Overview
Property Description
Real estate investment in the United Arab Emirates not only represents a high-yield investment but also offers residency for those who desire it! The UAE Golden Visa provides the opportunity for property investors to apply for residency for 2-5 years, depending on the investment amount. The maximum duration of residency, the Golden Visa, is attainable through the purchase of real estate valued at 2,000,000 AED or more.
Aquiring Golden Visa with property investment
Our case
As a businessman, Daniel decided to relocate his life and his IT sector business to Dubai to take advantage of the strong economic environment, favorable tax conditions, and attractive living conditions. The UAE actively supports business operations by providing a favorable VAT environment, tax exemptions for income, dividends, etc. Considering the personal and business advantages, Daniel opted for the move to Dubai and set a goal to obtain the maximum 5-year visa (Golden Visa), which requires a minimum investment of 2,000,000 AED. The required amount for visa application can be achieved through the purchase of multiple separate properties and can be extended before expiration.
Daniel gains numerous benefits from settling in Dubai, both on a personal and professional level. He can expand his network of business partners, as Dubai is a hub for high-quality business life. He can access local healthcare and educational institutions, open a bank account, and establish savings accounts, among other amenities. His business can further profit from the UAE’s favorable tax environment, such as no VAT, income tax, dividend tax, and a corporate tax rate of 9%, among other advantages. It’s not surprising that 80% of the United Arab Emirates’ residents are foreigners.
Golden Visa application process
1. Preliminary Check (Due Diligence): Applicants must undergo a thorough examination of their financial and other backgrounds to ensure the suitability for the visa.
2. Property Purchase
3. Required Documents: Passport, ID photo, property title deed, police and health compliance certificates, insurance.
4. Health Check: Mandatory examination for all visa applicants, with a cost of approximately $220.
5. Visa Processing: The evaluation of visa applications typically takes 5-7 days.
Property Overview
Property type: Apartment
Location: Aykon Tower, Business Bay, Dubai
Size: 2 bedrooms, 83 m2
Purchase price: 2,259,000 AED ($615,112)
Location
The impressively designed multi-story towers boast a strategic location at the intersection of Dubai’s two main transportation arteries: Sheikh Zayed Road and the Dubai Water Canal. Apartments overlooking the Dubai Canal open up a world of luxury living in one of Dubai’s most prestigious quarters. Situated in the bustling part, surrounded by iconic landmarks like the world-renowned attractions of the Burj Khalifa district, Business Bay, and the Dubai International Financial Centre. On the other side of Sheikh Zayed Road lies the evergreen Safa Park, along with City Walk and Box Park urban leisure destinations. This development will appeal to anyone seeking a luxurious lifestyle seamlessly connected to the vibrant urban lifestyle, as Dubai’s main attractions are just minutes away.
The project commenced in 2016 and was originally planned to consist of six mixed-use buildings, incorporating upscale hotels, private residences, offices, and commercial spaces. However, the concept has evolved, and today AYKON City is represented by two completed towers connected by a podium.
The 80-story AYKON City Serviced Apartments, also known as Tower B, houses a 324-room DAMAC Maison de Ville Hotel on its upper floors, while the remaining levels offer 964 studios and 1-3 bedroom apartments. Tower C, also known as AYKON City Luxury Residences, where Dániel chose his apartment, is a 53-story building featuring studio apartments, 1–3 bedroom residences, and duplexes. Each property type is available in multiple floor plans, all designed with unparalleled luxury.
Real estate purchase process
The minimum investment value for a 2-year visa application is 750,000 AED, while for a 5-year visa, a minimum investment of 2,000,000 AED ($544,500) is required. InvestDubai takes care of the entire process of purchasing and visa processing.
Costs associated with property purchase (approximate information):
- Property price: 2,259,000 AED ($615,112)
- Property purchase tax (transfer tax) 4%
- Registration fee ( appr. $1,000)
- Administration fee (appr. $150)
- Title Deed issuance fee (appr. $100)
Additional Benefits
If Daniel decides to seek another residence after the visa expires, he can sell or lease his apartment.
Expected appreciation: 15%
Annual rental income: between 150 and 180,000 AED
- Principal and Interest
- Property Tax
- HOA fee
