The UAE has recently done some amendments to simplify the eligibility criteria and expand the categories of beneficiaries.
GREATER flexibility was introduced to the UAE golden visa program starting with payments, UAE banks are now able to lend money to eligible candidates. This means down payments can be placed, and with a staggered payment plan, the full cash amount is no longer required. Off-plan properties by select local developers are also eligible as long as asset value meets requirements. The AED 2,000,000 or AED 1,000,000 valuations can now be spread across several properties as long as the full amount is reached in asset valuation. Holders of the visa also see some benefits, they are now eligible to sponsor their spouses and children of all ages. And Golden visa holders who leave the UAE for more than six months no longer lose their residency.
Perhaps the most significant change is the lowered investment minimum. For the Ten-year visa, investors now need to invest only 2 Million to be eligible compared with the previous threshold of 10 Million Dirham. The 5-year visa requirements were also lowered from 2 million to 1 million.
Implications of these revisions mean this scheme is far more accessible to investors and entrepreneurs alike. This lowered entry-level means not only high net worth individuals are eligible but talent, accelerating the talent pool is a key part of the ‘Golden Visa’, and the ministry's desire to accelerate the knowledge economy. Schemes like this shift the perspective of Dubai from a temporary residence, to a fruitful place to settle.
This will likely be of interest to the newly minted remote workers. Real estate experts predict that buyers will ‘upgrade’ their property value by AED 300,000- 500,000 in order to obtain the Golden visa as a sort of add-on. So, first-time buyers will likely have their eyes set on luxury properties as opposed to pursuing a smaller starter home.
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