25 January 2024, The National News
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, according to sources.
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.
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.
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.