UAE Golden Visa: Know the updated rules for obtaining 10-year visa
Higher basic salary is now needed to qualify for the Golden Visa in the UAE
Dubai: From property ownership to salary benchmarks, the rules for obtaining the UAE’s coveted 10-year golden visa have been revised in 2024, aiming to streamline the residency process and broaden access for global talent and investors.
Since its introduction in 2019, the golden visa program has issued hundreds of thousands of visas, offering a 10-year renewable residency to exceptional workers, investors, and their families. The program is designed to foster long-term ties with the UAE.
Key changes to the Golden Visa rules
Expanded Eligibility for Real Estate Investments
One of the most significant updates to the golden visa criteria includes expanded options for property investors:
Investors in off-plan properties are now eligible for the golden visa, provided certain conditions are met.
The previous requirement for a minimum down payment of Dh1 million has been removed. Instead, an investor must acquire property valued at Dh2million or more, consisting of a single property or a combination of properties.
Current property valuations, regardless of the original purchase price, are now considered. Evaluations must be conducted through the Dubai Land Department’s official appraisers.
Investors can pool resources for a property purchase, further enhancing accessibility.
Rules for off-plan properties
Eligibility for off-plan investments now requires:
A down payment of at least 50% of the property’s value or a bank guarantee for the remaining balance.
The property must be at least 50% complete at the time of application.
Approval from relevant authorities, along with additional documentation is potentially required.
These changes make it possible for individuals with limited upfront capital to qualify while supporting ongoing growth in the construction and real estate sectors.
Revised salary criteria for professionals
Professionals seeking the golden visa must meet updated salary requirements:
A basic monthly salary of Dh30,000, excluding allowances such as housing, transport, and school fees.
Proof of income must include six months of bank statements.
Previously, eligibility was based on a gross monthly salary of Dh30,000, which included allowances. The new rules emphasise a clearer and more consistent income benchmark.
Inclusion of outstanding teachers
Recognising the vital role of educators, the UAE has extended eligibility to exceptional teachers:
Teachers in private early childhood centers, schools, and higher education institutions in Dubai are eligible.
Applicants must ensure their degrees are recognised by the UAE Ministry of Education.
This initiative, announced by Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai, honours educators' contributions to shaping young minds and nurturing future generations.
Benefits of the Golden Visa
Golden visa holders enjoy several advantages, including:
Freedom to travel in and out of the UAE without restrictions.
No local sponsor requirement
Greater autonomy in managing personal and professional affairs.
Extended family coverage: Spouses, children, and parents receive the same benefits as the primary visa holder.
Access to UAE services: Visa holders can live, work, and study in the UAE, benefiting from both government and private sector services.
By updating the golden visa rules, the UAE reaffirms its dedication to fostering an inclusive environment for investors, professionals, and educators, ensuring its position as a global hub for innovation and development.
Who is eligible for the Golden Visa?
The categories covered under the Golden Residence permit have been expanded. According to amendments to the Golden Residence Scheme, here are the beneficiaries of the long-term 10-year residence permit:
Investors:
• Public investment
• Real estate investment
. Entrepreneurs:
• Owners of registered successful start-ups
• Those who have an approved idea for a start-up
• Previous founders of a successful start-up that was sold inside or outside the UAE
Exceptional talents
• Culture and art
• Investors and innovators
• Sports
• Digital technology
• Other vital fields
Scientists and professionals
• Scientists
• Chief executive and senior officials
• Science professionals
• Engineering professionals
• Health professionals/Doctors
• Education professionals
• Business and Administration professionals
• Information technology professionals
• Legal, social and cultural professionals
Outstanding students and graduates
• Best performing students in secondary schools
• Best graduates from UAE universities
• Graduates of best 100 universities worldwide
Humanitarian pioneers
• Distinguished members of international and regional organisations
• Outstanding members of associations of public benefits
• Recipients of recognition awards in humanitarian fields
• Distinguished volunteers and sponsors of humanitarian efforts
Frontline heroes
• Frontline workers with extraordinary efforts during the COVID-19 pandemic
Teachers
https://www.travelsdubai.com/20-Aug-2024/get-uae-golden-visa-without-a-graduate-degree