UAE Abolishes Minimum Down Payment for Golden Visa Program, Attracts New Real Estate Investors

The United Arab Emirates (UAE) has made a groundbreaking decision to abolish the previous minimum down payment requirement of one million Dirhams in order to benefit from the Golden Visa Program. This move is expected to bring in a wave of new and diverse real estate investors to Dubai, sparking potential growth and opportunities in the market.

According to VisaGuide.World, the new changes could lead to an increase in building projects, more jobs, and ultimately boost the economy connected to real estate in the UAE. By facilitating the process of acquiring golden visas, the government hopes to prevent market downturns and maintain steady growth. This may also attract new investors and boost the confidence of current ones, ensuring the stability and health of the real estate market.

The Golden Visa Program was introduced in 2019 to attract internationals by offering residency in exchange for financial investment in the UAE. Initially, investors were required to acquire property worth AED2 million or more, with a minimum down payment of AED1 million or 50% of the property’s value. However, the recent changes mean that wealthy foreign investors are no longer subject to the AED1 million minimum down payment requirement.

Now, investors can qualify for the golden visa with a property value of AED2 million, regardless of its form or financing status. This simplifies the process of acquiring golden visas for internationals, making it more accessible and attractive for potential investors.

Maroun Abou Harb from law firm BSA Ahmad bin Hezeem & Associates confirmed the new changes, while Jess Stephenson from Dubai property broker Allsopp & Allsopp mentioned that no official circular has been released yet. Despite this, the news of the change has started to spread among those involved in the real estate market in Dubai.

This decision is part of a series of changes introduced by UAE authorities to attract a larger number of internationals. The expansion of the Golden Visa Program to include Pakistani nurses and plans to grant golden visas to mosque imams, preachers, muftis, and muezzins who have completed 20 years of service in the country demonstrate the UAE’s commitment to welcoming diverse talents and investments.