fee is AED2,600, which includes the cost of a medical examination, the issuance of an Emirates ID card and the issuance of a 5-year visa. The applicant also needs to receive medical insurance, which costs 1,208 dirhams (for persons under 65) and 5,775 dirhams (for persons over 65).
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