Dubai Drops Minimum Down Payment For Property Golden Visa
Property buyers in Dubai 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 ex- ecutive explained. “Off-plan properties could be sidered on a case-to-case basis. Applicants need to submit the deed of the property, letter ym the developer or mortgage nent from the bank, and 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-years period.
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 [Golden] visa.”
They head a 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 mini- mum equity investment, ” she said.
They said this opens the visa 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.
