Property investors seeking the UAE Golden Visa will no longer have to fork out the Dh1 million that was required to obtain the coveted do-year residence permit after Dubai scrapped the minimum down payment requirement for the emirate’s visa through real estate investment.
Real estate agencies and experts clarified in reports carried by several media outlets that while investors are still required to acquire property worth Dh2 million to be eligible for the Golden Visa, they will no longer be required to put down Dh1 million up front, as was the case until now.
This million dirham payment was required regardless of whether the property – or properties – was bought through a mortgage or instalment plan. Now Golden Visa seekers can opt for any payment plan or mortgage irrespective of the down payment that they’ve paid upfront to apply for the 10-year Golden Visa.
Widening pool of Golden Visa investors
The move is being seen as a key step to widen the pool of investors who can access the 10-year residency and is expected to provide a further fillip to the Dubai real estate sector.
A senior property expert from real estate broker Allsopp & Allsopp was quoted by Khaleej Times as saying that the eligibility is now based only on the property value meeting or exceeding Dh2 million for investors to obtain the Golden Visa.
The expert said that the move opens the property sector further by bringing everybody who has a mortgage into the ambit of the Golden Visa. Even if a buyer pays 20% of a property’s value, as is the practice in the UAE, they would still be eligible for the visa while paying the rest in instalments, provided that the property’s total cost is at least Dh2 million.
Introduced in 2019, the UAE Golden Visa allows select professional and entrepreneurs as well as exceptional talents in multiple fields to obtain 10-year residency to live, work and study in the UAE, and sponsor their spouses, children and parents, as well as domestic help. The Golden Visa is also available to be obtained through real estate investment, provided the value of the property or properties bought is a minimum of Dh 2 million.