The UAE government has updated the eligibility criteria for real estate investors, eliminating the previous requirement of an initial payment of at least AED 1 million for obtaining a Golden Visa. According to recent reports, property owners with assets valued over AED 2 million who choose a payment plan or mortgage can now apply for a 10-year residency visa without needing to make an upfront payment.
What is the Golden Visa?
The Golden Visa is a service provided by the Federal Authority for Identity and Citizenship, Customs, and Port Security. This service allows eligible individuals to apply for long-term residency ranging from five to ten years. The Golden Visa aims to attract investors who commit their funds to the UAE, entrepreneurs with economic projects, talented or innovative individuals in various fields of science, knowledge, or sports, elite students with a GPA of 3.8 or above from accredited schools or universities, as well as PhD holders, doctors, engineers in computer engineering, electronics, programming, electrical engineering, biotechnology, and specialists in artificial intelligence, big data, or epidemiology and virology.
Benefits of the Golden Visa
The Golden Visa system offers several advantages, including a 10-year residency that automatically renews without the need for a sponsor. This visa also extends to long-term visas for spouses and children, as well as families of outstanding students.
Impact of the Update on Real Estate Investment
The recent change in the Golden Visa initial payment requirement is expected to significantly impact real estate investors. By removing the 20% initial payment requirement, the UAE is likely to attract more foreign investors to the real estate market. This change will make it more affordable for individuals to invest in the UAE's real estate sector and obtain a Golden Visa. Consequently, the UAE real estate market is anticipated to experience increased interest and activity, leading to new opportunities for growth and development.
Eligibility and Requirements for the Golden Visa in the UAE
Under this program, foreign investors—both “resident investors” and “visitor investors”—who invest in the real estate sector in Dubai are eligible for residency of up to 10 years. To qualify for the Golden Visa, applicants must meet certain criteria established by the UAE government for various categories. While specific requirements may vary by category, common eligibility criteria apply to all applicants.
Applicants must be at least 18 years old and of good conduct, and they must provide proof of a clean criminal record. The program aims to enhance the business climate and attract foreign direct investment to support economic development and global competitiveness for the emirate.
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