Assessing the Influence of the Golden Visa UAE Program on Dubai’s Real Estate Market in 2024

Analysts suggest that revisions to the regulations governing the Golden Visa UAE program could usher in new opportunities for real estate investors in Dubai. National property specialists emphasize that the transformative changes in the Golden Visa UAE regulations are poised to significantly expand the landscape for real estate investment in Dubai. Aimed at fostering greater investor participation in the real estate sector and fostering stronger ties with local communities, the UAE government recently announced the elimination of the previous requirement of a 1,000,000 AED minimum down payment to qualify for a Golden Visa UAE through real estate investment.

Owners of properties valued at 2,000,000 AED or more are now eligible to apply for a Golden Visa UAE

Under the updated regulations, owners of properties valued at 2,000,000 AED or more are now eligible to apply for a Golden Visa UAE, irrespective of the down payment amount or the property’s status (whether off-plan, completed, mortgaged, or unmortgaged). Praised as a “Game Changer” by local real estate specialists, this move is expected to “open doors for a diverse range” of investors in the UAE real estate market.

This shift makes the Golden Visa UAE accessible to a broader spectrum of individuals, fostering an inclusive and dynamic real estate market. Such inclusivity not only bolsters the overall growth and prosperity of the UAE economy but also provides advantages to foreign investors. Notably, the off-plan real estate sector stands to gain the most from these changes. The government’s recent decision to remove the minimum investment requirement for qualifying for a Golden Visa UAE may incentivize more prospective buyers to engage in real estate investments. The off-plan category particularly stands out due to increased competition driven by a notable surge in new launches.

What exactly is a Golden Visa for the United Arab Emirates?

The Golden Visa UAE is a long-term residence visa program that offers foreigners the opportunity to live, work, or study in the UAE with exclusive benefits, including:

  • A six-month multiple-entry visa that can be utilized to apply for a residence permit.
  • A long-term, renewable residence permit valid for either five or ten years.
  • Permission to stay outside the UAE for longer than six months while maintaining the validity of the residence visa.
  • The ability to sponsor spouses, children of any age, and other family members.
  • The authorization to sponsor an unlimited number of domestic helpers.
  • In case of the principal Golden Visa UAE holder’s demise, the permission for family members remains valid until the expiration of their permits.

Regarding the property requirements for the Golden Visa UAE, eligibility criteria vary depending on whether the applicant is an entrepreneur, investor, or possesses unique skills.

According to the revised regulations, real estate investors must:

  • Provide a letter confirming ownership of one or more properties valued at a minimum of 2,000,000 AED from the respective emirate’s land department.
  • Purchase a property using a loan from a specific local bank authorized by the relevant municipal authority. Although the minimum payment requirement has been eliminated, the land department will still review each Golden Visa UAE application individually before granting final approval.

Applications for a UAE Golden Visa can be submitted at various locations, including the Abu Dhabi Residents Office, Authorized Typing Centers, Customer Happiness Centers, GDRFAD Website, ICP Official Website, and UAEICP Phone Application.

The application process for a UAE real estate investor Golden Visa involves the following steps:

  • Online Application: Begin by visiting the ICP Smart Services website, select the Golden Visa UAE services, complete the application form, submit the necessary documents, and cover the associated fees. Upon completion, you will receive confirmation of your application.
  • Customer Satisfaction Center: Visit the nearest center, obtain a ticket to join the queue, submit the required documents to the officer, and pay the service fees if applicable.
  • Typing Center Application: Visit an approved typing center, submit your complete application and supporting documents, and pay the applicable fees.

As for the eligibility criteria for real estate investors to obtain a Golden Visa UAE:

  • Minimum Investment: Individuals investing 2,000,000 AED or more in real estate qualify for a ten-year renewable Golden Visa UAE. However, the investment can only be spread across three properties.
  • Shared Ownership: Co-owners of a property valued at 2,000,000 AED or more can also qualify for a ten-year visa, whether they are relatives or unrelated. This applies to married couples who jointly own property worth more than 2,000,000 AED, even if their individual shares are less than 2,000,000 AED each.
  • Off-Plan Properties: Investors may apply for a visa under specific guidelines if the property is off-plan and costs 2,000,000 AED or more. Approval depends on the developer’s and project’s credibility.
  • Named Properties: Even if an investor owns a property with a mortgage of at least 2,000,000 AED, they remain eligible to apply for a Golden Visa UAE, unaffected by the amount paid by the investor.

In addition to the required evidence of ownership and property value in the UAE, applicants must provide:

  • A passport and an electronic title certificate or title deed.
  • A selfie with a UAE ID.
  • A copy of the resident’s current permit.

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