Dubai has relaxed the requirements for "golden visas" in 2024

January 25, 2024

Important changes in the requirements for obtaining "golden visas" in Dubai open up new opportunities for investors and those wishing to become residents of the emirate. Now buyers of real estate are no longer required to make a minimum down payment of 1 million dirhams when purchasing an object in installments or mortgages.

According to the updated rules, if the value of the property exceeds 2 million dirhams, owners who have chosen an installment plan or mortgage can apply for a long-term visa. Even with an advance payment of less than 1 million dirhams, owners have the opportunity to obtain a 10-year residence permit.

Jess Stevenson, head of sales at Dubai-based Allsopp & Allsopp, emphasizes that these changes expand access to "golden visas" for everyone with a mortgage in Dubai. She notes that even paying 20% of the cost of real estate with a mortgage entitles you to a visa.

Payment plans for housing in Dubai are diverse and range from 1% per month to schemes for a period of five to 25 years after the initial payment. This opens up additional opportunities to choose the best plan, meeting the different needs of customers.

At the moment, the official website of the General Directorate of Residence and Foreigners of Dubai has not yet reflected these changes, and the Land Department (DLD) has not yet provided comments.

Despite the lack of official confirmation, this innovation promises to make "golden visas" more accessible to a wide audience. Basically, such changes will be a key factor for the growth of the number of mortgage transactions in the real estate market, especially in the context of the expected reduction in interest rates to 100 basis points.

This important event in the Dubai residential sector creates new prospects for investors and tourists, attracting the attention of those who are considering purchasing real estate in this beautiful emirate.