New UAE Golden visa reforms to drive Dubai property markets
The upcoming revamp of the UAE visa regime, which is due to take effect in September this year, would undoubtedly benefit the country’s real estate market and result in a major surge in property purchasers. Professionals earning Dh30,000 ($8,100) or more monthly will have a better chance of obtaining a Golden Visa, while realty sector buyers may get a Golden Residence if they buy a property valued at least Dh2 million. Golden Residence is also available to all investors who purchase one or more off-plan properties from accredited local real estate businesses for at least Dh2 million.
Apply for a Golden Visa with a property investment of Dh2 million
The modification announced might imply that the buyer does not have to put out the entire Dh2 million-plus on the property investment right now to be eligible. There might be an initial payment and subsequent payments spaced over the duration of time. The purchaser is qualified if the equity portion of the transaction totals Dh2 million or more.
This shift might be appealing to investors for more reasons than just the decreased investment value. The buyer will now have more payment freedom in able to qualify for a Golden Visa.
Golden Visas were first granted in late 2020 and allow expatriates to reside, operate, and educate in the UAE without local sponsors, and to own 100% of their businesses on the UAE’s mainland. These visas will be valid for five or ten years and will automatically renew.
The revised threshold for obtaining Golden Visas to a minimum of Dh2 million in equity in real estate assets is undoubtedly an opportunity that opens up to a much larger number of investors and may result in a flurry of activity. The new criteria will push the golden visa to a far broader economy, which is a significant incentive for UAE citizens to buy a property.
The reforms to visa residency are expected to boost Dubai’s property market, which, like the rest of the UAE economy, has recovered significantly from the pandemic driven slump. This proposal has the ability to profoundly stimulate the off-plan property industry, notably in Dubai.
In the United Arab Emirates, different types of visas are available and granted. As an investor or entrepreneur in Dubai, UAE it is essential to fully comprehend the differences and updates happening between the various types of visas including the golden visa requirements, in order to make informed judgments.
At Jumeira Consultants, we assist our clients with hassle-free online UAE visa services as well as all other requirements for business setup in Dubai.