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UAE Golden Visa: Dubai drops minimum down payment required for property owners
Property buyers in Dubai no longer need to meet a minimum down payment of Dh1 million to qualify for the Golden Visa, as the government has eased the criteria for real estate investors. Now, if the property's value exceeds Dh2 million, owners opting for a payment plan or mortgage can apply for the long-term visa. This is a significant change, as the owner can apply for the 10-year residency regardless of the amount paid upfront.
Off-plan properties may also be considered on a case-to-case basis. Applicants need to submit the title deed of the property, a letter from the developer or mortgage document from the bank, along with their passport copy and photograph.
Jess Stephenson, head of sales progression at Allsopp & Allsopp Group, confirmed that the minimum payment of Dh1 million is no longer required. The only criterion now is that the property should have a value of Dh2 million or more for investors to obtain the Golden Visa. This opens up the visa to everybody who has a mortgage.
This change is expected to benefit many buyers and end-users, as most properties in Dubai are valued at more than Dh2 million. Payment plans for Dubai-based homes range from 1 percent monthly to five- to 25-year schemes after an initial down payment. Additionally, mortgages can finance up to 80 percent of the property value.
Although cash buyers still dominate Dubai's real estate market, the number of mortgage transactions is expected to increase in 2024 as interest rates are expected to drop. The UAE's long-term residency is open to investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers, and frontline heroes.
SOURCE: KHALEEJ TIMES (https://www.khaleejtimes.com/life-and-living/visa-and-immigration-in-uae/uae-golden-visa-dubai-drops-minimum-down-payment-required-for-property-owners)