UAE announces new statement regards Golden Visa for Dubai real estate investors
Changes to the UAE Golden Visa rules have been hailed as a "game-changer" for real estate investors in Dubai, with significant easing of eligibility requirements for property investors.
The government of the UAE has made a groundbreaking announcement by removing the AED1 million ($272,000) minimum down payment for real estate investments, presenting a golden opportunity for investors to access the thriving UAE property market and secure a 10-year residency visa.
Soliman Hossameldin, Director of Digital Marketing at D&B Properties, emphasised the impact of this decision, stating that the elimination of the minimum down payment requirement is a game-changer for investors. The move is expected to foster a more inclusive and dynamic real estate landscape by allowing a broader range of individuals to participate in the Golden Visa programme.
It is now easier for investors to qualify for the Golden Visa programmeme because the UAE eliminated the minimum down payment criterion for the programmeme on January 24, 2024. Currently, investors who possess a property valued at AED2 million ($545,000) or more can apply for a Golden Visa, regardless of the amount of the down payment or the state of the property (finished, off-plan, mortgaged, or not mortgaged).
With the Golden Visa, which is good for ten years and renewable under the same conditions, investors who choose to purchase properties valued at AED 2 million ($545,000) or more can now take advantage of long-term residency benefits in the United Arab Emirates. This action is anticipated to draw a wider range of investors to the UAE real estate market.
The new regulations indicate that in order for real estate investors to be qualified for the Golden Visa, they must present a document from the land department of the relevant emirate attesting to their ownership of one or more properties worth at least AED2 million ($545,000). Another qualifying requirement is purchasing a house with a loan from particular local banks that has been authorised by the relevant local authority.
While the minimum payment requirement has been eliminated, the final approval of the Golden Visa application is subject to the land department's consideration on a case-by-case basis, ensuring a fair and personalised assessment for each applicant.
