Monday, April 22, 2024

Good News! UAE eliminates mandatory initial payment for property investors applying for Golden visas.

Share

In a groundbreaking move, Dubai has recently eliminated the previous Dhs1 million down payment requirement for individuals seeking to qualify for the coveted 10-year UAE Golden Visa through property investment, as reported by The National. 

This significant decision is poised to reshape the landscape for property investors, making the UAE Golden Visa accessible to a broader spectrum of individuals.

Under the revised criteria, prospective buyers must ensure that the property’s value surpasses Dhs2 million, a notable shift from the previous minimum down payment of Dhs1 million. This monumental change opens up new possibilities for property investors in Dubai, as the majority will now meet the criteria for the exclusive 10-year residency.

Matthew Gregory, the branch director at the real estate agency Betterhomes, shared insights on the revamped requirements: “You only have to buy a property worth Dh2 million, but you don’t have to hold equity of the same value. If you buy an off-plan unit, you need to pay the down payment, which for some is only Dh50,000, and be eligible for a visa.”

This move aligns with Dubai’s commitment to attracting global talent and fostering a thriving real estate market. The flexibility in down payment amounts, particularly for off-plan units, allows a more diverse range of investors to tap into the benefits of the UAE Golden Visa program.

Initially introduced by the UAE in 2019, the Golden Visa offers a 10-year renewable visa to individuals with exceptional talents, enabling them to live and work in the country under their own sponsorship. Over the years, the eligibility categories for the Golden Visa have expanded, facilitating more individuals to establish permanent roots in the UAE.

Notable personalities who have received the prestigious Golden Visa include football luminaries such as Cristiano Ronaldo, Paul Pogba, Luís Figo, and Roberto Carlos, along with tennis champion Novak Djokovic and Padraig Downey, Founder and Director of Danú Theatre.

Expanding Eligibility Categories for the UAE Golden Visa

The Visa remains attainable through alternative routes for those not venturing into real estate investment. Two additional categories offer diverse paths for eligible individuals:

C Level (Management) Golden Visa:

  • Monthly salary over Dhs30,000
  • Fully attested and translated degree
  • Six months bank statements
  • NOC from the current employer
  • Salary certificate
  • Identification documents

Special Talents Golden Visa:

  • Fully attested and translated degree
  • Proof of works
  • CV
  • Recommendation letter
  • Identification documents

This recent amendment to the UAE Golden Visa requirements reflects Dubai’s commitment to fostering a diverse and dynamic community, attracting talent from various fields and removing the Dhs1 million down payment barrier, positioning Dubai as an even more attractive destination for global investors and individuals seeking long-term residency.

As the real estate market adapts to these changes, Dubai continues to solidify its status as a global hub, offering unparalleled opportunities for individuals to invest in prime properties and secure a golden ticket to long-term residency in this dynamic city. Explore the possibilities and seize the chance to be part of Dubai’s thriving community and even gain citizenship by investment.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read more

Check Out