The UAE recently announced a game-changing decision, eliminating the AED 1 million ($272,294) minimum down payment requirement for individuals to qualify for a golden visa through real estate investment.
This strategic move aims to attract more residents and investors, making the 10-year renewable residency programme more accessible.
Previously, investors needed a property valued at AED 2 million or more, with a minimum down payment of AED 1 million or 50% for mortgage or installment plans.
The recent amendment removes the minimum down payment, allowing investors to qualify for the golden visa if the property's value is AED 2 million or more, irrespective of its status.
While the change hasn't reflected on certain official websites like the Dubai Land Department’s Cube and the Dubai’s General Directorate of Residency and Foreigners Affairs, the eligibility criteria remain unchanged, requiring a minimum property value of AED 2 million.
Jess Stephenson from Allsopp & Allsopp mentioned that BSA Ahmad bin Hezeem & Associates were informed about the change on January 22 during a visit to the DLD at The Cube, with no official circular sent out yet.
This aligns with the UAE's commitment to economic, legal, and social reforms. The golden visa program introduced in 2019 offers a 10-year visa to various categories including investors, entrepreneurs, skilled professionals, and more.
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