UAE Golden Visa: Dubai drops minimum down payment required for property owners

UAE Golden Visa: Dubai drops minimum down payment required for property owners

Property buyers are no longer required to make a Dh1-million minimum down payment to be eligible for the Golden Visa, Khaleej Times can reveal.

If the value of the property is more than Dh2 million, owners who opt for a payment plan or mortgage can apply for the long-term visa.

The owner can apply for the 10-year residency regardless of the amount paid upfront, an executive explained.

"Off-plan properties could be considered on a case-to-case basis. Applicants need to submit the title deed of the property, letter from the developer or mortgage document from the bank, and their passport copy along with a photograph," said Firosekhan, managing director of Dubai-based Profound Business Service.

As with all Golden Visa holders, owners can sponsor their spouses, children and parents for the same 10-year period.

Jess Stephenson, head of sales progression at Allsopp & Allsopp Group, confirmed to Khaleej Times that the minimum payment of Dh1 million is no longer required. The eligibility criterion is now only that the property should meet a value of Dh2 million or more in order for investors to obtain the Golden Visa. “There is no minimum equity investment,” she said.

Stephenson this opens the visa requirements up to everybody that has a mortgage.