UAE waives down payment for golden visas
UAE waives down payment for golden visas
According to information from various sources, the government of the United Arab Emirates (UAE) has decided to abolish the mandatory minimum down payment of 1 million dirhams ($272,294) for obtaining a golden visa through real estate investment. This measure is aimed at stimulating the attraction of more citizens and investors for long-term residence in the country.
Until 2019, investors were required to purchase a property worth at least Dh2 million to participate in the 10-year renewable residence permit program. However, to qualify for the golden visa, buyers using a mortgage or installment plan were required to pay the bank or developer a down payment of Dh1 million or 50% of the property price.
Maroun Abu Harb, a lawyer at BSA Ahmad bin Hezeem & Associates, argues that the latest changes completely eliminate the minimum down payment obligation. Investors are now eligible for a golden visa if they have a property worth Dh2 million or more, regardless of the stage of completion, construction or whether it is mortgaged or not.
It is important to note that the Dubai Land Department's Cube website, which provides services for investors and golden visas, has not yet been updated to reflect these changes. Also, the changes are not reflected on the website of the General Directorate of Residency and Foreigners Affairs in Dubai.
According to information received from DLD, the requirements for property investors to obtain a golden residence permit remain the same and the minimum property value is Dh2 million. Maroun Abu Harb noted that his company was notified of these changes on January 22.
The UAE has taken a major step towards simplifying the golden visa process for foreign investors. The elimination of the minimum down payment is a significant change in immigration policy aimed at attracting more foreigners to live long-term and invest in the country's economy.
