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UAE Golden Visa Rule Change

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UAE Golden Visa

UAE Golden Visa Rules Eased: A Game-Changer for Dubai Real Estate Investors

Dubai real estate investors are set to benefit significantly from recent changes in the UAE Golden Visa rules, making it more accessible, as reported by leading property specialists. The modification involves a substantial relaxation of eligibility criteria, notably the removal of the AED1 million ($272,000) minimum down payment requirement for real estate investments.

The UAE government’s decision to eliminate the minimum down payment represents a groundbreaking shift in the Golden Visa program, marking it as a game-changer for investors in Dubai’s real estate market. Effective January 24, 2024, this move opens up new opportunities for investors to secure a 10-year residency visa.

Key Changes in the UAE Golden Visa Program:

1. Elimination of Minimum Down Payment: The significant change is the removal of the AED1 million ($272,000) minimum down payment requirement for property investments to qualify for the Golden Visa.

2. Revised Qualification Criteria: Investors can now qualify for the Golden Visa by owning a property worth AED2 million ($545,000) or more, regardless of the down payment amount and the property’s status (off-plan, completed, mortgaged, or not mortgaged).

3. Flexible Property Choices: This means that investors opting for properties valued at AED2 million ($545,000) or above can access long-term residency in the UAE, presenting a valuable opportunity to be an integral part of the vibrant community.

4. 10-Year Residency: The Golden Visa, valid for 10 years and renewable under the same terms, offers investors an extended period to immerse themselves in the UAE’s community and foster their investments.

Eligibility Criteria for UAE Golden Visa for Real Estate Investors:

To be eligible for a UAE Golden Visa under the revised rules, real estate investors must meet the following criteria:

1. Property Ownership Confirmation: Provide a letter from the land department of the respective emirate confirming ownership of one or more properties valued at no less than AED2 million ($545,000).

2. Loan Acquisition: Alternatively, investors can acquire a property through a loan from specific local banks approved by the competent local entity.

While the minimum payment requirement has been abolished, the final approval of the Golden Visa application is subject to the land department’s consideration on a case-by-case basis, ensuring a fair and individualized assessment of each applicant.

This significant modification aligns with the UAE’s commitment to enhancing its residency programs, offering a more attractive environment for real estate investors. As the UAE continues to evolve, these changes aim to boost investor confidence, stimulate economic growth, and solidify the country’s position as an appealing destination for long-term investments.

For more information and personalized assistance, contact Al Kabban & Associates and speak to one of our many expert consultants in Dubai to assist you with all your Immigration Law and Golden Visa requirements.

Follow us on social media for more updates on everything law related in the UAE: @AlKabban_Law

Tags: UAE law, Immigration Law, Golden Visa, Dubai Real Estate, legal excellence, Al Kabban & Associates

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