The owner can apply for the 10-year residency regardless of the amount paid upfront, an executive explained.
Dubai has eliminated the minimum down payment requirement for property owners to qualify for the UAE Golden Visa. This move aims to attract more foreign investors and high-net-worth individuals to Dubai's real estate market. The UAE Golden Visa offers long-term residency to investors, entrepreneurs, and professionals who meet certain criteria, including owning property worth at least AED 2 million.
By removing the minimum down payment requirement, Dubai is expected to make it easier for property owners to apply for the Golden Visa and enhance the emirate's competitiveness as a global investment destination. This decision underscores Dubai's commitment to supporting the real estate sector and promoting economic growth through foreign investment. If they can provide proof of steady income and the property as collateral. This change is expected to make it easier for more people to qualify for the Golden Visa, which provides long-term residency in the UAE for property investors and their families.
The Golden Visa program was introduced in 2019 to attract more high-net-worth individuals to invest in the UAE's real estate market. The program has been successful in encouraging investment, but the high minimum down payment requirement has been a barrier for some potential investors. By removing the minimum down payment requirement for the Golden Visa, the government is opening the program to a wider range of investors who may not have the means to make a large upfront payment.
This change is expected to stimulate further growth in the real estate market and attract more international buyers to Dubai. Overall, the relaxation of the Golden Visa criteria is a positive development for the Dubai real estate market and is likely to benefit both investors and the economy.