The UAE has cancelled the Dh1 million ($272,294) minimum down payment required for people to qualify for a golden visa through real estate investment, as it seeks to encourage more residents and investors to establish deeper roots in the country.
Previously, to qualify for the 10-year renewable residency programme, which was introduced in 2019, investors were required to acquire property valued at Dh2 million or above.
But for properties bought on mortgage or instalment plans, homebuyers had to make a minimum down payment of Dh1 million, or 50 per cent of the property's value, to the bank or developer to be eligible for the golden visa.
The recent change eliminates the need for a minimum down payment altogether, according to Maroun Abou Harb, an associate at law firm BSA Ahmad bin Hezeem & Associates.
Now, investors can qualify for the golden visa if the property's value is Dh2 million or more, regardless of whether it's off-plan, completed, mortgaged or not mortgaged, he said.
However, the change has not yet been reflected on the Dubai Land Department’s Cube website, a customer service initiative to support investor and golden visa services for property buyers.
Dubai’s General Directorate of Residency and Foreigners Affairs website has not yet been updated to reflect the change.
The eligibility criteria for obtaining the golden residency for real estate investors stays unchanged, with the property value requirement set at a minimum of Dh2 million, the DLD told
In recent years, the UAE, the Arab world’s second-largest economy, has undertaken several economic, legal and social reforms to boost foreign direct investment and attract skilled workers.
The Emirates introduced the golden visa programme in 2019. The visas are valid for 10 years and aim to encourage exceptional workers and foreign investors to establish deeper ties to the country.
In 2022, amendments were introduced to the golden residency initiative to simplify the eligibility criteria and expand the categories of beneficiaries.
The 10-year visa is granted to investors, entrepreneurs, skilled professionals who earn a monthly salary of more than Dh30,000 ($8,167), exceptional talents, scientists and professionals, outstanding students and graduates, property investors, humanitarian pioneers and frontline heroes.
Before this, investors needed to have equity in the property over a certain value to be eligible for a golden visa, he said.
