UAE Golden Visa is now made easy with the authorities dropping the minimum down payment requirement
The house owners in Dubai can now apply for 10-year residency regardless of the amount paid
Property buyers are no longer required to make a Dh1-million minimum down payment to be eligible for the Golden Visa. If the property's value exceeds Dh 2 million, owners opting for a payment plan or mortgage can apply for a long-term visa. This move will motivate individual house owners to apply for the once-in-a-lifetime opportunity of the United Arab Emirates Golden Visa, bringing in the perks alongside it.
The Managing Director of Dubai-based Profound Business Services is quoted in a publication, "Off-plan properties could be considered on a case-to-case basis. Applicants need to submit the title deed of the property, a letter from the developer or mortgage document from the bank, and a copy of their passport along with a photograph..." At the same time, it is pertinent to mention that all the Golden Visa holders owners can sponsor their children, spouses and parents for the same ten-year period.
Jess Stephenson, head of sales progression at Allsopp & Allsopp Group, stated to 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," she said. Subsequently, this will open the visa requirements up to any individual that has a mortgage, as the head of sales progression is quoted saying, "If you pay in 20 per cent of the property's value, which most people do for a mortgage, they would be eligible for the visa."
The UAE's long-term residency is self-sponsored and open to investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes.
A UAE golden visa is one of the most sought-after documents in town. When it first launched, the visa was given to residents who contributed to the country, were highly skilled in specific fields, or worked in critical industries. If you have a UAE golden visa, you have five to 10 years of residency. This residency is not tied to a particular employer and doesn't need to be renewed every two to three years. UAE golden visas enable ex-pats to live, work and study in the UAE without a national sponsor and with 100 per cent ownership of their business on the UAE's mainland.
Anyone with a golden residency for themselves and their dependents has a UAE resident visa for up to ten years, while a standard residency visa requires renewal every two to three years. UAE golden visa holders can remain living, working and studying in the country for the entirety of their visa, with or without gaining local or other employment. The holder can work for themselves or another company (local or otherwise) without individual sponsorship. Unlike the standard residency visa, the UAE golden visa permits holders to remain in the country long-term without employment. UAE golden visa holders can spend extended periods outside the UAE without impacting their eligibility or visa validity. In late July of 2023, it was announced that UAE golden visa holders would be eligible for special health care and health insurance packages. These exclusive health insurance plans will start from just under Dhs2400. The plans will cover claims of up to Dhs20,000,000. Three levels of cover will be available: Core Silver, Enhanced Gold and Premier.
A statement made in late July 2023 revealed that UAE golden visa holders would be eligible for the Esaad privilege card issued by the Dubai Police. These card holders and UAE golden visa residents enjoy special privileges, including up to 40 per cent off school fees at the American School of Creative Science, 50 per cent off stays at Kempinski Palm Jumeirah, 70 per cent off at The Top in the Burj Khalifa, discounts on Fly Dubai flights, and more.
The UAE Golden Visa's perks and the ease with which it can be obtained will motivate investors to broaden their canvas further, look for opportunities to invest in the region, and encourage other business holders to do so.