New Update to UAE Golden Visa Requirements

The UAE has recently made significant updates to the Golden Visa requirements, particularly benefiting property investors. These changes are part of the country’s ongoing efforts to attract long-term residents and bolster its real estate market. Here’s everything you need to know about the latest updates and how they may impact your eligibility for the Golden Visa.

What is the UAE Golden Visa?

The UAE Golden Visa is a long-term residency visa that allows foreign nationals to live, work, and study in the UAE without needing a national sponsor. The visa, which can be valid for up to 10 years, is granted to investors, entrepreneurs, specialized talents, researchers, and outstanding students, among others.

Key Update: No Minimum Down Payment Requirement

One of the most notable changes in the Golden Visa regulations for property investors is the cancellation of the minimum down payment requirement. Previously, to qualify for a Golden Visa under the property investor category, applicants were required to make a minimum down payment of 50% on a property valued at AED 2 million or more. This requirement has now been removed, making it easier for investors to secure a Golden Visa.

New Eligibility Criteria for Property Investors

With the removal of the down payment requirement, the UAE government has introduced new criteria that property investors must meet to be eligible for the Golden Visa. Here are the updated requirements:

1. Property Value: Investors must own one or more properties in the UAE with a total value of at least AED 2 million (approximately USD 545,000).
2. Property Ownership: The property or properties must be fully owned by the investor. Mortgaged properties are also eligible, provided the investor’s equity in the property meets the minimum value requirement.
3. Property Type: Both residential and commercial properties are eligible, offering flexibility to investors in different sectors.
4. Joint Ownership: Properties jointly owned by spouses can be considered, provided the combined value meets the minimum requirement of AED 2 million.

Benefits of the Golden Visa for Property Investors

The Golden Visa offers several benefits to property investors, including:

• Long-term Residency: A visa valid for up to 10 years, with the possibility of renewal.
• Family Sponsorship: The visa holder can sponsor their spouse, children, and even domestic staff.
• Ease of Travel: The Golden Visa allows for multiple entries and extended stays outside the UAE without affecting the visa’s validity.
• Business Opportunities: The visa facilitates business operations and investments within the UAE, with no requirement for a local sponsor.

How to Apply for the Golden Visa

The application process for the Golden Visa has been streamlined to ensure ease and efficiency. Investors can apply through the UAE’s Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) or the General Directorate of Residency and Foreigners Affairs (GDRFA) in Dubai. The necessary documents include property ownership certificates, proof of investment value, and personal identification documents.

The recent updates to the UAE Golden Visa requirements represent a significant shift in the country’s approach to attracting long-term residents and investors. By removing the minimum down payment requirement, the UAE has made the Golden Visa more accessible to property investors, further enhancing its appeal as a premier destination for global investment.

For more information on how to apply for the UAE Golden Visa or to explore investment opportunities in Dubai, contact Prism 7 Corporate Services today. Our team of experts is here to guide you through every step of the process.