New golden visa rule in the UAE for investors from Dubai.

The decision of the United Arab Emirates (UAE) to abolish the previous minimum initial investment of one million dirhams (approximately 2,263,1327 rupees) for participation in the Golden Visa program is expected to attract new and diverse investors in real estate in Dubai.

Among other things, the new changes could lead to an increase in construction projects, the creation of additional jobs, and stimulate the real estate-related economy, reports VisaGuide.World. Simplifying the process of obtaining golden visas may also help the government prevent a downturn in the market, keeping growth steady and strong. Furthermore, according to local media, this could attract new investors and also boost the confidence of current ones, thereby helping to maintain the stability and health of the UAE real estate market.

In 2019, the UAE launched the Golden Visa program aimed at attracting foreigners by offering them the opportunity to obtain residency in exchange for investing funds in the region.

The program quickly became one of the most significant in the Middle East and North Africa shortly after its launch. To participate in the program related to the ten-year renewable residency visa, investors were required to purchase real estate worth 2 million dirhams or more.

According to recent changes, wealthy foreign investors are no longer subject to the requirement of a minimum initial investment of 1 million dirhams. The new changes mean that investors can now obtain a golden visa if the property value is 2 million dirhams, regardless of whether it is a planned property, completed, mortgaged, or not mortgaged, thus simplifying the process of obtaining golden visas for foreigners.

Maroun Abu Harb, an associate partner at the law firm BSA Ahmad bin Hezeem & Associates, reported that the firm was informed about the changes on January 22.

At the same time, Jess Stevenson, head of the sales promotion department at the Dubai real estate agency Allsopp & Allsopp, stated: "No circulars have been sent out yet, although when we visited the HR documentation department at The Cube, where applications for the golden visa are processed, we learned about these changes there."

The UAE authorities have implemented a series of new changes to attract more foreigners. In November of last year, the country expanded its program for Pakistani nurses, and in April of last year, the Dubai Media Office (DMO) confirmed plans to issue golden visas to mosque imams, preachers, as well as muftis and muezzins, among others, who have worked for 20 years in the country.