The Dubai Land Dept. has released the eligibility criteria for property investors to get the Golden Visa of Dubai. The Golden Visa of Dubai is a 5-year Residency Visa.
To be eligible for the Golden Visa, the construction of the property should have been completed. Hence, property investors would need to wait for construction to be completed before they can apply for the Golden Visa.
The Dubai Land Dept. issued the first batch of Golden Visas last Thursday. 20 residency Visas were issued to property investors from over 12 countries.
Secondly, the Visa applicant should have paid completely for the property. The property should not have any registered mortgage on it.
Thirdly, the cost of the property should be at least Dh 5 million or more. The property should have been registered in the name of the Visa applicant.
In order to apply for the Golden Visa, the applicant should be physically present in Dubai. The Visa application has to be submitted in person to the Cube Office of the Land Dept. in Dubai.
The 5-year long Property Investment Visa has been rolled out to the public. This has been confirmed by the Cube Service Centre in Dubai, as quoted by The Gulf News.
To apply for the Golden Visa, property investors need to have the original title deed of the property. They will also need to carry their original passport.
The Visa fee for the Golden Visa is Dh 2,600. The fee includes the issuance of Emirates ID, Medical tests and the 5-year Visa issuance. The applicant will also need to procure health insurance. The cost of health insurance is approximately Dh 1,208 for those who are below 65 years of age. The cost of health insurance for those above 65 years of age is Dh 5,775.
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