by knox Middle East Properties 
The United Arab Emirates has removed the requirement for a Dh1 million ($272,294) initial payment for eligibility for a golden visa via real estate investment, aiming to attract more long-term residents and investors. This adjustment is intended to make it easier for people to establish permanent ties within the nation.
Under the previous guidelines of the golden visa program, launched in 2019, investors had to purchase a property worth at least Dh2 million to qualify for this 10-year renewable residency scheme. However, if the property was financed through a mortgage or installment plan, a minimum of Dh1 million, or 50% of the property’s value, was required as a down payment to qualify.
Maroun Abou Harb, an associate at BSA Ahmad bin Hezeem & Associates, noted that the recent policy change allows for qualification without any down payment. Now, any property valued at Dh2 million or above, whether it is an off-plan or a completed unit, mortgaged or outright owned, qualifies for the golden visa.
Despite the update, the Dubai Land Department’s Cube website and the Dubai’s General Directorate of Residency and Foreigners Affairs website have yet to reflect this new policy.
The criteria for golden residency for real estate investors remain the same, with a minimum property value of Dh2 million required, as confirmed by the DLD to The National.
The news of the policy change was shared with BSA Ahmad bin Hezeem & Associates on January 22. Although no formal circular has been issued, the update was confirmed during a visit to the DLD’s Cube, where golden visa applications are processed.
Jess Stephenson, head of sales progression at Dubai property broker Allsopp & Allsopp, remarked that this policy shift would greatly benefit buyers and end-users by making the golden visa accessible to a wider audience, particularly those who have purchased properties worth over Dh2 million. It also means that mortgage buyers can now apply for the golden visa and sponsor their family and domestic staff, boosting buyer confidence in Dubai.
A property agent plans to verify the policy change with a client’s upcoming DLD transaction for a property exceeding Dh2 million in value.
Matthew Gregory, branch director at real estate agency Better homes, praised the initiative for positively impacting the property market and facilitating conversations with potential clients, especially international buyers. The new policy simplifies the process of obtaining a golden visa with a minimal investment, emphasizing that investors no longer need to hold equity of Dh2 million but merely meet the property value requirement.
Reference : The National News
Tuesday 27 February 2024
https://www.thenationalnews.com/business/money/2024/01/24/golden-visa-dubai-property/