In a significant policy change, Dubai has scrapped the minimum down payment of Dirhams one million (Rs 2,26,31,327) for individuals seeking a golden visa through real estate investment.
To be eligible for the golden visa, investors now must acquire property worth Dirhams two million (Rs 4,52,54,050) or more.
The step is viewed as a strategic decision, enabling a wider range of investors to access the golden visa, thus reviving the real estate market.
Earlier, a minimum down payment was required for properties purchased through a mortgage or instalment plans to qualify for the golden visa.
Taking to LinkedIn, Vinayak Mahtani, CEO of bnbme holiday homes, wrote, “Exciting news from the UAE! Removing the minimum property investment requirement for the Golden Visa opens up new possibilities for investors.”
“Starting now, properties worth Dirhams two million can receive a golden visa, regardless of whether they’re off-plan, completed, mortgaged, or not,” Mahtani told Arabian Gulf Business Insight (AGBI).
UAE’s golden visa
The golden visa was introduced by the UAE government in 2019 which allows foreigners to live, work and study in the country without the need for a national sponsor and with 100 percent ownership of their business on the UAE mainland.
These visas are issued for 5 or 10 years and are automatically renewed.
The visa is open to investors, entrepreneurs, extraordinary talents and researchers in many disciplines of technology and knowledge, as well as extraordinary students.