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The process of applying for the highly sought after UAE Golden Visa just got that little bit easier.
It was announced by the government of Dubai that those applying for the 10-year visa under the criteria for property investors has been refreshed.
According to the new regulations implemented by officials, individuals are no longer required to pay Dhs1 million as a down payment instead they can choose to invest in properties with a minimum of Dhs2 million in order to enjoy the benefits of extended residency. This new change is set to relieve investors from the previous financial burden of paying the large sum as a down payment, making the visa more attainable.
This would also mean that residents who are willing to invest in off-plan units can be eligible for the golden visa, even with a down payment as low as Dhs50,000.
Initially introduced in 2019, the UAE Golden Visa has attracted many high profile names to the country and has also called for more business development in the region, as well as individuals making the UAE a more permanent place to reside. Inititally, the visa had five categroies that granted Golden visa status: meritorious students, entrepreneurs, chief executives, investors and scientists. Over the last few years there have been substantial changes made in order to open up the criteria for those who were non-residents as well.
By removing the mandatory clause of the Dhs1 million down payment, more individuals can now enjoy the benefits of establishing themselves in the region long-term, while the country also experiences a boost in economic and business growth. The objective of lowering the eligibility criteria is to attract more foreign investment and promote the stunning real estate opportunities Dubai has to offer.
In addition to this, officials have made new initials and plans to help boost the economic conditions of the country as well as its citizens, while also giving its residents a multitude of perks to relish.
Read More: There Are No Plans For Income Tax In The UAE, Officials Confirm
