An executive clarified that regardless of the upfront payment amount, the owner can apply for the 10-year residency.
The Dubai government has relaxed Golden Visa eligibility for real estate investors, eliminating the previous requirement of a minimum down payment of Dh1 million. Property owners, opting for a payment plan or mortgage, can now apply for the 10-year residency visa, regardless of the upfront amount, if the property’s value exceeds Dh2 million. This information was disclosed by an executive to Khaleej Times.
Firosekhan, managing director of Profound Business Service in Dubai, stated that off-plan properties might be evaluated individually. Interested parties are required to provide the property’s title deed, a letter from the developer or a mortgage document from the bank, along with a passport copy and a photograph during the application process.
Golden Visa holders, like all others, can sponsor spouses, children, and parents for the entire 10-year duration. Jess Stephenson from Allsopp & Allsopp Group stated to Khaleej Times that the previous requirement of a minimum payment of Dh1 million is no longer applicable. Now, the only eligibility criterion is that the property must have a value of Dh2 million or more for investors to qualify for the Golden Visa. She emphasized, “There is no mandatory equity investment.”
Stephenson mentioned that this grants visa eligibility to anyone with a mortgage. “By contributing 20% of the property’s value, the standard mortgage down payment, individuals become eligible for the visa,” she explained. Stephenson highlighted the widespread benefit, making the Golden Visa accessible to nearly all property buyers, as most Dubai options exceed Dh2 million. This inclusive approach extends to mortgage buyers who can then apply for the Golden Visa.
Dubai’s home payment plans vary from 1% monthly to extended five- to 25-year terms post-initial payment. Mortgages can finance up to 80% of the property value.
In recent years, property prices in the UAE, particularly Dubai, surged, peaking in 2023. Luxury segments, notably in high-demand areas like Palm Jumeirah and Downtown, experienced almost a twofold increase.
ValuStrat reported that cash transactions dominated Dubai real estate, with 8,238 mortgage deals compared to 16,485 cash transactions in Q3 2023. However, 2024 is anticipated to witness a rise in mortgage transactions due to an expected interest rate decrease of up to 100 basis points.
The UAE’s self-sponsored long-term residency is open to investors, entrepreneurs, scientists, exceptional students and graduates, humanitarian pioneers, and frontline heroes.
