Home >> Blog >>UAE Golden Visa – Dubai eliminates the minimal down payment mandated for property proprietors
The recent revision of Dubai’s Golden Visa prerequisites for property purchasers has substantially simplified the process for investors. The previous mandatory minimum down payment requirement of Dh1 million has been removed, providing prospective residents with increased flexibility.
Property owners seeking the Golden Visa may now be eligible to apply for a 10-year residency period under the revised criteria, even if the property’s value surpasses Dh2 million and they opt for a payment plan or mortgage. This modification expands the pool of potential investors by eliminating the requirement that the initial payment amount establish eligibility for the long-term visa.
This modification signifies the Dubai government’s dedication to fostering real estate investment and enticing a wide range of international purchasers. The goal of the more inclusive strategy is to bolster economic expansion and solidify Dubai’s position as a worldwide center for investment and residency.
It is recommended that individuals with an interest in the Golden Visa program remain informed about any recent developments or subtleties in order to obtain precise and timely data for making informed investment choices.
Additionally, the payment significantly impacts the timeline. The duration of a transaction involving a financed customer and a financed vendor can be around eight weeks. The process for a financed buyer and cash vendor (or vice versa) can take up to six weeks, whereas a cash buyer and cash seller can expect to complete the transaction within one to four weeks.
FOR THE SAME TEN-YEAR PERIOD, ALL GOLDEN VISA HOLDERS AND OWNERS MAY SPONSOR THEIR SPOUSES, CHILDREN, AND PARENTS
Khaleej Times reported that the requirement for a minimum payment of Dh1 million has been eliminated. Investors are now only required to possess properties with a value of Dh2 million or higher in order to qualify for the Golden Visa. “There is no minimum equity investment,” .
Stephenson emphasized that the recent modifications to Dubai’s Golden Visa eligibility criteria have rendered the visa more accessible to a wider range of individuals.
The elimination of the Dh1 million minimum down payment requirement has enabled individuals with mortgages to now qualify for the 10-year residency program. As stated by Stephenson, mortgage purchasers who make the customary payment of 20 percent of the property’s value would qualify for the Golden Visa.
It is anticipated that this modification will provide advantages to an extensive spectrum of property purchasers and end-users, effectively granting the Golden Visa alternative to nearly all individuals who have made investments in Dubai properties valued at Dh2 million or higher.
After an initial down payment, payment arrangements for Dubai-based residences range from 1% per month to five to twenty-five years. With regard to mortgage financing, a maximum of 80% of the value of the property can be acquired.
Outstanding Government Initiative
In the interim, the real estate sector would experience a lift from the “outstanding government initiative.” “This facilitates constructive dialogues with prospective clients, particularly those from abroad, and assists them in escalating the property ladder while acquiring a visa more expeditiously and for a minimal investment,” the initiative stated.
“It is extremely valuable to acquire a property for Dh2 million without being required to hold equity of the same value.” “You are eligible for a golden visa with just the down payment, which for some is only Dh50,000, if you purchase an off-plan unit.”
Nevertheless, the Dubai Land Department’s Cube website, which serves as a customer service platform for investors and property purchasers obtaining golden visas, has yet to update to reflect the modification.
The United Arab Emirates, the second-largest economy in the Arab world, has implemented a number of economic, legal, and social reforms in recent years in an effort to increase foreign direct investment and recruit educated labor.
In 2019, the Emirates implemented the platinum visa program. The purpose of the 10-year-valid visas is to incentivize foreign investors and exceptional laborers to forge stronger ties with the nation.
The website of the General Directorate of Residency and Foreigners Affairs in Dubai has not been updated to reflect the modification as of yet.
Amendments were implemented in 2022 with the intention of streamlining the eligibility requirements and broadening the scope of beneficiaries under the golden residency initiative.
Investors, entrepreneurs, experienced professionals earning a monthly salary exceeding Dh30,000 ($8,167), exceptional talents, scientists, professionals, remarkable students and graduates, property investors, humanitarian pioneers, and frontline heroines are eligible to obtain the 10-year visa.
“Many purchasers and end users would benefit from this policy change, as it would make the golden visa option available to virtually everyone who has purchased a property, given that the majority of properties are valued at over Dh2 million,”