As of November 2023, significant updates have been made to the eligibility criteria for obtaining a Golden Visa in Dubai. The Dubai Golden Visa program has long been a coveted pathway for individuals seeking residency in the emirate, and these recent changes open up new possibilities for potential investors. Notably, the acceptance of property valuations and adjustments to the equity requirements are set to make the Golden Visa more accessible to a broader range of individuals.
Property Valuations Now Accepted
One of the most impactful changes to the Golden Visa eligibility criteria is the acceptance of property valuations.
Only AED 1M in Equity to be Paid for Golden Visa
Previously, applicants were required to own a property portfolio with a minimum value of 2 million AED. However, this criterion has been revised to allow individuals to qualify if 1 million AED of equity is paid on a 2 million AED property. This adjustment recognises the diverse financial circumstances of investors, making the Golden Visa more inclusive and attainable.
Off-Plan Investments: A Pathway to Residency
In another groundbreaking development, individuals who have invested in off-plan properties can now qualify for the Golden Visa if they have completed 50% of the payment. This change recognises the dynamic nature of Dubai's real estate market, where off-plan investments play a significant role. This adjustment not only benefits existing property investors but also encourages prospective investors to explore off-plan opportunities in the vibrant Dubai real estate landscape.
Streamlined Pre-Approval Process with Open Hub
To facilitate a smooth and efficient application process, Open Hub has introduced a streamlined pre-approval service. Interested individuals can now receive their Golden Visa pre-approval in just two hours, without the need for any prepayment.