Property buyers are no longer required to make a Dh1-million minimum down payment to be eligible for the Golden Visa, Khaleej Times can reveal.

If the value of the property is more than Dh2 million, owners who opt for a payment plan or mortgage can apply for the long-term visa.

The owner can apply for the 10-year residency regardless of the amount paid upfront, an executive explained.

"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.

As with all Golden Visa holders, owners can 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 minimum payment of Dh1 million is no longer required. The eligibility criterion is now only that the property should meet a value of Dh2 million or more in order for investors to obtain the Golden Visa. “There is no minimum equity investment,” she said.

Stephenson this opens the visa requirements up to everybody that has 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 said.

Stephenson said this would benefit many buyers and end-users. It opens up Golden Visa option to pretty much everybody who's bought property because most options are valued at more than Dh2 million. “All of the mortgage buyers would then be able to apply for the Golden Visa. And then they can also sponsor their family and domestic staff,” she added.

The UAE’s long-term residency is self-sponsored and open to investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes.

Copyright © 2022 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).