Golden Visa Property Purchase Rules For Joint Owners In Dubai – Your Path To Residency!

The UAE Golden Visa has become an attractive option for foreign investors, offering long-term residency for individuals who meet specific investment criteria, including property ownership in Dubai. However, for joint owners looking to purchase property as part of their Golden Visa application, specific guidelines must be adhered to. 

Stay tuned with us, we’ll explore the ins and outs of the Golden Visa property purchase rules for joint owners in Dubai, including detailed breakdowns for both married couples and non-spouse co-owners.

What Is The UAE Golden Visa?

The UAE Golden Visa offers long-term residency for investors, skilled professionals, and their families, allowing them to live, work, and invest in the country without a national sponsor.

Key Benefits Of The Golden Visa:

• Long-term residency without the need for a local sponsor
  
• Full rights to own property in Dubai and other emirates
  
• Access to healthcare and education in the UAE
  
• Permission to invest in the UAE’s thriving business ecosystem

The Route to Golden Visa: Property Investment

One of the easiest ways to qualify for a UAE Golden Visa is by investing in property, especially in Dubai. To be eligible, the property investment needs to meet a certain value threshold. Joint ownership introduces some complexities to the process, which we’ll break down.

Key Requirements For Joint Ownership Under The Golden Visa – Need To Know!

To qualify for the UAE Golden Visa through property investment, the key requirement is meeting the AED 2 million threshold. Here’s how it works for joint ownership:

Spouses: Joint Ownership and the AED 2 Million Threshold

• Combined Investment: Both spouses can apply if their joint property investment totals AED 2 million or more.
  

• Marriage Certificate: A legally attested marriage certificate is required.

• Share Value: The total value of their shares must meet or exceed AED 2 million.

Example: A couple purchasing an AED 3 million property qualifies for the Golden Visa if their combined share is at least AED 2 million.

Non-Spouses: Business Partners and Siblings

• Independent Qualification: Each non-spouse must independently meet the AED 2 million threshold.
  

• Separate Applications: Each individual submits their own Golden Visa application.
  

• No Marriage Requirement: No need for marriage certificates, but ownership documentation is required.

Example: Two business partners owning a AED 4 million property must each invest at least AED 2 million and apply separately.

How Is The Property Valuation Determined For The Golden Visa?

To qualify for the Golden Visa, the property must be valued at a minimum of AED 2 million. Typically, the property’s sale price determines its value. However, if the property is older or its value is unclear, a RERA (Real Estate Regulatory Authority) valuation certificate may be required to confirm that it meets the AED 2 million threshold.

For properties older than five years, an official valuation is necessary to ensure compliance. This certificate acts as an official confirmation that the property’s value is accurate and aligns with the Golden Visa requirements.

Additional Considerations For Joint Property Ownership – Key Factors To Know!

When applying for a Golden Visa based on joint property ownership, there are a few other important factors to keep in mind:

Mortgaged Properties and NOC Requirements:

If the property you are purchasing is mortgaged, you will need a No Objection Certificate (NOC) from the bank. This is required to ensure that the financing bank has no objections to your application for the Golden Visa.

Documentation Needed for the Application:

Regardless of whether you are applying as a married couple or as business partners, the following documents are typically required for the Golden Visa application:

• A valid passport
  
• Title deeds for the property
  
• A legally attested marriage certificate (for spouses)
  
• Property valuation certificate (if applicable)

DLD and ICP Guidelines:

The Dubai Land Department (DLD) and Federal Authority for Identity and Citizenship (ICP) oversee property valuations and residency requirements. These agencies ensure the property meets the necessary standards and confirm the eligibility of the applicants.

What Are The Key Benefits Of The Golden Visa For Joint Property Owners?

Joint property owners can benefit from the Golden Visa in several ways:

• Long-term residency: Enjoy a 5- or 10-year visa, renewable upon meeting the conditions.
  
• Ownership rights: Both spouses or partners have the legal right to own property in Dubai, which is a privilege that many expats can’t access without the Golden Visa.
  
• Family benefits: The Golden Visa allows family members to join the primary applicants under certain conditions.
  
• Business opportunities: It offers entrepreneurs and investors the chance to tap into Dubai’s thriving business ecosystem.

Challenges Of Joint Property Ownership For The Golden Visa And Solutions – Don’t Miss Out!

Joint property ownership for the Golden Visa can present a few challenges, particularly when it comes to meeting the AED 2 million investment threshold. For non-spouses, each owner must independently meet this requirement, which may be difficult if the property value is not evenly distributed. Additionally, discrepancies in property valuation can cause delays, especially for older properties. Mortgaged properties add complexity, as a No Objection Certificate (NOC) from the bank is necessary.

How To Overcome These Challenges:

• Clear Agreements Among Joint Owners: Ensure all parties understand the investment responsibilities and share the AED 2 million threshold.
  
• RERA Valuation Certificates: Seek official property valuations for older properties to avoid discrepancies in value.
  
• Communication with the Bank: Stay in close contact with your bank to ensure a smooth process for NOC and mortgage-related documents.

FAQs:

Do I need a property valuation certificate for older properties?

Yes, properties older than five years typically require a RERA valuation certificate to confirm they meet the AED 2 million requirement. This ensures that the property’s value is accurately assessed for the Golden Visa eligibility.

Is a legally attested marriage certificate required for joint property ownership applications?

Yes, if the property is jointly owned by spouses, a legally attested marriage certificate is required. This document is used to verify the relationship and ensure both parties are eligible for the Golden Visa.

Do I need to submit my passport to apply for a Golden Visa?

Yes, a valid passport is a necessary document for your Golden Visa application. It is required, along with other documentation like title deeds and property valuation certificates, to verify your eligibility.

Can a property in another emirate be used for a Golden Visa application?

Yes, properties in other emirates can qualify for the Golden Visa if they meet the AED 2 million threshold. The rules for property valuation and ownership apply similarly across the UAE.

Conclusion:

The UAE Golden Visa offers a unique opportunity for joint property owners to secure long-term residency in Dubai. By understanding the rules regarding property valuation, the AED 2 million threshold, and required documentation, joint owners, whether spouses or non-spouses, can ensure their eligibility. 

With clear guidelines in place, this process becomes more accessible for investors looking to make Dubai their home. Be sure to consult with legal experts to navigate the specifics of your application.