The United Arab Emirates (UAE) recently made a significant move in its efforts to attract more residents and investors who seek to establish stronger connections with the nation. In a bid to promote property investment in the UAE and foster economic progress, the country has canceled the Dh1 million ($272,294) minimum down payment for individuals seeking to meet the criteria for a golden visa via property investments. This blog delves into the updated UAE golden visa policy and its potential impact on property investment.
The UAE Golden Visa:
It has proven to be a game-changer for entrepreneurs, investors, and professionals from diverse sectors aiming to make significant contributions to the flourishing economy of the country. Introduced in 2019, this golden visa provides numerous advantages for long-term residency and serves as a gateway for individuals to establish a solid presence in the UAE, enabling them to actively pursue their business endeavors and achieve their career ambitions. In 2022 to streamline the qualifying requirements and broaden the scope of beneficiaries.
Primary Benefits of UAE Golden Visa under New Policy
- Have the freedom to stay outside the UAE for as long as they need.
- May sponsor their children and spouse, regardless of their age.
- Can sponsor any number of domestic workers.
- Family members may remain in the UAE until the expiration of their residency permit if the original visa holder passes away.
Who Qualifies for the 10-Year Golden Visa Under New Policy?
The golden visa is now accessible to a broad spectrum of individuals, including:
- Investors: Those who invest in the UAE and contribute to its economic prosperity, can apply for the visa if they buy a property worth Dh2 million.
- Entrepreneurs: Visionaries who bring innovation and contribute to job creation:
-should own or be a partner in a UAE-registered start-up.
-A small to medium-sized business must generate at least Dh1 million in revenue annually.
- Skilled Professionals: Those with an equivalent bachelor’s degree who are employed and earning more than Dh30,000 per month.
- Exceptional Talents: Recognized individuals in fields such as science, arts, culture, digital technology, inventions, innovations, and other vital professionals regardless of education, employment, salary, or professional level and must be approved or recommended by a government entity.
- Scientists and Professionals: high-caliber scientists and researchers in the field based on recommendations from the council of scientists in the emirate.
- Outstanding Students and Graduates: Recognizing academic excellence.
- Property Investors: Investors who purchase a property for Dh2 million are eligible to apply for a visa. Purchase one or more off-plan properties from companies that have been approved, or use a loan from a specific local bank to buy real estate.
- Humanitarian Pioneers: Individuals engaged in humanitarian efforts.
- Frontline Heroes: Recognizing the contributions of those at the forefront of crucial services.
Cancellation of Minimum Down Payment Requirement
A notable advancement in the golden visa program involves the cancellation of the minimum down payment for property investors. Previously, eligibility for a golden visa through property investment necessitated a substantial amount of Dh1 million. With the recent policy revision, investors can now explore property investment opportunities without a minimum down payment burden.
Advantages of the New UAE Property Investment Policy
- The removal of minimum down payment requirements has made the UAE real estate market more accessible to prospective buyers.
- Allows investors to diversify their investment portfolios without significant initial capital outlay, enabling long-term capital appreciation and risk mitigation.
- Due to reduced financial constraints, the UAE real estate market offers higher returns on investment, thereby providing an advantageous opportunity for individuals aiming to accumulate wealth and secure a steady income stream.
- Boost the economy by attracting a more diverse pool of investors with varying levels of capital. The increase in investment has the potential to stimulate demand, increase property values, and fuel the growth of ancillary industries.
In the UAE’s evolving landscape, opportunities abound, making it a prime location for development, innovation, and prosperity.