UAE Launches Automatic Golden Visa Issuance for Property Owners Worth 2M Dirhams
According to a spokesperson, residents possessing properties valued at Dh2 million or above will no longer need to apply for a Golden Visa. Instead, the land departments of each emirate will be linked to the ICP portal. During visa renewal, authorities will automatically verify the property value, and eligible individuals will receive Golden Visas without the need for a separate application.
Golden Visas were introduced in 2018, initially reserved for residents who made significant contributions to the UAE. Over time, the eligibility criteria expanded to include property owners, investors, frontline workers, and high-achieving students. Earlier this year, the UAE government relaxed conditions for property owners, removing the requirement for a minimum down payment of Dh1 million. Real estate agents revealed that property owners with assets exceeding Dh2 million, even those utilizing payment plans or mortgages, could apply for Golden Visas.
Implementation of the new initiative is expected later this year. The spokesperson stated that eligible individuals could directly approach immigration authorities for visa issuance. Since their introduction, Golden Visas have gained popularity among UAE residents. This 10-year visa offers numerous benefits, including the ability to sponsor family members' residence permits, with expanded age limits for sponsorship and no restrictions on sponsoring domestic workers. Moreover, Golden Residence remains valid without limitations on the duration of a stay outside the UAE.
Real estate agents noted a surge in demand for Golden Visas among European investors, with many purchasing properties in Dubai solely for visa eligibility. Dubai's General Directorate of Residency and Foreigners Affairs reported a 52% increase in Golden Visas issued in the first half of 2023 compared to the previous year.
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All Golden Visa holders, owners can sponsor their spouses, children and parents for the same 10-year period.
Furthermore, We Found this news on Khaleej Times that the minimum payment of Dh1 million is no longer required. The eligibility criterion is now only that the property should meet a value of Dh2 million or more for investors to obtain the Golden Visa. "There is no minimum equity investment,".
Stephenson highlighted a significant shift in Dubai's Golden Visa eligibility, emphasizing that the recent changes make the visa accessible to a broader demographic.
With the removal of the Dh1 million minimum down payment requirement, now anyone with a mortgage can apply for the 10-year residency. According to Stephenson, paying in 20 percent of the property's value, a common practice for mortgage buyers, would render them eligible for the Golden Visa.
This adjustment is expected to benefit a vast majority of property buyers and end-users, essentially opening up the Golden Visa option to nearly everyone who has invested in a property valued at more than Dh2 million in Dubai.
Payment plans for Dubai-based homes range from 1 per cent monthly to five- to 25-year schemes after an initial down payment. When it comes to mortgages, up to 80 per cent of property value can be financed.
Meanwhile, the “excellent government initiative” would help boost the property market, “This enables us to have positive conversations with potential clients, especially from overseas, and help them get on the property ladder and obtain a visa even quicker with a minimal investment,”
“To buy a property worth Dh2 million, but you don’t have to hold equity of the same value is such a great worth. Example “If you buy an off-plan unit, you just need to pay the down payment, which for some is only Dh50,000, and be eligible for a golden visa.”
Before this, investors needed to have equity in the property over a certain value to be eligible for a golden visa