The UAE has scrapped the previous requirement of a Dh1 million ($272,294) minimum down payment for individuals seeking to obtain a golden visa through real estate investment. This move aims to incentivize more residents and investors to establish stronger ties within the country.

Formerly, to qualify for the renewable 10-year residency program introduced in 2019, investors had to purchase properties valued at Dh2 million ($545,000) or higher. However, for properties acquired through mortgages or installment plans, buyers were mandated to make a minimum down payment of Dh1 million or 50% of the property’s value to the bank or developer to be eligible for the golden visa.

The recent amendment abolishes the necessity of a minimum down payment entirely. Consequently, investors can now qualify for the golden visa if the property’s value exceeds Dh2 million, regardless of its status as off-plan, completed, mortgaged, or not mortgaged.

This revision is poised to benefit numerous buyers and end-users, effectively broadening access to the golden visa for nearly all property purchasers, as most properties surpass the Dh2 million valuation mark. Consequently, all mortgage buyers would become eligible to apply for the golden visa, enabling them to sponsor their families and domestic staff, thereby fostering increased confidence among buyers in the city.

For those purchasing off-plan units, only the down payment—sometimes as low as Dh50,000 ($13,614)—is required to qualify for a golden visa.

This policy shift is anticipated to invigorate investment in the real estate sector. By eliminating the financial hurdle associated with the down payment, more investors may be attracted to engage in property acquisitions, thereby catalyzing a surge in real estate transactions.

This influx of investment could spur heightened construction activities, job creation, and overall economic growth linked with the real estate industry.

Nevertheless, the modification has not currently been updated on the Dubai Land Department’s Cube website, an initiative aimed at enhancing customer service and facilitating investor and golden visa services for property purchasers.

Despite the waiver of the minimum payment requirement, the Dubai Land Department still evaluates the final approval of Golden Visa applications on a case-by-case basis.

Source: The National