In a notable shift, property buyers seeking the Golden Visa are no longer obligated to meet the previous minimum down payment of Dh1 million, according to Khaleej Times.
New Eligibility Criteria for Property Owners
Owners of properties valued at Dh2 million or more are now eligible for the Golden Visa, even if they opt for payment plans or mortgages. The requirement for a minimum down payment of Dh1 million no longer applies, as clarified by an executive.
Application Process for Property Owners
Firosekhan, Managing Director of Profound Business Service, outlined that off-plan properties could be considered on a case-by-case basis. Applicants must provide essential documents, including the property title deed, a letter from the developer or mortgage document from the bank, along with their passport copy and photograph.
Confirmation from Real Estate Expert
Jess Stephenson, Head of Sales Progression at Allsopp & Allsopp Group, confirmed the removal of the Dh1 million minimum payment requirement. The revised criterion now solely focuses on the property’s value, requiring it to be Dh2 million or more for investors to qualify for the Golden Visa.
Expanded Accessibility and Benefits
This adjustment is anticipated to benefit a wide range of buyers and end-users, making the Golden Visa option accessible to a broader spectrum of property owners. Stephenson highlighted that there is no minimum equity investment, making the visa accessible to all mortgage holders.
Golden Visa Overview
The UAE’s Golden Visa, offering a 10-year residency, is self-sponsored and available to investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers, and frontline heroes.
Also Read
“Ed Sheeran’s Impact: Transformative Moment Inspires Dubai Kids to Believe in Their Dreams”
Ed Sheeran Concert: Couple’s ‘Perfect’ Proposal – Jetting to Dubai for Engagement
