The newly announced overhaul of the Golden Visa rules, set to start this September will likely bring many new investors to the property market.
Real estate investors can obtain a Golden Visa when purchasing a property worth 2million Dirhams or more. Also as per the new rules, investors are also entitled to obtain the Golden Visa when purchasing a property with a loan from specific local banks. Current speculation is indicating that a 10-25% down payment on property worth over 2million dirhams is likely to permit the investor to apply for a Golden Visa.
Investors can also obtain the Golden Visa when buying one or more off-plan properties of no less than $544,500 (AED 2 million) from approved local real estate companies.
The new broadening of the Golden Visa criteria is set to provide further fuel to Dubai’s booming property market, which has seen record numbers of transactions in the last year. There has been a strong demand in the residential villa sector, with the first quarter of 2022 producing record-breaking numbers as the total transactions reached 19,009 by the end of March, concluding the best first quarter ever in the Dubai property market.
The booming population of the city is also expected to attract many new property investors, which will in turn be looking for the security of a ten year Golden Visa. As of April this year, the current population of Dubai surpassed 3.5million. With Dubai’s strong recovery in the wake of the Covid-19 pandemic, the population has grown by an impressive 100,000 people since the end of 2020.
There are many current indicators that property investors are seeing Dubai as a long-term home rather than a short stay for a few years. The new Golden Visa rules will enable people to put down roots in the city and not only sponsor themselves with long term residency but also spouses and children,
Excellent Benefits of the Golden Visa
The main benefit of the visa will be security as through the issuance of the Golden Visa, the UAE government has made it clear that they are committed to providing expatriates, investors and essentially everyone looking to make the UAE their home an extra reason to feel secure about their future. Other benefits include:
10 years renewable residence
Duration of stay outside the UAE does not nullify the visa
No maximum number of support service labourers
Entry visa valid for 6 months with multiple entries to proceed with residence issuance
No sponsor or employer required
Residence for family members including spouse and children with no age limit
In the event of the death of the original holder of the Golden Residence, family members can stay in the UAE till the end of their residence permit
How to apply for the Golden Visa?
If you would like assistance with applying or assessing your eligibility to obtain a Golden Visa, our bespoke Golden Visa Service will guide you through the application and issuance of the Golden Visa. Simply click to contact us below for a free consultation.