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New DLD regulations regarding a Golden visa

The Dubai Land Department (DLD) has amended the regulations for granting a Golden visa to investors who purchase real estate worth a minimum of AED 2M (USD 545K). The amendments apply to off-plan and mortgaged properties.

Now, those who buy projects that are under construction can apply for a Golden Visa after paying just AED 200K (USD 54.5K) to the developer. Previously, the amount of AED 2M (USD 545K) had to be paid in order to receive the status of a Golden visa resident.

To obtain a visa, you have to submit a contract with the developer, confirming ownership of an off-plan property (OQOOD) and a statement of the developer’s account indicating the amount of payment made (SOA). The DLD approval depends on the reputation of the developer and the stage of construction – the closer the project is to completion, the greater the chances are of obtaining a visa.

For those who purchase a home using a mortgage, there is now no minimum amount that must be paid. The buyer used to be able to apply only after transferring no less than AED 2M (USD 545K) to the bank. A letter of no objection (NOC) from the bank stating the amount paid and a statement of the remaining balance due are required for the application. The timeframe to review the application for a Golden visa is 1-5 business days.

By reducing the minimum payment requirement for off-plan properties and removing the limit on mortgaged properties, the new regulations aim to encourage more investment in Dubai’s real estate market. They also provide greater opportunities for individuals to become Golden Visa residents.

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