If you’re looking to move to Dubai or invest in property in the city, the UAE has recently announced important changes to the Dubai Golden Visa for international property investors.
The Golden Residence Scheme is a long-term visa offering 10 years of residence. These updates will simplify eligibility criteria and provide additional benefits and flexibility to visa holders.
With an aim of strengthening the UAE as an ideal destination to live, work and invest, the new rules will likely further entice foreign investment into the country. The changes are expected to have a positive impact on the Dubai property market as well.
Here is an overview of five of the major changes to Dubai’s Golden Visa for international property investors.
1. Minimum property investment value lowered
International property investors can now apply for a Dubai Golden Visa when purchasing a property worth at least AED 2 million. The minimum property investment value was previously set at AED 10 million, so this will open up the visa scheme for more property investors.
2. Off-plan properties included
Foreign property investors can also now obtain this visa when buying one or more off-plan properties of at least AED 2 million from approved real estate businesses. Investors will no longer be restricted by needing to have the title deed of the property in their hands.
3. Mortgages can be used for the purchase
With the new changes, investors will be entitled to apply for a Dubai Golden Visa when purchasing a property with a mortgage from certain local banks. Previously, the property had to be fully paid upfront in order to be eligible.
4. Restrictions removed on duration of stay outside the UAE
Now there are no restrictions on the maximum duration of stay outside the UAE in order for the Golden Visa to remain valid. Before these changes, visa holders weren’t allowed to stay outside of the country for a consecutive period of more than six months.
5. Age restrictions lifted on sponsoring family members
Visa holders can also sponsor their family and dependents, and the scope of this has been expanded. The amendments now allow Dubai Golden Visa holders to sponsor their spouse and children regardless of their age. Previously, there were age restrictions in place.
Why invest through Dubai’s Golden Visa?
There are many advantages that come with investing in property through golden visa schemes across the world. This often includes tax benefits and a fast-track to citizenship.
At Chestertons, we’ve seen a rise in people seeking out more powerful passports, warmer weather and a higher standard of living. So, have you been dreaming of living in Dubai? Buying property could be your ticket to residency in this cosmopolitan city.
The information provided here is meant to be used only as a guide. Readers are advised to consult an immigration, legal and/or tax professional before making any investment decisions.
We have multiple properties eligible for the Dubai Golden Visa. If you have questions about investing in property in Dubai, please contact us by clicking below.