For The Sale Of Other Assets To Proceed, Visa Holders Should Submit Valuation Proof In Advance.
Property-linked if they ever plan to sell that asset, Dubai residents with Golden Visas must make certain of a few things. Long-term residency is connected to a specific ready property the applicant owns that is worth Dh2 million or more. This essentially means that the person’s visa is linked to the title deed for that specific property. If the person intends to sell that property, he must provide additional documentation. That is to support his decision to keep the 10-year visa status. In addition, it should already be complete because according to sources. The sale might stop because of the relationship between the title deed and the visa.
How Should Investors Behave?
To prove that their other real estate investments still total Dh2 Million or more, these property owners must present valuation certificates from the Dubai Land Department. The transaction can then go forward. According to an estate agent who has been advising clients on the necessary paperwork, if the minimum requirement of Dh2 million is not met, the property can only be sold after the visa has been revoked.
Holders of Golden Visas who are considering any type of sale transaction should be very aware of this. You should take steps carefully in advance. Because there are time constraints for any buy-and-sell in the real estate market. (For those with a five-year visa, the required level of property investment is Dh750000. Before, this cost Dh5 Million.) “What we are witnessing is a streamlining of the authorities’ processes.”
Visas and Off-Plan
According to sources, the golden visa requirements for future property investment are clear. “Off-plan property investors who fulfill the requirements for the visas are in contact with developers and estate agents,” the agent continued.