UAE: Minimum Down Payment Required through Golden Visa Program Abolished
Published: 25 January 2024
Dubai has abolished the minimum down payment of Dirhams one million (Rs 2,26,31,327) required for those interested in acquiring residency through the Golden Visa Program, thus making it easier for investors and families to come and settle in this country.
Lifting the Dhs1 million real estate investment requirement will make it easier for a larger number of people to qualify for a golden visa, VisaGuide.World reports.
Up to this point, in order to qualify for Residency by the Investment Scheme of Dubai, applicants were required to acquire a property worth Dh 2 million or more.
However, homebuyers were required to make a minimum down payment of a total of Dh1 million, or 50 percent of the property’s value, to the bank or developer for properties bought on mortgage or installment plans in order to benefit from this kind of visa.
However, Dubai’s General Directorate of Residency and Foreigners Affairs has not yet been updated in order to include the recent changes, while the eligibility criteria for acquiring a golden visa remain unchanged. It means that the property value requirement set at a minimum of Dh2 million is still valid.
Regarding the new changes, BSA Ahmad bin Hezeem & Associates was informed on January 22, Mr Abou Harb told the National UAE.
“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.Jess
At the same time, the CEO of Bnbme Holiday Homes, Vinayak Mahtani, considered the changes as “exciting news from the UAE!”. According to Mahtani, removing the minimum property investment requirement for the Golden Visa brings new possibilities for investors.
Authorities in the United Arab Emirates (UAE) introduced the Golden Visa Program in 2019. Soon after, the program became among the largest of this kind in the Middle East and North Africa region.
In order to attract a larger number of internationals, authorities in Dubai introduced several changes to this scheme last year as well.
In November 2023, authorities in UAE extended the scheme to include Pakistani nurses to recognize their contribution to the healthcare sector.
In April last year, the Dubai Media Office (DMO) announced plans to grant golden visas to mosque imams, preachers, muezzins, muftis, and other researchers who have completed 20 years of service in the country.