The United Arab Emirates’ (UAE) decision to abolish the previous minimum down payment of one million Dirhams (approximately Rs 2,26,31,327) in order to benefit from the Golden Visa Program is expected to bring new and diverse real estate investors to Dubai.
Among other things, the new changes could lead to more building projects and more jobs and also boost the economy connected to real estate, VisaGuide.World reports.
Facilitating the process of acquiring golden visas could also help the government to prevent market downturns while keeping growth steady and strong. In addition, according to local media reports, this might bring in new investors and also make current ones feel more confident, therefore helping to maintain the UAE’s real estate market stable and healthy.
In 2019, the UAE introduced the Golden Visa Program to attract internationals, giving them the opportunity to acquire residency if they invest financially in this territory. The program managed to become among the most significant ones in the Middle East as well as North Africa soon after its introduction.
In order to qualify from the program for a ten-year renewable residence program, investors were required to acquire property worth AED2 million or more. However, for properties bought on mortgage or installment plans, a minimum downpayment of AED1 million or 50 percent of the property’s value had to be paid to the bank or developer in order to be eligible for this kind of visa.
Following the recent changes, wealthy foreign investors are no longer subject to the AED1 million ($272,294) minimum downpayment requirement.
The new changes mean that investors can now qualify for the golden visa if the property’s value is AED2, regardless of whether it’s off-plan, completed, mortgaged, or not mortgaged, thus facilitating the process of acquiring golden visas for internationals.
Maroun Abou Harb, an associate at law firm BSA Ahmad bin Hezeem & Associates, said that the firm was informed of the new changes on January 22.
At the same time, Jess Stephenson, head of sales progression at Dubai property broker Allsopp & Allsopp, said, “No circular has been sent out yet, although when we visited the DLD at The Cube, where they handle the golden visa applications, that’s where we were made aware of this change.”
Authorities in the UAE unfolded several new changes to attract a larger number of internationals. In November last year, the country extended the scheme to Pakistani nurses, while in April last year, the Dubai Media Office (DMO) confirmed that plans to grant golden visas to mosque imams, preachers, as well as muftis and muezzins, among others, who have completed 20 years of service in this country.