UAE Golden Visa: New changes will attract more investments, talent

The UAE Golden Visa program, which was introduced roughly two years ago, was an instant hit with both existing expats and those looking to relocate to Dubai.

Below are the benefits of the Golden Visa

• 10 years of renewable residence visa
• No sponsor requirement. Employee can work without needing visa sponsorship from their employer
• Unlike normal residence visa, golden visa is not cancelled if the holder stays outside UAE for more than 6 months
• Spouse and children are also eligible for the residence visa
• In the unfortunate case that the original visa holder dies, the family members may remain in the UAE until their residence permit expires.

Individuals belonging to categories like scientists, medical doctors, outstanding students, investors, real estate investors, entrepreneurs could obtain the golden visa.

Golden Visa is subject to certain investment limits. Recently introduced changes had made it even more attractive and enabling many more people to achieve the dream of living a high-quality life in Dubai. While there have been several changes in a variety of categories, we will concentrate on those that influence real estate investors.

Golden Residence for property investors

The major change is the reduction in investment limit to AED 2 million (approx. INR 4.2 crores) from AED 5 million (approx. INR 10.4 crores) earlier and extending the duration of the visa from 5 years earlier to 10 years.

Another advantage is that investor need not pay entire AED 2 MM upfront, he can go for an off-plan (under-construction) property and get the benefit of paying in instalments to the developers. Investor can also avail mortgage from the UAE banks for 50-80% of the property amount based on his home country income documents and bank statements. He can apply for Golden Visa immediately after making the down payment for the property.

Dubai has already seen a tremendous growth in real estate investment over last couple of years and the new regulations can be a game-changer for the UAE’s real estate industry.

Call us at +971585178834/ +919560060554 or send an email to [email protected], we would be happy to have further discussions to answer any queries you may have. We have also collaborated with Cabana Real Estate Brokers (Dubai) to assist you in your real estate requirements.