In a groundbreaking move, Dubai has recently eliminated the previous Dhs1 million down payment requirement for individuals seeking to qualify for the coveted 10-year UAE Golden Visa through property investment, as reported by The National.
This significant decision is poised to reshape the landscape for property investors, making the UAE Golden Visa accessible to a broader spectrum of individuals.
Under the revised criteria, prospective buyers must ensure that the property’s value surpasses Dhs2 million, a notable shift from the previous minimum down payment of Dhs1 million. This monumental change opens up new possibilities for property investors in Dubai, as the majority will now meet the criteria for the exclusive 10-year residency.
Matthew Gregory, the branch director at the real estate agency Betterhomes, shared insights on the revamped requirements: “You only have to buy a property worth Dh2 million, but you don’t have to hold equity of the same value. If you buy an off-plan unit, you need to pay the down payment, which for some is only Dh50,000, and be eligible for a visa.”
This move aligns with Dubai’s commitment to attracting global talent and fostering a thriving real estate market. The flexibility in down payment amounts, particularly for off-plan units, allows a more diverse range of investors to tap into the benefits of the UAE Golden Visa program.
Initially introduced by the UAE in 2019, the Golden Visa offers a 10-year renewable visa to individuals with exceptional talents, enabling them to live and work in the country under their own sponsorship. Over the years, the eligibility categories for the Golden Visa have expanded, facilitating more individuals to establish permanent roots in the UAE.
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