The UAE Scraps Property Purchase’s AED 1 Million Down Payment For Golden Visas
Grabbing a UAE golden visa just got easier… No more stressing about a AED 1 million down payment for property – it’s cancelled!
You probably want more deets… right?
Well…
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In 2019, AED 2 million property value became key for a 10-Year residency qualification
To clarify, the AED 2 million applies to the PROPERTY VALUE, not the DOWN PAYMENT.
However, for properties purchased through mortgage or instalment plans, buyers were required to contribute a minimum down payment of AED 1 million or 50% of the property’s value to the bank or developer to qualify for the golden visa.
The latest update removes the requirement for any minimum down payment, as explained by the National.
Investors are now eligible for the golden visa with a property value of AED 2 million or more, irrespective of its status – whether off-plan, completed, mortgaged, or not mortgaged.
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You’re probably wondering… what’s the purpose?
Well, the intention behind this change is to encourage more residents and investors to establish deeper connections within the country. The goal is to foster a sense of belonging and commitment, enticing individuals to contribute to the nation’s long-term growth and development.
But wait… hold off on the house hunt for now!
The Dubai Land Department’s Cube website is still in the dark about the recent change… And over at the Dubai General Directorate of Residency and Foreigners Affairs website? No updates either! But stay tuned…
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