The Golden Visa were first introduced in the UAE in 2019. The implementation of this new system for long-term residence visas enabled foreigners to live, work and study in the UAE without the need of a national sponsor and with 100% ownership of their business on the UAE’s mainland. These visas are issued for 5 or 10 years and renewed automatically.
Today, it has become significantly easier for real estate investors to get a golden visa. From 2019 till a week ago, real estate investors were eligible to apply for a 5-year residence visa under the following conditions:
- The investor must invest in a property of a gross value of not less than AED 2 million.
- The amount invested in real estate must not be on loan basis.
- The property must be retained for at least three years.
On 18th April 2022, the UAE government updated the above requirements by dropping the investment amount down to AED 2 million- reducing the cost for a residence visa drastically- and the duration of the visa extended to 10 years. Investors can now also invest using loans from specific local banks. Another major change was that the investor no longer needs to visit the country every six months. This gives property investors a clear path as most of them do not need to be in the country to invest in properties and many hold day jobs that don’t give them the freedom to travel every 6 months. So, this amendment in particular is expected to ignite a fast-paced increase in property investors applying for the golden visa.
The cherry on top is that the golden visa is extended to the investor’s family as well, regardless of age. The visa holders can also sponsor support services (domestic) laborers without any limit on the number. Even after the death of the original holder of the Golden Visa, his family can stay in the UAE until the end of their golden visa duration. The above provision has basically made a previously hard-to-obtain visa comparatively way easier now, and have expanded the scope of what a golden visa holder is eligible to do.
Luxury Concierge Real Estate will guide you through this journey and help you find the right property for your investment needs. To know more you can call on +971 4-441-4387/54-33-66-056 or view our available homes at https://www.lcredubai.com