Dubai: Property-linked Golden Visa holders in Dubai need to make sure they get a few things right if they intend to sell that asset at any point.
“Their being granted the long-term residency is linked to a particular ready property they own that's valued at Dh2 million or over,” said an industry source. “In effect, this means the title deed on that particular property is linked to the individual’s visa.
“If the individual is planning to sell that property, he has to make sure to submit other supporting documents to justify retaining the 10-year visa status.”
And this has to be done in advance as well, because the sale could end up being blocked because of the title deed’s linkage to the visa, sources add.
What should investors do?
These property owners have to provide valuation certificates issued by the Dubai Land Department to affirm that their other property investments still add up to Dh2 million or plus. Only then can the sale proceed.
“In the event that the minimum threshold of Dh2 million is not met, then the property's sale can happen only after the visa gets cancelled,” said an estate agent, who has been advising clients on the formalities to be completed. “Golden Visa holders planning any sale transaction should be acutely aware of this. There are time sensitivities to any buy-and-sell in the property market, which is why all steps should be taken well in advance.” (For the 5-year visa holders, the property investment level to be maintained is Dh750,000. This was earlier Dh5 million.)
"What we are seeing is a streamlining of procedures by the authorities."
Offplan and visas
Going forward, the guidelines on acquiring and retaining property investment linked Golden Visas will be clearer, sources say. “Developers and estate agents are in contact with offplan property investors who meet the requirements for the visas,” the agent added.