The UAE has made amendments to the requirements for obtaining the 10-year Golden Residency linked to property purchases. The condition of making a down payment of at least one million dirhams when buying property through a mortgage has been eliminated.
Previously, investors were required to purchase a property valued at no less than two million dirhams to qualify for the 10-year renewable Golden Residency program. For properties acquired through mortgages or installment plans, investors had to pay a minimum of one million dirhams to the bank or property developer to be eligible to apply for the Golden Visa.
Sources informed “Al-Bayan” that the down payment is no longer mandatory, as long as the property’s value is not less than two million dirhams. Investors can now obtain a 10-year Golden Residency by purchasing the property either through a mortgage with a bank or directly from the developer, provided they submit the property payment statements from the developer or a no-objection certificate from the bank. The government entities, such as the Land and Property Department, will continue to assess the property’s value as before.
The sources added, “From now on, if the property’s value is two million dirhams, you can obtain a Golden Visa, regardless of whether it is on the map, completed, mortgaged, or unencumbered.
Source: albayan.ae