As of January 24, 2024, the United Arab Emirates has removed the minimum down payment requirement of AED 1 million.

According to real estate experts, investors in Dubai’s property market will now find it easier to obtain the United Arab Emirates’ Golden Visa. Changes to the UAE Golden Visa rules are a “game changer” for Dubai real estate investors, according to a local property expert.

Exciting developments are underway for those interested in the UAE Golden Visa, as the eligibility requirements for property investors have been significantly relaxed. The UAE government has announced the removal of the minimum down payment requirement of AED 1 million (USD 272,000) for real estate investments — a groundbreaking shift in the Golden Visa program.

This change represents a golden opportunity for investors who wish to capitalize on the UAE’s growing property market and secure a 10-year residency visa.

Soliman Hossameldin, Director of Digital Marketing at D&B Properties, said:

“The UAE’s decision to remove the minimum down payment requirement is a breakthrough for investors. It opens the doors to a broader range of individuals who can take part in the Golden Visa program, contributing to a more inclusive and dynamic real estate landscape.”

As of January 24, 2024, the United Arab Emirates has abolished the minimum down payment requirement of AED 1 million (USD 272,000) or 50% of the property’s value for the Golden Visa when purchasing real estate.

This means that regardless of the down payment amount or the property’s status (off-plan, completed, mortgaged, or mortgage-free), investors can now qualify for the Golden Visa by owning property worth AED 2 million (USD 545,000) or more.

Investors who choose properties valued at AED 2 million (USD 545,000) or higher can now easily unlock the possibility of long-term residency in the UAE. The Golden Visa, valid for 10 years and renewable under the same conditions, enables investors to become an integral part of the UAE’s vibrant community and grow their investments.

To obtain the UAE Golden Visa under the new rules, real estate investors must:

• Provide a letter from the Land Department of the relevant emirate confirming ownership of one or more properties worth at least AED 2 million (USD 545,000).
• Acquire the property through financing from specific local banks approved by the relevant local authority.

While the minimum payment requirement has been removed, final approval for the Golden Visa application remains subject to review by the Land Department on a case-by-case basis, ensuring fair and individualized assessment of each applicant.

Source: Arabian Business