The UAE may scrap the previous requirement of a minimum down payment of 1 million dirhams ($272,294) for those seeking a golden visa through property investment to encourage more residents and investors to strengthen ties with the country, sources said.
Initially, to qualify for the 10-year renewable residency program introduced in 2019, investors had to purchase a property worth Dh2 million or more. However, for properties purchased with a mortgage or installment plan, buyers were required to make a minimum down payment of Dh1 million or 50 per cent of the property’s value to the bank or developer to be eligible for the golden visa.
This change, if adopted, would eliminate the requirement for a minimum down payment. Under the revised criteria, investors will be able to qualify for a golden visa if the property is valued at Dh2 million or more, regardless of whether it is off-plan, completed, mortgaged or non-mortgageable.
It should be noted that this amendment has not yet entered into force and has not been published on the Dubai Land Department website.
