Great news for investors is on the horizon! The Dubai Government has recently announced an easing of the conditions for obtaining the Golden Visa. L&D Immo Dubai is here to detail the updates to the eligibility criteria for Dubai’s Golden Visa and their impact on real estate investors.
What is the Dubai Golden Visa ?
As a reminder, the Dubai Golden Visa is a 10-year residency visa, available to real estate investors as well as certain professionals such as doctors, researchers, or artists. This valuable document offers a multitude of benefits, including guaranteed residency for the investor and their family for 10 years, the ability to open a bank account, and work in the UAE, among others.
What is the announced change regarding the Golden Visa ?
Dubai authorities have stated that any individual who has made a real estate investment of AED 2,000,000, approximately €500,000, is now eligible for the Golden Visa. This applies even if the investor has utilized a payment plan or taken out a loan. Previously, it was required for the investor to have paid at least €250,000 of the €500,000 required to obtain their Golden Visa. This requirement is now abolished. Thus, the investor can submit their Golden Visa application after fulfilling their first installment, settling their notary fees (DLD), and signing their final purchase contract.
What are the implications for investors ?
This revision of the Dubai Golden Visa acquisition criteria will allow investors to obtain their residency visa much more quickly. This change is also significant for investors using a mortgage. They will no longer need to have paid over AED 1,000,000 and can thus apply for their visa right after the transfer, provided that the property value exceeds AED 2,000,000.
What impact will this have on Dubai’s real estate market ?
This measure is expected to further boost investments, which are already very dynamic in the beginning of 2024. The Dubai Government has all the necessary tools to support or revitalize investors if needed. With this new investor-friendly provision, the Dubai Government once again reaffirms its ambition and objectives: to attract the wealthiest investors and promote their settlement in Dubai to contribute to the city’s demographic growth.
