UAE Golden Visa News: The Dh1 Million Minimum Down Payment on Investments is No Longer Required
In a groundbreaking development, property buyers aspiring for the coveted Golden Visa in the United Arab Emirates (UAE) are no longer constrained by the previous Dh1 million minimum down payment requirement,
Now, property owners aiming for the long-term visa need only ensure that the value of their property exceeds Dh2 million. This significant shift in eligibility criteria opens up the Golden Visa opportunity for a broader spectrum of investors, particularly those who choose payment plans or opt for mortgages.
Even if the upfront payment falls below the once-mandatory threshold, property owners can apply for the 10-year residency without hindrance, as clarified by an executive. Notably, this applies to both completed properties and off-plan developments, with off-plan cases subject to individual consideration.
Firosekhan, the Managing Director of Dubai-based Profound Business Service, outlined the necessary documentation for applicants. Submission requirements include:
- The property’s title deed.
- A letter from the developer or a mortgage document from the bank.
- A copy of the applicant’s passport along with a photograph.
Crucially, the new regulations extend the Golden Visa benefits to mortgage holders, making it accessible to a wider audience. As of now the sole criterion for eligibility is that the property must have a value of Dh2 million or more.
“If you pay in 20 per cent of the property’s value, which many people do for a mortgage, then you would still be eligible for the UAE Golden Visa.”
This means that a significant number of buyers and end-users can now benefit from the Golden Visa, with the option to sponsor their spouses, children, and parents for the same 10-year period.
Additionally, following his statement that, “This policy change would benefit many buyers and end users as this will open up the golden visa option to pretty much everybody who’s bought a property, because most properties are valued at more than Dh2 million,” clarifies the expected boom in UAE Golden Visas to come.
The adjustment in requirements align with the UAE’s commitment to fostering a diverse and dynamic community. The Golden Visa originally designed for investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers, and frontline heroes, now beckons a broader pool of property owners who meet the Dh2 million valuation threshold.
In essence, the UAE Golden Visa news today means the long-term residency program has become more accessible, creating an exciting opportunity for property buyers to secure their future in this vibrant and welcoming country. Whether through payment plans, mortgages, or outright property purchases, the path to the Golden Visa is now more inclusive than ever before.