Recent modifications to the rules of the Golden Visa program in the UAE have sparked great interest among investors worldwide. In addition to reducing the minimum investment requirement from 2 million to 1 million dirhams, the Emirati government has also relaxed criteria for real estate investors in Dubai. In this article, we will delve into these changes in detail and their impact on potential investors and the Dubai real estate market.
Relaxation of criteria for real estate investors:
Previously, property buyers in Dubai were required to make a minimum down payment of 1 million dirhams to be eligible for the Golden Visa. However, the new governmental directives have removed this requirement, thus paving the way for a greater number of real estate investors to obtain long-term residency visas. Now, if the property's value exceeds 2 million dirhams, owners opting for a payment plan or mortgage can also apply for the long-term visa. This decision significantly broadens the scope of the Golden Visa and provides a valuable opportunity for real estate investors.
Application process:
Owners seeking to benefit from the Golden Visa must submit the property title deed, a letter from the developer or a mortgage document from the bank, along with a copy of their passport accompanied by a photograph. This flexible approach allows for consideration of properties under construction on an individual basis, thus opening the door to a greater variety of real estate investment options.
Benefits for buyers and end-users:
The removal of the minimum payment of 1 million dirhams opens the door to more buyers and end-users to obtain the Golden Visa. This change allows anyone with a mortgage on a property to apply for long-term residency, regardless of the initial amount paid. This represents a significant opportunity for a wide range of buyers and end-users in the Dubai real estate market.
Real estate market trends:
The relaxation of Golden Visa criteria comes at a time when the Dubai real estate market is experiencing a significant increase in prices. Real estate prices, especially in Dubai, have substantially risen over the past few years, reaching their peak in 2023. This increase, particularly in the luxury segment, has nearly doubled in some highly sought-after areas such as Palm Jumeirah and Downtown.
In conclusion, the recent modifications to the Golden Visa rules and the relaxation of criteria for real estate investors in Dubai offer new opportunities for investment and residency in the UAE. These changes reflect the Emirati government's continued commitment to attracting investors and stimulating economic growth in the region. For those considering exploring these opportunities, it is essential to work with experts in business law and immigration to navigate the Golden Visa application process effectively and maximize the resulting benefits.
Contact us:
If you have any questions about the Golden Visa or how to take advantage of this opportunity, feel free to contact our team specializing in corporate strategy and company formation in the UAE. We are here to help you achieve your business goals and realize your investment projects in the region.
