UAE Removes Golden Visa Down Payment Requirement
UAE Eliminates Mandatory Minimum Down Payment For Golden Visas
The UAE has recently revised its golden visa policy, removing the mandatory Dh1 million ($272,294) minimum down payment previously required for eligibility through real estate investment. This move aims to encourage more long-term residencies among citizens and investors. Until 2019, a property purchase of at least Dh2 million was necessary for the 10-year renewable residency program. Additionally, those buying through mortgages or installment plans were obligated to make a down payment of Dh1 million or 50% of the property’s value.
Legal expert Maroun Abou Harb from BSA Ahmad bin Hezeem & Associates highlights that under the new policy, investors can qualify for the golden visa with a property worth Dh2 million or more, regardless of its completion status, payment method, or mortgage status. Despite these significant changes, the Dubai Land Department’s Cube website and the General Directorate of Residency and Foreigners Affairs in Dubai have not yet updated their information. The Dubai Land Department has stated that the core eligibility criterion, owning a property valued at a minimum of Dh2 million, remains in place for obtaining golden residency.
Legal expert Maroun Abou Harb from BSA Ahmad bin Hezeem & Associates highlights that under the new policy, investors can qualify for the golden visa with a property worth Dh2 million or more, regardless of its completion status, payment method, or mortgage status. Despite these significant changes, the Dubai Land Department’s Cube website and the General Directorate of Residency and Foreigners Affairs in Dubai have not yet updated their information. The Dubai Land Department has stated that the core eligibility criterion, owning a property valued at a minimum of Dh2 million, remains in place for obtaining golden residency.
