UAE Golden Visa: Dubai reduces the minimum down payment required for property owners.

The owner can apply for the 10-year residence regardless of the amount paid upfront, according to an executive.

According to Khaleej Times, property purchasers are no longer required to make a minimum down payment of Dh1 million to be eligible for the Golden Visa. If the value of the property exceeds Dh2 million, owners who choose a payment plan or mortgage can apply for a long-term visa.

The owner can apply for the 10-year residency regardless of the amount paid up front, according to an executive.

Off-plan properties may be explored on a case-by-case basis. Applicants must present the property’s title deed, a letter from the developer or a bank mortgage paperwork, as well as a copy of their passport and a photograph,” said Firosekhan, managing director of Dubai-based Profound Business Services.

Owners, like all Golden Visa holders, can sponsor their spouses, children, and parents for 10 years.

Jess Stephenson, head of sales progression at Allsopp & Allsopp Group, confirmed to Khaleej Times that the Dh1 million minimum payment is no longer necessary. To receive the Golden Visa, investors must now just own a property worth Dh2 million or more. “There is no minimum equity investment,” she went on to say.

Stephenson, this opens up the immigration criteria 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 went on to say.