The UAE government has made big changes to the Golden Visa rules, making it easier for investors to qualify. This is opening up exciting opportunities for those looking to invest in UAE real estate.
REMOVAL OF MINIMUM DOWN PAYMENT
The UAE government made a significant change to the Golden Visa program. Now, there's no longer a minimum down payment of AED1m ($272,000) for real estate investments. This opens up more opportunities for foreign real estate investments in the UAE.
EASIER ACCESS TO A 10-YEAR RESIDENCY VISA
Investors now have a great chance to enter the UAE market and get a 10-year residency visa due to this rule change.
Soliman Hossameldin, Director of Digital Marketing at D&B Properties, highlights the decision's significance. He says, "The UAE’s decision to eliminate the minimum down payment requirement is a game-changer for investors."
KEY RULE CHANGE DETAILS
On January 24, 2024, the UAE removed the minimum down payment for the property Golden Visa. Before, it was AED1 million ($272,000) or 50% of the property’s value.
Now, investors can qualify for a Golden Visa by owning a property worth AED2m ($545,000) or more, regardless of the down payment amount or the property’s status.
UNLOCKING LONG-TERM RESIDENCY
Investors choosing properties worth AED2m ($545,000) or more in the UAE can get a long-term residency opportunity. The Golden Visa lasts for 10 years and is renewable under the same terms. With this visa, investors can be an active part of the UAE community and expand their investments.
ELIGIBILITY CRITERIA FOR REAL ESTATE INVESTORS
To be eligible for a UAE Golden Visa under the revised rules, real estate investors must:
- Provide a letter from the land department of the respective emirate confirming ownership of one or more properties valued at no less than AED2m ($545,000).
- Acquire a property through a loan from specific local banks approved by the competent local entity.
Despite the removal of the minimum payment, the land department will still need to review and approve each Golden Visa application on an individual basis. This ensures a fair assessment for every applicant.
THE UAE'S GOLDEN VISA REVOLUTION
The UAE's Golden Visa rule adjustments offer an exciting investment opportunity going forward. Now, by removing the large down payment requirement, the opportunity is wide open. So, it's making the UAE even more attractive for investors.