UAE Abolishes Dh1 Million Minimum Down Payment for Golden Visa via Real Estate Investment
In a move to boost residency and investment, the UAE has removed the Dh1 million ($272,294) minimum down payment requirement previously necessary for obtaining a golden visa through real estate investment. This adjustment is aimed at encouraging more residents and investors to establish deeper ties with the country.
Previously, the 10-year renewable residency visa, introduced in 2019, required investors to acquire property valued at Dh2 million or more. For properties purchased through mortgage or installment plans, a minimum down payment of Dh1 million was necessary to qualify.
Under the new regulations, investors can now obtain a golden visa if their property is valued at Dh2 million or above, regardless of whether it is off-plan, completed, mortgaged, or fully paid for, according to Maroun Abou Harb, an associate at BSA Ahmad bin Hezeem & Associates.
However, this change has not yet been updated on the Dubai Land Department’s Cube website or the General Directorate of Residency and Foreigners Affairs website. The Dubai Land Department confirmed that the property value requirement remains unchanged at Dh2 million.
BSA Ahmad bin Hezeem & Associates learned of the change on January 22, although no official circular has been released yet. The change was confirmed during a visit to The Cube, where golden visa applications are processed.
In recent years, the UAE has implemented various economic, legal, and social reforms to attract foreign direct investment and skilled workers. The golden visa program, launched in 2019, is part of these efforts. The visa is valid for 10 years and targets exceptional workers and investors who contribute significantly to the UAE’s economy.
Amendments to the golden visa initiative in 2022 simplified eligibility criteria and expanded the categories of beneficiaries, including investors, entrepreneurs, skilled professionals earning over Dh30,000 ($8,167) per month, exceptional talents, scientists, outstanding students, property investors, humanitarian pioneers, and frontline heroes.
The removal of the down payment requirement is expected to benefit many buyers and increase buyer confidence in Dubai’s real estate market, said Jess Stephenson, head of sales progression at Allsopp & Allsopp. This change opens up the golden visa option to a broader range of property buyers, including those with mortgage-financed properties.
Matthew Gregory, branch director at Betterhomes, described the policy change as an “excellent government initiative” that could stimulate the property market by making the visa more accessible to a wider audience. Previously, investors needed to have equity in the property of a certain value, which was a barrier for off-plan properties.
Ben Crompton, managing partner of Crompton Partners Estate Agents, noted that while his company had not been officially informed of the change, the removal of the down payment requirement could lead to a surge in golden visa applications and attract more foreign investors.
The change is expected to apply across the UAE, potentially increasing investment in the real estate sector and boosting construction, job creation, and economic growth. By eliminating the down payment barrier, the UAE aims to enhance the attractiveness of its real estate market and ensure its continued growth and resilience.
For more information on obtaining your Dubai Golden Visa, visit Golden Cube Dubai.
Source: The National News
To get started with your Dubai Golden Visa, head to the link https://www.goldencubedubai.ae/golden-visa-uae/
