UAE 'cancels minimum down payment' for golden visa

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.

Earlier, to qualify for the 10-year renewable residency program, 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, home buyers 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 The National.

BSA Ahmad bin Hezeem & Associates was informed about the change on January 22, Mr Abou Harb said.

“No circular has been sent out yet, although when we visited the DLD at The Cube, where they handle the golden visa applications, that’s where we were made aware of this change,” said Jess Stephenson, head of sales progression at Dubai property broker Allsopp & Allsopp.