Dubai Eases Golden Visa Criteria, Drops Minimum Property Down Payment
The criteria for obtaining the Golden Visa in Dubai have been relaxed, eliminating the previous requirement of a minimum down payment of Dh1 million for property buyers.
Now, if the property's value exceeds Dh2 million, owners opting for payment plans or mortgages can apply for the 10-year residency visa, regardless of the amount paid upfront. This change opens the visa option to a broader range of individuals, including those who choose mortgage financing.
While considering off-plan properties, Firosekhan, managing director of Profound Business Service in Dubai, said that each situation is unique. Important papers that applicants must provide include the title deed, a letter from the developer or mortgage paperwork from the bank, a copy of their passport, and a photo.
According to Jess Stephenson, head of sales progression at Allsopp & Allsopp Group, the minimum payment of Dh1 million is no longer required. The revised eligibility criterion now focuses solely on the property's value, which should be Dh2 million or more for investors to qualify for the Golden Visa. Stephenson emphasized that there is no longer a minimum equity investment, making the visa accessible to anyone with a mortgage.
Owners holding the Golden Visa can sponsor their spouses, children, and parents for the same 10-year period. This change is expected to benefit a significant number of buyers and end-users, expanding the Golden Visa option to almost everyone who has purchased a property, given that most options in Dubai are valued at more than Dh2 million.
Payment plans for Dubai-based homes typically range from 1 percent monthly to five- to 25-year schemes after an initial down payment. Mortgages can finance up to 80 percent of the property's value. With property prices, especially in Dubai, experiencing substantial increases in recent years, the new criteria provide increased flexibility for individuals interested in obtaining the Golden Visa through real estate investment.
The long-term residency program in the UAE, which includes the Golden Visa, is self-sponsored and open to investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers, and frontline heroes.
