UAE Updates Golden Visa Program Conditions

The UAE authorities have introduced changes to the Golden Visa program, aimed at investors, entrepreneurs, skilled professionals, and talented students. The visas will still be valid for 5 to 10 years, but some financial requirements have been eased, while stricter rules have been applied to investments in ready-made real estate.

The changes now allow investments in under-construction properties, requiring an initial payment of at least 50% or a bank guarantee for the remaining amount. However, for obtaining a Golden Visa based on ready-made property purchases, full payment is now required without the use of loans.

The Khaleej Times reminds that in early January, Dubai’s Land Department launched a new version of the Smart Rental Index, which helps determine fair rental rates for specific properties—crucial for investors. The index covers all residential areas in the emirate, including special development zones and free zones, featuring star ratings, data on old and new buildings, and average rental costs.

Commercial properties are excluded from the index. Residential buildings are rated on a 1-to-5-star scale based on amenities, quality, maintenance, and management. Experts note that rental rates may increase by up to 20% for higher-rated buildings. Modernizing older buildings can also result in increased rental costs.

The Golden Visa program now accommodates entrepreneurs with innovative ideas and those supported by approved business incubators, reducing the minimum project value to AED 500,000 ($136,130). High school students and university students with a GPA of 3.8 or above can sponsor their families, including parents and siblings.

The application process has been simplified for qualified foreign professionals, including PhDs, doctors, engineers, and creative individuals, provided they have a valid employment contract in the UAE.

Earlier, the UAE government announced the second phase of the Work Bundle Program, aimed at attracting foreign employees through the “Work in UAE” online platform. This program simplifies visa acquisition, work permit applications, status adjustments, and document renewals. However, foreign nationals arriving on visitor visas are now prohibited from obtaining work visas. Violations of this rule will be deemed illegal.

Salary requirements for specialists and scientists applying for the Golden Visa have been increased to AED 30,000 or $8,000 without additional allowances. Previously, total compensation packages, including housing and transport allowances, were considered. Managers and executives now have more advantages but must also meet the new criteria or explore alternative options. Some applicants have already faced rejections due to insufficient income.

Investors: Minimum investment of AED 2 million ($544,000+) in an approved UAE fund or real estate.
Entrepreneurs: Project value of AED 500,000 ($136,130) with recommendations from approved incubators or government entities.
Specialized Talents: PhD holders or professionals in key industries like AI, biotechnology, or creative fields supported by the government.
Top Students: GPA of 3.8 or above or high school graduates recommended by the Ministry of Education.
Applications should be submitted through the ICP website, including passport copies, proof of investments or academic achievements, and health insurance. Fees are mandatory. Upon approval, candidates will proceed with completing their visa issuance.