For many years, Dubai has been a popular destination for foreign investors and expatriates seeking a taste of life in one of the world's most advanced cities. The UAE government initiated the Golden Visa program, offering long-term residency for up to 10 years as a means of attracting more foreign investment and talent to the country. Purchasing off-plan properties is one of the most lucrative real estate investment opportunities that can lead to obtaining a Golden Visa.
This article will elaborate on why investing in off-plan properties in Dubai will be a prudent investment for investors and how to secure a 10-year Golden Visa.
Foreigners can now live, work, and study in the UAE without the need for a national sponsor thanks to the UAE Golden Visa, a long-term residency visa. We officially launched it in 2019 to attract investors, business owners, highly qualified professionals, and individuals with extraordinary talent. International residents seeking permanent residency in the UAE find this visa's stability and security appealing.
The following are the eligibility criteria/requirements to obtain the 10-year Golden Visa in the real estate investment category:
1. Minimum Property Investment: You need to invest in at least AED 2 million in one or more properties in Dubai.
2. Off-Plan Property Eligibility: Both ready and off-plan properties are eligible under the Golden Visa, provided their overall value meets or exceeds the threshold of AED 2 million.
3. No Mortgage Requirement: The investment has to be un-mortgaged, meaning you cannot take up a bank mortgage to pay for it in its entirety.
Additionally, the developer should have a DLD license if you're purchasing an off-plan property.
4. Ownership: You must register the property under your name. In cases where there is more than one owner, further approvals may be required.
These are projects that are still in the planning phase and involve real estate properties. We refer to them as off-plan properties. Now, there are a number of advantages to investing in such homes, particularly for those seeking to get the Golden Visa. A few of these advantages appear below.
1. Less Costly Initial Investment: You can have a top-notch asset in your name when you purchase an off-plan property, which is usually much cheaper compared to ready properties.
2. Extended payment plans offered by developers ensure that investors can meet the AED 2 million criteria with a lower initial investment amount.
3. Better ROI Potential: Properties sold off-plan tend to appreciate in value once completed and may offer capital gain and better rental yields once completed.
4. More Room for Customization: Many buildings that are off plan allow changes or customization on the interior side, which enables you to build your dream home.
5. Government Support The UAE government has gone all the way to safeguard the security of investing in off-plan properties through aggressive promotion via incentives and regulatory support.
Step 1: Find and select the ideal off-plan property.
Identify the best developers: House properties developed by companies like Emaar, Damac, Nakheel, or Sobha assure you of reliability for timely delivery.
Step 2: Check Your Eligibility
By the end of your off-plan purchase, make sure its value exceeds AED 2 million.
Verify the DLD's accreditation of the developer and the project.
Step 3: Complete the Purchase
Step 4: Application for Golden Visa
Once the invested amount reaches the stipulated amount, apply for a Golden Visa.
1. Document Submission: Prepare all the required documents, such as your passport, Emirates ID, Title Deed, and bank statements to prove the payment.
2. Application via DLD: You may apply through your developer's office or directly to the Dubai Land Department.
3. Medical and Security Clearances: Obtain the required security and health clearances.
4. Application Approval and Issuance of Visa: In case of acceptance, you will get a renewable, 10-year resident visa.
Make sure the completion date of the project aligns with your plans, as the status of the property could impact your visa eligibility.
Developer Reputation: To avoid project delays or cancellations, it is advisable to review the developer's past performance.
Payment Milestones: Recognize the expected payment milestones to prevent financial distress. You will need to make sure you can afford the required investment amount for the given time period.
If you plan to rent out the house after completion, consider the potential rental income. Dubai has some of the highest rental rates in the world, particularly in Downtown and Dubai Marina.
Of course! For investors, the UAE Golden Visa is revolutionary, as this brings along stability, security, and all the privileges in store for long-term residency. Off-plan properties not only provide long-term affordability but also present a significant opportunity for capital appreciation upon project completion.
Invest in smart real estate to secure a Golden Visa and enjoy Dubai's thriving business climate, tax-free income, top-tier healthcare, and other lifestyle privileges while securing a valuable asset.
Buying an off-plan property is considered an intelligent way to actually secure a long-term residency with a successful investment in Dubai. With the strong legal framework of the UAE, flexible payment plans, and vast potential ROI, this could well turn out to be an opportunity one should not let go of.
Ready to make the leap? Get in touch with a reputable Dubai real estate agent for an off-plan property consultation that best fits your investment goals and budget. Book your Golden Visa today and enjoy the richness, safety, and lifestyle of Dubai.
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TRPE Real Estate is a company registered in Dubai, United Arab Emirates (License No. 999314) located at Office No 1001, Ascott Park Place, Sheikh Zayed Road, Dubai. We are regulated by the Real Estate Regulatory Agency (RERA) under office number 28357.
