How to get Dubai Golden Visa with an Off-Plan Property?
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If you’re considering investing in Dubai real estate, you’ve probably heard the buzz about the UAE’s Golden Visa. This 10-year residency visa has been a game changer for many people who are looking to secure a long-term stay in Dubai, whether for business, personal reasons, or both. But there’s one question that keeps popping up, and that is: “Can I get a Golden Visa by buying an off-plan property in Dubai?”
It’s a question that’s made its rounds through many a conversation, and with good reason. After all, off-plan properties in Dubai offer a chance to purchase a property that’s still in the development phase, meaning you can buy at a potentially lower price than fully completed properties. So, can buying an off-plan property also qualify you for the UAE’s coveted Golden Visa? The answer, as it turns out, is yes!
In this article, we’ll walk you through everything you need to know about qualifying for the Golden Visa through off-plan properties, why it’s a game changer, and what steps you need to take to ensure you qualify.
What is the UAE Golden Visa?
Before we dive into the specifics of off-plan properties, let’s take a moment to break down what the Golden Visa is.
The UAE Golden Visa is a long-term residency visa that grants holders the right to live, work, and study in the United Arab Emirates for 10 years. It’s available to investors, entrepreneurs, specialized talents, researchers, and outstanding students, among others. For real estate investors, obtaining a Golden Visa means that you can live in the UAE without needing to renew your visa every few years, as is the case with most other residency options.
What makes the Golden Visa so attractive is that it provides security and flexibility. Whether you’re looking to retire in Dubai, set up a business, or invest in the country’s booming economy, the Golden Visa opens up a world of opportunities.
The Big Question: Can You Qualify for the Golden Visa with an Off-Plan Property?
This is where things get a bit tricky. If you’ve been asking around, you’ll get a range of answers. Some real estate brokers will tell you, “No, it has to be a completed property.” Others will say, “Maybe, depending on the developer.” And some might just throw their hands up and say, “I don’t know, ask the developer!”
The truth is, when the Golden Visa program first launched, it was primarily targeted at investors purchasing fully completed properties. The idea was that you were investing in something tangible, something that was already contributing to the UAE’s real estate market. However, as time has passed and the program has matured, the eligibility requirements have evolved.
Now, the answer is clear: Yes, you can qualify for the Golden Visa by purchasing an off-plan property in Dubai. But there are a few things to keep in mind.
Key Criteria for the Golden Visa
Whether you’re buying an off-plan property or a fully completed one, there are some important factors to remember when applying for the Golden Visa through real estate investment.
1. Property Value
To qualify for the Golden Visa, the value of the property you purchase must be at least 2 million dirhams (approximately $545,000 USD).
If you’ve purchased an off-plan property and the value has increased over time—say, you bought it for 1.7 million dirhams, but now it’s worth 2 million—you can still qualify for the visa. Conversely, if the property value decreases (for example, you bought it for 2 million dirhams, but now it’s worth 1.9 million), you still might be eligible. Essentially, the initial purchase price or current market value can qualify you, as long as it meets the 2 million dirham minimum threshold.
2. Payment Stage
With off-plan properties, you don’t have to wait until the property is 100% complete to qualify for the Golden Visa. In fact, some developers allow you to apply for the visa even if the property is in the early stages of construction.
For instance, one of our clients, Peter, was able to qualify for his Golden Visa by purchasing an off-plan property that was in its launch phase. The property was still in the desert, with no construction started yet. All Peter had to do was put down an initial deposit, and just a few weeks later, he had his Golden Visa in hand.
This is huge because traditionally, many people believed that you needed to wait until the property was at least 50% built before you could apply for the Golden Visa. Now, developers are more flexible, allowing you to apply for the visa as soon as you’ve made your purchase.
3. Developer’s Knowledge
It’s important to note that developers may not always have the full details about Golden Visa eligibility for off-plan properties. When we reached out to several developers about whether they knew anyone who had received a Golden Visa for an off-plan property, the response was often, “We don’t know, we’ve never had that situation.”
This uncertainty is one of the main reasons why many people are confused about the process. Developers are primarily focused on selling properties and often don’t deal directly with the residency applications. That’s where our team at GenZone comes in—we help guide you through the entire process, from property purchase to visa application, ensuring everything goes smoothly.
Real-Life Case Studies: How People Are Getting Their Golden Visas
To give you a better idea of how the process works in practice, let’s look at some real-life case studies of clients who have successfully obtained their Golden Visa by purchasing off-plan properties.
1. Client 1: 50% Completion Stage
Our first case study involves a client who bought an off-plan property that was around 50% complete at the time of purchase. We applied for the Golden Visa, and within a short time, the client received their 10-year residency permit.
This is a more traditional scenario, where the property was already well into its construction phase, and we were able to complete the process efficiently. The client was able to convert their existing employment visa to a Golden Visa, making the transition smooth and quick.
2. Client 2: Property in Launch Phase
Our second case study is a bit more groundbreaking. Peter, who purchased a property that hadn’t even broken ground yet, was able to qualify for the Golden Visa. All he had to do was sign the Sale and Purchase Agreement (SPA) and make his initial down payment of approximately 25%. Even though the property was still in the early launch phase, he received his Golden Visa just weeks later.
This was a game-changing scenario because it showed that the Golden Visa is not restricted to properties that are half-built or fully constructed. As long as the value of the property meets the minimum threshold, you can apply for the visa at any stage of the development process.
The Payment Process for Off-Plan Properties
One of the best parts about qualifying for a Golden Visa through an off-plan property is the flexibility in payments. When you buy an off-plan property, you don’t need to pay for the entire property upfront.
For example, Peter’s initial payment was about 25% of the property’s value, which for a 2.45 million dirham property amounted to roughly 600,000 dirhams (about $163,000). This deposit is enough to get the Golden Visa process started. The remainder of the payments is made as the property progresses through its construction phases.
If you’re planning to buy a property for 2 million dirhams or more, the initial payment will be a fraction of that amount—typically around 20-25%. The rest is paid off in installments as the property gets closer to completion. This is a much more affordable way to qualify for the Golden Visa without having to pay the full amount upfront.
Benefits of the Golden Visa
Now that you know how to qualify for the Golden Visa through an off-plan property, let’s take a look at some of the key benefits of owning one:
10-Year Residency: The Golden Visa grants you a 10-year residency, which is renewable. This means you don’t have to worry about renewing your visa every couple of years.
Work & Live in Dubai: You have the right to work, live, and study in the UAE. This is a great option for entrepreneurs or investors who want to establish a presence in the country.
Tax Benefits: While owning a Golden Visa doesn’t automatically grant you tax residency, it does allow you to apply for tax residency. This could be an attractive option for those looking to take advantage of Dubai’s tax-free environment.
Investment Opportunities: With a Golden Visa, you’re free to invest in Dubai’s thriving economy. This includes real estate, business ventures, and other opportunities.
Healthcare & Education: Golden Visa holders can access the UAE’s high-quality healthcare and education systems, making it an attractive option for families looking to settle in the country.
Conclusion
In conclusion, yes—you can qualify for a UAE Golden Visa by purchasing an off-plan property in Dubai. This is a huge development, as it opens up new opportunities for those looking to secure long-term residency in the UAE. Whether you’re buying a property that’s already halfway through construction or investing in a brand-new development, you can apply for the Golden Visa once you meet the 2 million dirham minimum requirement.
The process may still be evolving, and not all developers may be aware of the new rules, but with the right guidance and support, you can smoothly navigate the process and secure your residency in one of the world’s most exciting cities. If you’re considering this route, feel free to book a free consultation with GenZone—we’ll help you from start to finish, ensuring that your journey to a Golden Visa is as seamless as possible.
Are you ready to make Dubai your new home? Let’s get started!
