Since its introduction in 2019, the UAE Golden Visa has quickly established itself as one of the most popular and sought-after residency by investment schemes globally, attracting a diverse and growing demographic of international investors and professionals. The programme stands out significantly by offering a 10-year, renewable residency, catering to a wide array of individuals including investors, entrepreneurs, professionals, students, and special talents across various fields.

In a significant recent move, the UAE has further increased the appeal of the programme by removing the minimum down payment of AED 1 million which was a previous requirement for real estate investments.

This article looks at the rule change in more detail, the eligibility criteria under the new regulations, and the broader implications for real estate investment and the overall attractiveness of the UAE as a destination for global talent and investors.

The rule change: A more inclusive investment avenue

Previously, to qualify for the ten-year renewable residence programme through real estate investment, investors needed to purchase property worth AED2 million or more. Additionally, for those buying on mortgage or installment plans, a minimum down payment of AED1 million or 50 percent of the property’s value was required upfront for eligibility.

With the latest rule change to the Golden Visa, the requirement for a minimum AED1 million ($272,294) down payment has been removed. Now, the value of the property alone—set at a threshold of AED2 million—qualifies an investor for the Golden Visa, irrespective of the property’s status as off-plan, completed, mortgaged, or not. This pivotal shift opens up a more inclusive path for acquiring the Golden Visa, broadening its appeal by offering a more feasible entry point for real estate investors.

Implications of the new rule change

By eliminating this barrier, the UAE has opened up the Golden Visa program to a wider audience, likely enhancing its attractiveness and stimulating further interest in the UAE’s real estate market. This inclusivity is expected to attract a diverse pool of international investors, eager to tap into the UAE’s lucrative real estate market without the more prohibitive upfront financial commitment previously required.

The change is likely to result in an uptick in real estate transactions, as investors who were previously sidelined due to financial constraints can now participate. This increased activity not only benefits the investors, securing them a 10-year renewable residency but also stimulates the UAE’s economy, driving growth in the real estate sector and related industries.

Broadening the eligibility criteria also enhances the UAE’s appeal as a prime destination for living, working, and investing. It sends a clear message of the UAE’s commitment to welcoming global talent and investment, reinforcing its position as a forward-thinking and inclusive nation.

Eligibility Criteria for the UAE Golden Visa

As well as the real estate investment option, the Golden Visa caters to various other categories of applicants, underscoring its inclusive nature and ensuring a wide array of talents and investors can benefit from the programme:

Entrepreneurs: Entrepreneurs looking to qualify must own a startup registered within the UAE in a sector identified as a priority for the country, or they must have a successful project with a minimum capital of AED 500,000. Additionally, obtaining approval from an accredited business incubator in the UAE is required.

Specialised Talents and Professionals: This category targets individuals with rare skills in critical areas, including but not limited to, medicine, science, research, and technology. Professionals must possess advanced degrees in their fields of specialty, have proven exceptional achievements, and be recognised by their peers or government bodies. Specific criteria can include patents, published research, and long-term experience in their respective fields.

Scientists and Researchers: Eligibility requires recognition by reputable scientific institutions globally, significant contributions to their field, such as research or innovation, and recommendations from recognised scientific institutions in the UAE. Often, holding a Ph.D. or Master’s degree in science, engineering, or any other relevant field from prestigious universities along with documented research achievements is necessary.

Outstanding Students: Students must have a minimum grade of 95% in public or private secondary schools, whether inside or outside the UAE, or a GPA of at least 3.75 upon graduation from universities within or outside the country. This category is designed to retain bright young minds within the UAE to contribute to its future growth.

These specific criteria ensure that the UAE Golden Visa programme will continue to attract high-caliber talent and investment.

What are the benefits of being a Golden Visa holder?

Depending on the category under which you’re applying for the visa under, the benefits may vary slightly but generally include:

• The Golden Visa offers a 10-year renewable residency permit.
• Allows for the inclusion of family members, including spouses and children, under the same visa.
• Children of Golden Visa holders have access to the UAE’s education system, from schools to universities.
• Access to the UAE’s high-quality healthcare system for the visa holder and their family.
• Enables non-nationals to own property in the UAE.
• The absence of personal income tax.
• Availability of numerous business opportunities, allowing investors and entrepreneurs to start or expand their business ventures within the UAE.
• Facilitates easier entry to and exit from the country, making international travel more convenient for residents.
• Allows holders to work in the UAE, sponsor employees, and obtain work permits for others.
• Unlike some residency programs, the Golden Visa does not require holders to maintain a minimum period of stay in the UAE each year.
• Holders can obtain an Emirates ID and are eligible to apply for a UAE driving licence.
• Eases the process of opening bank accounts and accessing financial services in the UAE.

FAQs

1. Can I apply for the Golden Visa with a mortgaged property? Yes, properties bought with a mortgage qualify, provided the property value is at least AED 2 million.
2. Is the Golden Visa automatically renewed after 10 years? The visa can be renewed every 10 years, subject to meeting the original eligibility criteria at the time of renewal.
3. Can family members be included under the real estate investor’s Golden Visa? Yes, immediate family members (spouse and children) can be included under the investor’s Golden Visa, subject to approval.
4. Are there specific types of properties or locations within the UAE that qualify for the Golden Visa? Generally, any freehold property, whether residential or commercial, qualifies, provided it meets the AED 2 million valuation requirement.
5. What are the steps to apply for a Golden Visa through real estate investment? Purchase qualifying property, obtain a property valuation certificate, submit an application through the Federal Authority for Identity and Citizenship, and provide the required documents.
6. What happens to my Golden Visa if I sell my property? You must maintain ownership of qualifying property to retain the Golden Visa. Selling your property may require you to requalify for the visa through another investment.
7. Can I work in the UAE with a Golden Visa obtained through real estate investment? Yes, Golden Visa holders can work in the UAE, but may need to comply with specific regulations or obtain additional approvals depending on their employment.
8. Are there any financial obligations or fees associated with the Golden Visa application process? The application involves fees for processing, due diligence, and issuance, which can vary. Applicants should budget for these additional costs beyond the property investment.

How can The Knightsbridge Group help? 

The Knightsbridge Group has over 20 years of experience in the domain of corporate structuring and wealth management. We have unparalleled knowledge of business practices and legal requirements in the UAE as well as an international network of contacts and a deep understanding of the needs of modern-day high net worth clients and international businesses.

We can assist you with navigating the process of obtaining the UAE Golden Visa through real estate investment, offering guidance on property selection, ensuring compliance with legal requirements and advising on the most efficient legal and tax structures for your investments and businesses in the UAE.

If you need help with this or any other immigration, financial or corporate structuring issue, please don’t hesitate to contact us on info@kbgroup.ae and we will be happy to help.