Recent adjustments to the UAE Golden Visa regulations are poised to revolutionize opportunities for real estate investors in Dubai. Notably, the removal of the AED1 million ($272,000) minimum down payment requirement signals a significant shift, effectively lowering barriers to entry and opening avenues for long-term residency.
Effective January 24, 2024, these changes pave the way for investors to secure a 10-year residency visa, marking a transformative moment in the Golden Visa program. Key alterations include:
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Elimination of Minimum Down Payment: The requirement of a minimum down payment of AED1 million ($272,000) for property investments to qualify for the Golden Visa has been abolished.
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Revised Qualification Criteria: Investors now qualify for the Golden Visa by owning a property valued at AED2 million ($545,000) or more, irrespective of the down payment amount or the property’s status.
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Flexible Property Choices: Investors opting for properties valued at AED2 million ($545,000) or above gain access to long-term residency in the UAE, fostering integration into the vibrant community.
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10-Year Residency: The Golden Visa, valid for 10 years and renewable under the same terms, provides investors with an extended period to engage with the UAE community and nurture their investments.
Eligibility Criteria for UAE Golden Visa for Real Estate Investors include:
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Property Ownership Confirmation: Providing a letter from the land department confirming ownership of one or more properties valued at no less than AED2 million ($545,000).
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Loan Acquisition: Alternatively, investors can acquire a property through a loan from specific local banks endorsed by the competent local entity.
While the elimination of the minimum payment requirement streamlines the process, final approval of the Golden Visa application remains subject to the land department’s case-by-case consideration, ensuring fairness and individualized assessment.
These modifications underscore the UAE’s commitment to enhancing residency programs, fostering a more appealing environment for real estate investors. As the UAE continues to evolve, these changes aim to bolster investor confidence, spur economic growth, and cement the country’s status as a prime destination for long-term investments.
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