UAE Golden Visa: No Minimum Down Payment for Property Owners
In a significant change to the eligibility criteria for the UAE Golden Visa, property buyers are no longer required to make a minimum down payment of Dh1 million. Instead, if the value of the property is more than Dh2 million, owners opting for a payment plan or mortgage can apply for the long-term visa. This adjustment allows property owners to apply for the 10-year residency regardless of the upfront amount paid. Off-plan properties may also be considered on a case-by-case basis, requiring applicants to submit the property's title deed, a letter from the developer or mortgage document from the bank, and their passport copy along with a photograph.
Firosekhan, the managing director of Dubai-based Profound Business Service, clarified the new requirements for Golden Visa applicants. The change was confirmed by Jess Stephenson, the head of sales progression at Allsopp & Allsopp Group, who emphasized that the minimum payment of Dh1 million is no longer mandatory. The primary criterion for eligibility now is that the property should have a value of Dh2 million or more.
Stephenson highlighted the impact of this change, stating that it opens up Golden Visa options for everyone with a mortgage. With a down payment of 20%, a common practice for mortgage buyers, individuals would be eligible for the visa. This adjustment is expected to benefit a broader range of buyers and end-users, making the Golden Visa accessible to a larger segment of property owners.
The UAE's Golden Visa program offers a 10-year residency, allowing holders to sponsor their spouses, children, and parents for the same period. The program is self-sponsored and open to investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers, and frontline heroes.
This modification in the Golden Visa requirements aligns with the UAE's ongoing efforts to attract foreign investment and talent. By removing the minimum down payment condition, the authorities aim to encourage more property buyers, including those opting for mortgages, to participate in the Golden Visa program. The flexibility provided is expected to further boost the real estate market and contribute to the overall economic growth of the country.
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By- Sahiba Suri
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