The UAE Golden Visa program was established to offer 10-year residency, aiming to encourage exceptional individuals and foreign investors to build deeper ties with the country. This initiative reflects the UAE's commitment to attracting exceptional talent and stimulating foreign investment, thereby contributing to the country's economic growth. The program's benefits go beyond simple residency, offering beneficiaries long-term stability, the opportunity to develop projects, and the ability to actively participate in the UAE's economic and social dynamism. By encouraging individuals and investors to become more involved in the country's economic and social life, the UAE is strengthening its international appeal.
Dubai real estate Golden Visa: what has changed?
As part of its latest effort to make the GOLDEN VISA more accessible, the UAE has announced a major decision abolishing the requirement to pay a minimum down payment of 1 million dirhams ($272,294). Previously, real estate investors had to pay at least 50% of the minimum required value to apply for the Golden Visa, namely AED 2 million.
This significant change, abolishing the requirement for a real estate investment of at least 1 million dirhams, considerably broadens the eligibility base for obtaining the prestigious 10-year Golden Visa. It aims to encourage more residents and investors to build deeper ties with the UAE, thereby enhancing the program's appeal and stimulating the real estate market.
What are the changes for Golden Visa applicants in Dubai and the UAE?
The change to the eligibility criteria for the 10-year
Dubai Golden Visa applies exclusively to individuals wishing to apply for a residence visa based on a real estate investment.
Although the requirement for the property's value, set at a minimum of AED 2 million, remains unchanged, abolishing the initial payment criterion means that investors will no longer be required to pay a minimum of AED 1 million as proof of investment when applying for the Golden Visa.
This change was confirmed by the law firm BSA Ahmad bin Hezeem & Associates. The firm added that this change means investors may now be eligible for the Golden Visa if the value of the real estate is equal to or greater than AED 2 million, whether it is an off-plan, completed, mortgaged, or unmortgaged property.
In addition, a property valued at AED 2 million or more may be jointly owned, for example between spouses, but the applicant's share must be valued at AED 2 million.
The history of the Golden Visa for a real estate investor in Dubai
In recent years, the UAE, which represents the second-largest economy in the Arab world, has implemented various economic, legal, and social reforms. These reforms were introduced to stimulate foreign direct investment and attract skilled workers.
In 2019, the UAE introduced the Golden Visa program, offering visas valid for 10 years. This initiative aims to encourage exceptional workers and foreign investors to build closer ties with the country.
In 2022, adjustments were made to the golden residency initiative to simplify the eligibility criteria and expand the categories of beneficiaries.
For those who do not meet the eligibility criteria for the Golden Visa through real estate investment, the following other categories are available:
- Professionals
- Entrepreneurs and business owners
- Individuals with exceptional talents
- Scientists
- Outstanding students and graduates
- Healthcare workers
By facilitating access to the
Dubai Golden Visa, the government could proactively counter market slowdowns and ensure sustained growth. This initiative could not only attract new investors but also instill confidence among existing stakeholders, fostering a positive sentiment that could contribute to the long-term stability and vitality of the UAE real estate market.
If you believe you are eligible for the 10-year Golden Visa through your real estate investment, our firm offers its services for preparing and submitting your application to the authorities.
More information:
support@merritt.group.
