Dubai's desired 10-Year Golden Visa has undergone significant changes, heralding new opportunities for investors seeking residency in the UAE. The Dubai Land Department (DLD) has announced a crucial amendment to the visa requirements, simplifying the process and expanding eligibility criteria.
Previously, investors aiming for the 10-Year Golden Visa were mandated to make a substantial down payment of AED 1,000,000 to banks or developers, in addition to their property investment worth AED 2,000,000 and above. However, in a move to streamline the visa acquisition process and promote investment, this prerequisite has been eliminated with immediate effect.
Now, investors no longer need to allocate a portion of their investment as a down payment. This alteration aligns with Dubai's commitment to fostering investment and residency opportunities, making it more accessible for prospective investors.
One of the noteworthy updates pertains to the eligibility criteria for property ownership. If an individual owns multiple properties amounting to a total investment of AED 2,000,000, they qualify for the Golden Visa. Similarly, if multiple owners collectively meet the AED 2,000,000 investment threshold, each shareholder is eligible to apply for the visa.
An important exception has been introduced for spouses jointly owning property worth AED 2,000,000. In such cases, both spouses are eligible for the Golden Visa without the necessity of meeting the minimum investment threshold individually. This exception is applicable solely to spouses, supported by their marriage certificate, streamlining the application process and facilitating family immigration.
However, if the property is owned by multiple owners who are not spouses, each owner must individually meet the AED 2,000,000 investment requirement.
Upon acquiring the Golden Visa, owners should note that their residency status is linked to the property. If they intend to sell the property, the visa must be canceled. However, owners holding another property with a minimum investment of AED 2,000,000 can transfer their visa to the new property without the need for cancellation and reapplication. The grace period for such transfers is 30 days, providing flexibility for investors.
For further inquiries or assistance regarding the updated Golden Visa requirements, interested individuals can reach out to Fam Conveyancing at 00971588229107 or via email at [email protected] or [email protected]. Alternatively, comprehensive information about their services can be found on their website at www.famconveyancing.com. Embrace this opportunity to secure your 10-Year Golden Visa with confidence, backed by the expertise and guidance of Fam Conveyancing.