In a significant move that has sent ripples through the real estate market in the United Arab Emirates (UAE), the minimum downpayment requirement for obtaining a Golden Visa has been eliminated. This move is expected to reshape the landscape for property investors, making the coveted Golden Visa more accessible than ever before.
The New Rules:
The removal of the 1 Million AED down payment requirement means that property investors can now apply for a Golden Visa even if the property is mortgaged or if they have made a smaller down payment. The only condition is that the property’s value should be 2 million AED at the time of purchase. This revision in the eligibility criteria is poised to grant thousands more investors the opportunity to secure a Golden Visa compared to the previous stringent rules.
Expanded Sponsorship Opportunities:
One of the most notable changes is the expansion of sponsorship possibilities. Under the new rules, not only can the primary investor apply for a Golden Visa, but their spouse, children, and parents can also be sponsored through the visa. This familial inclusive adds an extra layer of appeal to the Golden Visa, making it an attractive option for families looking to establish long-term residency in the UAE.
Elimination of Minimum Down payment:
Property buyers can now breathe a sigh of relief as the mandatory Dh1-million minimum down payment is no longer a prerequisite for Golden Visa eligibility. This shift in policy allows owners, whose property value exceeds Dh2 million, to opt for payment plans or mortgages while still applying for the long-term visa. The upfront amount paid is no longer a determining factor for eligibility, providing more flexibility for investors.
For those considering off-plan properties, the new rules stipulate that eligibility will be considered on a case-by-case basis. To apply for the Golden Visa, applicants need to submit essential documents, including the property’s title deed, a letter from the developer or mortgage document from the bank, along with their passport copy and a photograph.
Accessibility to a Wider Audience:
The revised criteria essentially open the doors to Golden Visa eligibility for a broader spectrum of investors, especially those with mortgages. With the new requirement stating that the property should have a value of Dh2 million or more, even those who make a 20 percent down payment – a common practice for mortgage buyers – can now apply for the coveted Golden Visa. This inclusive approach makes the Golden Visa option available to a majority of property owners in the UAE.
The UAE’s decision to eliminate the minimum down payment requirement for the Golden Visa marks a pivotal moment for property investors. The newfound accessibility to this prestigious visa, coupled with expanded sponsorship opportunities, is set to attract a more diverse pool of investors to the thriving real estate market in the UAE. As the country continues to position itself as a global hub for business and innovation, these changes in residency rules reaffirm its commitment to welcoming and retaining top talent from around the world.