Huge news for property owners…

Dubai has cancelled the Dhs1 million down-payment previously required for people to qualify for the 10-year Golden Visa (through property investment), according to The National.

For buyers to be eligible for the Golden Visa, the property value must now be over Dhs2 million. Previously, property investors would have to put down a minimum payment of Dhs1 million.

This is huge news for buyers and means that the majority of property investors in Dubai will now qualify for that special 10-year golden residency.

“You only have to buy a property worth Dh2 million, but you don’t have to hold equity of the same value.” Matthew Gregory, branch director at real estate agency Betterhomes told The National.

“If you buy an off-plan unit, you just need to pay the down payment, which for some is only Dh50,000, and be eligible for a golden visa.”

The UAE first introduced the Golden Visa in 2019, granting exceptional talents the ability to live and work in the country under their own sponsorship through a 10-year renewable visa.

In the years that have followed, the categories for eligibility of the UAE Golden Visa has expanded, allowing more people to make permanent roots in the UAE.

Notable recipients of the golden visa include football stars Cristiano Ronaldo, Paul Pogba, Luís Figo and Roberto Carlos; tennis champion Novak Djokovic; and Danú Theatre Founder and director Padraig Downey.

SEE ALSO: Everything you need to know about getting the UAE Golden Visa

For those that don’t qualify for the Golden Visa through real estate investment, here are the two other categories:

C level (management) Golden Visa

Images: Unsplash 

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