The UAE’s 10-year golden visa has seen significant updates in 2024, making the process easier and more accessible for investors and professionals. Changes include adjustments in property ownership requirements, salary thresholds, and expanded eligibility for educators.
What is the 10-Year Golden Visa?
Launched in 2019, the golden visa is a renewable residency valid for 10 years, designed to attract exceptional talent and foreign investment. Since its introduction, hundreds of thousands of visas have been issued, offering holders stability, security, and the ability to establish deeper connections with the UAE.
Haider Hussain, partner at immigration services company Fragomen, highlighted a key update: “Investors in off-plan properties can now apply for the golden visa if they meet specific criteria.”
The visa benefits include:
- Stability and security for visa holders and their families.
- Multiple-entry access to the UAE.
- Coverage for family members, including spouses, children, and parents.
Property Investment Updates
Major changes have been made to property investment requirements:
- No minimum down payment: The Dh1 million ($272,294) down payment requirement has been removed.
- Investment threshold: Investors can now qualify by acquiring property worth Dh2 million or more, either as a single property or a combination of multiple properties.
- Shared investment: Multiple investors pooling resources for a property can also qualify.
- Current valuation: Properties valued at Dh2 million or more (regardless of original purchase price) are eligible if officially evaluated by the Dubai Land Department.
This adjustment widens the scope for investors to qualify for the golden visa, making it more inclusive.
Off-Plan Property Rules
Investors in off-plan and mortgaged properties are now eligible if they meet these conditions:
- At least 50% of the property’s value must be paid upfront.
- Alternatively, a bank guarantee for the remaining amount is required.
- The property must be at least 50% complete.
Eligibility for off-plan properties depends on approval by authorities and may require additional documentation. This flexibility allows investors to participate in projects still under construction, boosting economic growth and ensuring a steady flow of capital into the real estate sector.
Salary Requirements for Professionals
Professionals working in the UAE must meet these criteria:
- A basic monthly salary of Dh30,000 (excluding allowances like housing or school fees).
- Proof of income through six months of bank statements.
This replaces the earlier requirement that allowed allowances to be included in the Dh30,000 salary threshold.
Eligibility for Teachers
Teachers who make outstanding contributions in their field are now eligible for the golden visa. This initiative was announced on World Teachers’ Day by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, as recognition of teachers’ vital role in society.
Key conditions include:
- Teachers must work in private early childhood centers, schools, or higher education institutions in Dubai.
- Their university degrees must be recognized by the UAE Ministry of Education.
Golden Visa Benefits
The 10-year golden visa offers numerous advantages, including:
- Freedom to enter and exit the UAE without restrictions.
- Independence from a local sponsor, giving visa holders greater autonomy.
- The ability for visa holders and their families to live, work, and study in the UAE.
- Full access to government and private sector services.
- Inclusion of family members spouses, children, and even parents—under the same visa benefits.
The updates to the golden visa rules align with the UAE’s goal of attracting global talent and investment, solidifying its position as a hub for innovation and opportunity.
