The UAE issues an urgent decision amending the conditions for obtaining golden residency

Ahmed Moawad - | UAE

The United Arab Emirates announced the amendment of the conditions for 10-year golden residency in the UAE associated with purchasing a property.

The government agreed to remove the requirement to make a down payment of at least one million dirhams when purchasing a home with a real estate loan.

It is worth noting that the UAE government previously required investors to purchase a home worth at least two million dirhams in order to be eligible for the golden residence program for a 10-year period, which can be renewed.

She said that for properties purchased with a mortgage or installment plans, a minimum of one million dirhams must be paid to the bank or real estate developer before applying for a golden visa.

Down payment is no longer required

It is worth noting that the Emirati newspaper Al Bayan reported from informed sources that the first payment is no longer required as long as the property's value is at least two million dirhams, and that the investor can obtain a golden residence permit for ten years as long as he purchases the property, either through a bank mortgage or directly from the developer.

However, it requires the developer to provide a statement of real estate payments or a no-objection certificate from the bank, while government bodies such as the Land Department will continue to analyze the property's value.

New conditions for obtaining golden residency

According to the Emirati daily, you can now receive a golden visa if the worth of your home is 2 million dirhams or more.

This applies regardless of whether it is off-plan, completed, mortgaged, or unmortgaged."

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Ahmed Moawad
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