In a landmark decision, the United Arab Emirates has revolutionised its Golden Visa system, for property investors in Dubai. This strategic move, aimed at boosting the real estate market and attracting foreign investment, has eliminated the minimum down payment requirement of Dh1 million for property buyers seeking the coveted Golden Visa.

Previously, to qualify for this 10-year renewable residency program, investors needed to invest a value of Dh2 million or above. This recent policy shift has opened doors for a broader range of investors, making the Golden Visa more accessible than ever before.

The change, as reported by Khaleej Times and The National, signifies a major shift in the UAE’s approach to foreign investment and residency. Property buyers can now apply for the Golden Visa if their property is valued at Dh2 million or above, regardless of the amount paid upfront. This includes off-plan properties, completed properties, and those bought with or without a mortgage. What this means is that even if you pay the minimum 20% down payment of the property’s value that is required for any property purchase, you are now eligible for a Golden visa. 

This policy change aligns with the UAE’s broader strategy of economic, legal, and social reforms to attract skilled workers and boost foreign direct investment. The Golden Visa, introduced in 2019, is a testament to the UAE’s commitment to fostering a welcoming environment for exceptional talents and investors. The visa covers a wide range of categories, including investors, entrepreneurs, skilled professionals, scientists, outstanding students, and frontline heroes.

The impact of this policy revision is multifaceted. It not only simplifies the process for acquiring the Golden Visa but also instils greater confidence among buyers and investors. The lowered entry barrier means that even a minimal investment in an off-plan unit could qualify for the Golden Visa.

This change is expected to stimulate the real estate sector significantly. By removing the financial hurdle of the large down payment, the UAE is likely to see an influx of property investments, leading to increased construction activities, job creation, and overall economic growth in the real estate industry. Moreover, the broader eligibility criteria may attract a more diverse pool of investors, enhancing the sector’s resilience and long-term vitality.

In conclusion, the UAE’s recent amendment to the Golden Visa criteria is a strategic move to bolster its real estate market and attract a wider array of investors. By focusing on the property’s overall value rather than a specific down payment, the UAE has made its Golden Visa program more accessible, potentially leading to a surge in real estate transactions and a more vibrant economic landscape