Exciting changes are underway in the United Arab Emirates (UAE) for investors eyeing the Golden Visa program, with significant modifications to eligibility requirements aiming to boost real estate investments in Dubai.
The UAE government has announced a groundbreaking shift in the Golden Visa program by removing the previous AED1 million ($272,000) minimum down payment requirement for real estate investments. This move is expected to revolutionize the landscape for property investors seeking long-term residency in the UAE.
Soliman Hossameldin, Director of Digital Marketing at D&B Properties, reportedly hailed the UAE’s decision as a “game-changer” for investors, emphasizing the newfound inclusivity and dynamism it brings to the real estate sector.
Effective January 24, 2024, the UAE has abolished the minimum down payment requirement, making it easier for investors to qualify for a Golden Visa. Regardless of the down payment amount or the property’s status (off-plan, completed, mortgaged, or not mortgaged), investors can now secure a 10-year residency visa by owning a property valued at AED2 million ($545,000) or more.
This monumental change unlocks a host of opportunities for investors to become long-term residents of the UAE, fostering growth and stability in the region’s real estate market.
To be eligible for a Golden Visa under the revised rules, real estate investors must provide a letter from the land department of the respective emirate confirming ownership of one or more properties valued at no less than AED2 million ($545,000). Alternatively, investors can acquire a property through a loan from specific local banks approved by the competent local entity.
While the minimum payment requirement has been eliminated, the final approval of the Golden Visa application remains subject to the land department’s consideration on a case-by-case basis, ensuring a fair and individualized assessment of each applicant.
These changes signal a new era for property investors in the UAE, as the Golden Visa program becomes more accessible and attractive, offering a pathway to long-term residency and investment opportunities in one of the world’s most vibrant real estate markets.
