Applicants must submit documents including proof of investment and passport details to complete the process.
Foreigners investing in real estate in the UAE can obtain the coveted Golden Visa directly through property developers. According to industry experts, obtaining a long-term residency is simple and straightforward.
When Danube Properties launched its Dh350 million pyramid-shaped Gemz in Al Furjan, the company offered to process the Golden Visa for investors.
According to Imran Farooq, CEO of Samana Developers, the whole process takes less than two weeks and all processing fees are paid by the developer.
“Once clients select a project and unit, they need to transfer money through Escrow. Then we can register their title deed and apply for the Golden Visa. The applicant needs to submit documents including proof investment and passport details, to complete the process.
“If they need the Golden Visa for their family, they have to provide other documents like marriage certificates and birth certificates for their children. If the documentation is in order, the procedure takes very little time. plus, as the promoter, we pay all processing fees.”
Real estate investors can obtain long-term residency when purchasing property worth at least 2 million dirhams.
“This decision will greatly benefit the UAE real estate market,” said Imran Farooq. “I already have over 15 clients at various stages of application. Some of them choose to merge their properties so that they can apply for the visa. With the standard of living the UAE offers, it is very attractive to many people to get the Golden Visa here.”
According to Imran, the offer also has many international takers. “For many of our overseas clients, they can choose the property and the unit from the comfort of our home,” he said.
“There is no need to come to get the title deed. They just have to come to the UAE for a mandatory medical examination. This is a very convenient option for many. When these people move to the UAE , having a Golden Visa helps speed up the process of getting a bank account and other necessities.”
Ahmed Bin Mohammed Al Qassimi, CEO of SAAS Properties, said the Golden Visa initiative is “wonderful news” from a market perspective.
“This is especially the case for developers like SAAS, who build and sell homes in mostly freehold neighborhoods. Long-term residency options allow for quality and long-term ownership.”
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The UAE real estate market has seen a recovery lately. Long queues outside developer offices before projects launch have become commonplace again. Earlier this year, several highly anticipated properties sold out within hours of their launch.
Imran Farooq agreed with this view and said he noticed several positive trends in the market. “With each cycle, the market matures,” he said. “More and more end users are coming in and the investments from speculators are now very minimal. With each project launch, we see more first-time buyers, which is a very promising sign.”