The Dubai Land Department (DLD) has relaxed the requirements for issuing a 10-year Golden visa to investors who buy property in the construction stage or with a mortgage, as long as the property is worth AED 2M (USD 545K) or more.
Foreigners who purchased off-plan real estate can now apply for a Golden visa once a minimum of AED 200K (USD 54.5K) has been paid to the developer. Before this change took effect, it was only possible to apply for the visa after having paid AED 2M (USD 545K).
In order to apply for a visa, the following documents must be submitted to the DLD:
- The contract with the developer confirming the ownership of the property under construction (OQOOD);
- An account statement from the developer showing the total amount paid (SOA).
The DLD will approve the application based on the reputation of the developer and the current stage of construction – the closer the project is to completion, the more likely the visa will be issued.
For those who took out a mortgage to buy their home, there is no minimum payment amount to be eligible to apply for the 10-year Golden visa. Similar to off-plan properties, the previous law required at least AED 2M (USD 545K) to be paid before the owner could apply for a visa. The new terms specify that as long as the property purchased is valued at AED 2M (USD 545K) or more and the bank has signed a no objection letter (NOC) stating the amount paid and the remaining balance, then the owner is eligible for a visa.
The timeframe to review the application for a Golden visa is 1-5 business days.