Introduced in 2019, the UAE initiated a 10-year golden visa program for investors, initially mandating a property valued at AED2 million, with a minimum payment of AED1 million or 50%.
Presently, investors can secure a 10-year golden visa in the UAE with a property valued at AED 2 million, simplifying the process for off-plan properties, and now, only requiring a AED50,000 cheque.
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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.
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.
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Source: The National News
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