Dubai has revised the criteria for obtaining the Golden Visa, a 10-year residency permit, by eliminating the previous minimum down payment requirement of Dh1 million for property buyers. The new rule states that property owners with a property value exceeding Dh2 million can apply for the Golden Visa, irrespective of the amount paid upfront or whether they opt for a payment plan or mortgage.
This development expands eligibility to a broader spectrum of buyers, including those utilizing mortgages with a down payment as low as 20% of the property’s value.
The Golden Visa allows property owners to sponsor their spouses, children, and parents for the same 10-year period. Notably, the UAE’s long-term residency program is self-sponsored and open to various categories, including investors, entrepreneurs, scientists, outstanding students, graduates, humanitarian pioneers, and frontline heroes.
The shift in criteria is anticipated to boost mortgage transactions in 2024, with interest rates expected to decrease by up to 100 basis points.
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