Dubai, UAE has recently implemented NEW requirements for Real Estate Golden Visa applicants.
AS BEFORE, Real estate investors with property worth AED 2 million or more can apply for a 10-year renewable resident visa, allowing them to sponsor their spouse and unmarried children.
If the property is mortgaged, a statement of account and a no objection certificate from the mortgagee bank specifying the sums paid and outstanding as of the date of the NOC is required. However, the paid mortgage amount is reduced. It can be AED 1,000,000 or more.
Therefore if the Net Amount, after mortgage is AED 1,000,000 for your share in the Property, one can obtain a Golden Visa.
Summary of article by: Noemi Villanueva, Trench & Associates DMCC
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