There have been a lot of speculations and inquiries about Dubai government offering visa upon a property purchase, the assumptions among investors kept increasing due to the constant change in investor visa rules in Dubai. The legal specifications and requirement in order to be eligible to avail a residency visa through property investment is mentioned briefly.
In order to be eligible to obtain a residential visa through a property purchase, you will have to buy the residential property at a value of Dh 1 million. The types of residential property by which you become eligible for a residency visa include: Villa, apartment and services apartment.Buying a hotel room or hotel apartment will not make you eligible for a residency visa. If you are at haste and immediately require the residential visa upon property purchase then the property you are opting for to buy should be a completed development as off plan property buyers can only opt for the visa once the property development is complete. The residential development should be completely ready to move in. If the property you are buying is a commercial development then you cannot apply for a residential visa as this visa can only be available upon residential property purchase. The residential development you are purchasing should be in the freehold area because if it is leasehold then you are not wholly the owner of the property. Keep in mind that if the property is jointly owned by two entities then only one person can apply for the visa and their share of the invested cost in the property should be Aed 1 million. Joint ownership in the case of married couple requires an attested marriage certificate and any or both of them can apply for the visa. You can apply for the property visa even when you are purchasing the property on mortgage; in this scenario to avail the visa you need to pay 50% of the mortgage amount. There are two types of visas available for people buying a residential development at the value of DH 1million; the six month investor visa and the 2 year renewable property investor’s visa. The six month investor visa will be issued by the designated immigration and it is a visitor’s visa with 6 month validity, renewable after every 6 months and also comes with multiple entry options. On the other hand the property investor visa is a 2 year renewable visa which can be availed from the Dubai Land Department. The cost of 6 month multiple entry visa is Aed 4000/- and taking 2 year renewable visa for yourself will cost Aed 20,000/-, people wanting to sponsor their wife or children’s will have to pay additional charges. People can also opt to work under this visa or can even change to company visa depending on your own convenience. Contact for more Details…
Proof of Income: You should have documents showing you are earning Aed 10,000/- per month. The proof can be from anywhere you are working or income through business.
Documents required for the 6 month visa include: original title deed, original passport, good conduct certificate from Dubai Police Station, Noc from Developer, your existing visa copy, 6 passport size photos in white background, with the above documents you should visit General Directorate of Residency and Foreign Affairs Dubai located in Jaffliya. The visa will be mailed to your email.
Documents required for the 2 year renewable visa include original title deed, original passport, good conduct certificate from Dubai Police Station, your existing visa copy, 6 passport size photos in white background; you should visit Dubai Land Department (DLD) with the above stated documents. Once your documents stated above gets approved by Dubai Land Department then you will have to apply for trade license in DLD and the procedure of the issuance of the license will take 3 to 4 days. After your license is issued you shall visit DLD with your original title deed which will be replaced with a new title deed. Once you avail the new title deed from DLD then you shall apply for your resident permit.
The property investor visa makes you the resident of Dubai, you can sponsor your family, obtain an emirates Id and avail all the benefits which other residents are enjoying. Now choosing the right visa depends on your needs and requirements. People looking in to settle in Dubai will likely benefit by opting for the property investors visa whereas busy investors can opt for renewable 6 month visa.