United Arab Emirates: Eligibility Conditions Relaxed for Real Estate Investor Golden Visa
February 22, 2024
Eligibility conditions have been relaxed for foreign national investors in Dubai seeking to obtain long-term residency through the Real Estate Investor category. Applicants are no longer required to pay a minimum down payment of AED 1,000,000 (approximately USD 272,295) on their investment property. However, for mortgaged properties, applicants must obtain a Non-Objection Certificate (NOC) from the bank confirming that a down payment of any amount has been made. Applicants should note, however, that to be eligible for the visa, the investment property value requirement continues to be at least AED 2,000,000. The government has also eliminated the rule requiring applicants who were buying off-plan properties (where construction has not yet been completed and which is usually sold at a discounted rate) to be at least 50% completed prior to submitting their application. Instead, investors only need to obtain a NOC for their application from the developer, serving as confirmation of payment towards the off-plan property. Further, applicants buying completed properties can now use market value property valuation to meet the AED 2,000,000 requirement for the visa; previously, only the value of the Title Deed issued by the Dubai Land Department could be used to meet the requirement. These changes will make it more accessible for investors to participate in the real estate market.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
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