Eased golden visa regulations for property investors: a simple guide.
The Golden Visa story
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In 2019, the UAE launched the Golden Visa program, offering 10-year visas aimed at encouraging outstanding professionals and foreign investors to establish stronger connections within the country.
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This was part of a pool of economic, legal, and social reforms that the Emirates, the second-largest economy in the Arab world, has implemented to enhance foreign direct investment and allure talented individuals.
The 10-year visa is extended to investors, entrepreneurs, skilled professionals earning a monthly salary exceeding Dh30,000 ($8,167), exceptional talents, scientists, outstanding students and graduates, property investors, humanitarian pioneers, and frontline heroes.
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The Golden Visa for Property Investor: the original regulation
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Originally, to be eligible for the extended 10-year residency plan, investors needed to purchase properties valued at Dh2 million or higher.
However, for properties bought through mortgages or installment schemes, buyers had to submit a minimum down payment of Dh1 million, or half of the property's worth, to the bank or developer to qualify for the Golden Visa.
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The New Regulation
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The latest adjustment removes the necessity for any minimum down payment: investors can secure the golden visa with properties valued at Dh2 million or higher, irrespective of whether they are off-plan, completed, under mortgage, or mortgage-free.
The prerequisites for obtaining the golden residency for real estate investors remain unaltered, with the property value threshold remaining at a minimum of Dh2 million, as confirmed by the DLD.
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Now it's time to invest
Whether you're already a resident of UAE or contemplating obtaining residency there, the removal of the minimum down payment requirement heralds exciting news and prompts consideration of real estate investment opportunities in the city.
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If the allure of the Golden Visa isn't enough to gain your interest, examining real estate projections for 2024 may change your mind. Forecasts suggest an additional 5% to 7% increase in home prices in Dubai and between 3% to 5% in Abu Dhabi. These projections extend into 2025, offering investors the prospect of robust asset appreciation.
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Moreover, beyond the potential for asset appreciation, those investing in rental properties can anticipate significant revenue streams attributed to stable annual returns on investment, ranging between 5% to 7%. The exact figure depends on the neighborhood and type of apartment chosen.
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So, what's next for you?