In recent years, the UAE has been experiencing exponential growth and increasing interest in people seeking residency and citizenship through its various programmes and offerings. These programmes allow individuals and entrepreneurs to obtain residency and citizenship in multiple ways, including contributing to the economy with investments in different areas.
The UAE has been spearheading the introduction of these new and innovative programmes. The residency and citizenship through investment programmes, such as the Golden Visa, allow applicants to become eligible by establishing a business, investing in relevant financial assets, or real estate investments.
Depending on the type of investment applicants opt for, the criteria may vary in amounts. Still, generally, they include a minimum investment requirement, as well as for the applicant to provide their identification documents and proof of their financial stability. These criteria through which the UAE enables individuals to apply and become eligible for these programmes may evolve and change slightly in terms of the investment requirements, such as the amount, the nature of the investment, and the associated benefits received through their investment.
New avenues for expats
The Golden Visa offerings in the UAE have opened up new avenues for expats looking to establish themselves in the region by providing them with new ways to obtain longer-term UAE residency and access the opportunities available through residing in the Emirates.
For those looking to explore opportunities in the UAE market, one of the categories in which they can apply their investment is real estate, a booming sector in the country, to become eligible for the desired long-term residency. This would then provide them with an investment into the ever-growing UAE market, contributing to the economic growth of the UAE and enabling them to apply for residency.
Real estate investment
The requirement to be eligible for a Golden Visa through real estate investment is that the property should be of a minimum value of Dh2 million, including off-plan or mortgaged property. Additionally, should the property be under a mortgage or loan, the lender needs a non-objection letter to state the paid amount and balance and that they do not object to a residence permit issued on the property.
A further requirement is that the applicant for the visa should be within the UAE. Should the applicant meet all these conditions, they fit the minimum criteria required for this 10-year Golden Visa category of real estate investments.
These requirements come as a recent development in the investments into real estate Golden Visa category, as previously, for those properties that were purchased under a mortgage or instalment plan, there was a requirement in place for a minimum down payment to the lender or the property developer, of either Dh1 million or 50% of the property’s value.
A recent update, however, removed this requirement altogether. Now, investors can fully qualify for the 10-year visa should the property have a value of Dh2 million or more, regardless of whether it is off-plan or mortgaged. This is a crucial update as the UAE seeks to encourage and attract more investment, skilled professionals, and high net-worth individuals to establish deeper roots in the country.