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Dubai has revised its Golden Visa criteria, allowing property owners to apply for the 10-year residency without a minimum down payment requirement of Dh1 million, a move aimed at simplifying the process for real estate investors.
Property buyers in Dubai now have the flexibility to obtain the Golden Visa if the value of their property exceeds Dh2 million, regardless of whether they opt for a payment plan or mortgage, according to a media report. This adjustment was confirmed by an executive, Firosekhan, managing director of Profound Business Service based in Dubai, the report said.
Applicants are required to submit documents such as the property's title deed, a developer's letter, or a mortgage document from the bank, along with their passport copy and a photograph for consideration.As part of the Golden Visa privileges , owners are entitled to sponsor their spouses, children, and parents for the same 10-year residency period.
Jess Stephenson, head of sales progression at Allsopp & Allsopp Group, corroborated the update, highlighting that the previous minimum payment of Dh1 million is no longer mandatory. The revised criterion now focuses solely on the property's value, requiring it to be Dh2 million or more for investors to qualify for the Golden Visa. Stephenson emphasised that there is no minimum equity investment, making the visa accessible to mortgage holders.
This adjustment is expected to benefit a wide range of buyers and end-users, as most properties in Dubai are valued above Dh2 million, thereby making Golden Visa eligibility more inclusive for mortgage holders.
Dubai offers various payment plans for property purchases, ranging from monthly instalments to extended schemes spanning five to 25 years after an initial down payment. Additionally, mortgages can cover up to 80 per cent of the property value.
In recent years, property values in the UAE, especially in Dubai, have witnessed substantial growth. Luxury segments, particularly in high-demand areas such as Palm Jumeirah and Downtown, have seen nearly a doubling of prices.
According to ValuStrat, a real estate consultancy firm, cash transactions have dominated the Dubai real estate market,with mortgage transactions accounting for a smaller share. However, the number of mortgage transactions is expected to rise in 2024 due to anticipated interest rate reductions.
The UAE's Golden Visa programme, which grants long-term residency, is open to investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes, offering self-sponsorship opportunities.
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