The UAE Eases Property Investment Requirements
In reference to the recent news from The National News, UAE ‘cancels minimum down payment’ for property investors.
This is in significant move aimed at attracting more residents and investors, the United Arab Emirates (UAE) has recently announced a game-changing adjustment to its Golden Visa program. The Dh1 million minimum down payment previously required for property investors to qualify for a 10-year Golden Visa has been annulled. Previously, investors were obligated to make a minimum down payment of Dh1 million or 50% of the property’s value when acquiring real estate through mortgage or installment plans. This development aims to encourage more investors to establish deeper roots in the UAE, making it even more accessible for individuals to obtain the coveted 10-year renewable residency.
Investors can now qualify if the property’s value is Dh2 million or more, irrespective of whether it’s off-plan, ready, mortgaged, or not mortgaged. This change, confirmed by Maroun Abou Harb, an associate at law firm BSA Ahmad bin Hezeem & Associates, is expected to stimulate further investment in the UAE real estate market.
Ben Goodman, Chief Operating Officer of Jump Properties, expressed his enthusiasm, stating, “This shift is a game-changer for our clients and prospective investors. It exemplifies the UAE’s unwavering commitment to fostering an environment that is not just favorable but exceptional for foreign investment.” He added, “It resonates with Jump Properties’ commitment to providing our clients with unparalleled opportunities and reinforces our confidence in the continued growth and success of the UAE’s real estate market.”
Who Qualifies for the Golden Visa
The UAE’s ‘Golden Visa’ is a long-term residence visa providing foreign talents with the opportunity to live, work, or study in the UAE. It offers exclusive benefits such as a six-month multiple-entry entry visa for residence issuance, a renewable residence visa valid for 5 or 10 years, and the privilege of not requiring a sponsor. This visa allows individuals to stay outside the UAE for an extended period, and they can sponsor family members, including spouses and children.
Additionally, the Golden Visa is not limited to real estate investors; it is extended to a diverse group, encompassing investors, entrepreneurs, skilled professionals, exceptional talents, scientists, outstanding students, property investors, humanitarian pioneers, and frontline heroes.
The ‘One touch’ Golden Visa Service
The ‘One touch’ Golden Visa service provides a streamlined application and renewal process, assisting applicants with various aspects, including visa applications, issuance of other visas, regularizing status, and renewing residency and identity documents in one step.
Interested individuals can apply through the ICP website or the ICP App available on Google Play and the App Store.
The recent changes in the Golden Visa requirements mark a significant step towards making the UAE an even more attractive destination for investors and residents. The elimination of the minimum down payment opens up opportunities for a broader range of individuals to secure the Golden Visa. As Dubai and the UAE continue to evolve and adapt their policies, the Golden Visa program stands as a testament to the nation’s commitment to innovation and growth.
