The UAE has introduced a significant change to its Golden Visa eligibility criteria, making it easier for property investors to obtain long-term residency, Khaleej Times reports. Previously, a minimum down payment of Dh1 million was mandatory, but this requirement has been removed. Now, property owners can apply for the 10-year residency visa if the value of their property exceeds Dh2 million, regardless of the amount paid upfront.
Firosekhan, Managing Director of Dubai-based Profound Business Service, detailed the application process. Property owners must provide a title deed, a letter from the developer or a mortgage document from the bank, and their passport along with a photograph. He also mentioned that off-plan properties might be considered on a case-by-case basis.
The revision in the policy also extends the benefit of sponsoring family members. Golden Visa holders can sponsor their spouses, children, and parents for the same 10-year period. Jess Stephenson, head of sales progression at Allsopp & Allsopp Group, confirmed the removal of the Dh1 million minimum payment. She emphasized the inclusivity of the new policy, stating that it “opens the visa requirements up to everybody that has a mortgage.” With most people paying 20% of the property’s value for a mortgage, a significant number of property buyers are now eligible for the Golden Visa.