- Investors can now apply for a long-term visa for properties valued over Dh2 million
- Owners can sponsor spouses, children, and parents for the same 10-year period.
- The visa is accessible to everyone with a mortgage.
If the property's value exceeds Dh2 million, owners choosing a payment plan or mortgage can now apply for the long-term visa. An executive explained that the owner can apply for the 10-year residency regardless of the amount paid up front.
"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.
Golden Visa holders:
As with all Golden Visa holders, owners now have the flexibility to 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at Allsopp & Allsopp Group, confirmed to Khaleej Times that the requirement for a minimum payment of Dh1 million is no longer in effect. The only eligibility criterion now is that the property should have a value of Dh2 million or more for investors to obtain the Golden Visa. "There is no minimum equity investment," she clarified.
Stephenson highlighted that this change makes the visa accessible to everyone with a mortgage. "If you pay in 20 per cent of the property's value, which most people do for a mortgage, they would be eligible for the visa," she explained.
This development is expected to benefit numerous buyers and end-users, as it opens up the Golden Visa option to almost everyone who has purchased a property, given that most properties in Dubai are valued at more than Dh2 million. "All mortgage buyers would then be able to apply for the Golden Visa."
Payment plans for Dubai-based homes vary from 1 per cent monthly to five- to 25-year schemes after an initial down payment. Regarding mortgages, individuals can finance up to 80 per cent of the property value.
Property prices in the UAE, particularly in Dubai, have experienced significant growth in the past couple of years, reaching their peak in 2023. The luxury segment, notably in high-demand areas like Palm Jumeirah and Downtown, has seen prices nearly double.
[embedpost slug="uae-expresses-condolences-to-china-over-school-fire-and-factory-explosion/"]
