In a groundbreaking move, Dubai has eradicated the mandatory Dh1-million minimum down payment previously required for property owners to qualify for the coveted Golden Visa. Khaleej Times has learned that property buyers can now bypass this significant financial threshold and still be eligible for the Golden Visa, provided their property’s value exceeds Dh2 million.
Regardless of the amount paid upfront, owners opting for payment plans or mortgages are now eligible to apply for a 10-year residency, as clarified by a high-ranking executive. The criteria for application have undergone a transformative shift, liberating property buyers from the burden of a substantial initial payment.
“Off-plan properties will be considered on a case-to-case basis, necessitating the submission of the property’s title deed, a letter from the developer or a mortgage document from the bank, along with a copy of the passport and a photograph,” explained Firosekhan, the managing director of Profound Business Service, a Dubai-based entity.
Golden Visa holders, as is customary, can extend sponsorship to their spouses, children, and parents for the same decade-long period. Jess Stephenson, the head of sales progression at Allsopp & Allsopp Group, corroborated this monumental change, affirming that the previous Dh1-million minimum payment is now obsolete. The sole criterion for eligibility is that the property’s value should be Dh2 million or more, ushering in a more inclusive era for Golden Visa seekers.
Importantly, Stephenson emphasized that there is no longer a minimum equity investment, making the visa requirements accessible to anyone with a mortgage. “Paying 20 percent of the property’s value, a common practice for mortgage holders, renders them eligible for the visa,” she stated.
This significant shift is poised to benefit a myriad of buyers and end-users, democratizing access to the Golden Visa. Stephenson envisions a broader pool of applicants, asserting, “This opens up the Golden Visa option to almost everyone who has purchased property valued at more than Dh2 million. Mortgage buyers, in particular, can now apply for the Golden Visa and extend sponsorship to their families and domestic staff.”
The UAE’s long-term residency, a self-sponsored opportunity, remains open to investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers, and frontline heroes, reflecting the country’s commitment to fostering diverse and dynamic communities.
