It’s been quite a while since Dubai announced Property Visa for real estate investors for a purpose of selling units faster. Since then, there have been many questions that arose from intended buyers. Although the investor visa’s process is not quite straightforward to understand but it is much easier if you can have basic knowledge and procedures so that it would save your tons of time.
Dubai is a great place to buy property, and you can find many ranges of options. It doesn’t matter if you’re buying for yourself or as an investment; there are plenty of properties available in different price ranges that will fit any budget. Plus, Dubai offers you visa for buying an ownership of a property and lets you enjoy the sunny weather all year round.
This article aims to give you the most important things about getting visa and necessary documents needed for applications.
If you researched about getting a chance of obtaining a visa, you might have been aware that property’s threshold value is 1 million dirhams and above to. However, there are few contradictory understandings about this term:
1st the purchase value of the property is 1 Million dirhams- not the market value.
2nd Initially the visa was issued only serving residential properties, then it became applicable to hotel rooms, offices and warehouses as well.
3rd the property has to be ready.
4th it has to be in a freehold area.
Currently buying a land/plot in Dubai is not eligible to get the Dubai Property Visa. Also, a disputed property wouldn’t serve for a property visa.
Can lump sum of multiple properties value count?
Old Instruction: Only one property that values AED 1 Million and above can be applied
New Instruction: Person is eligible as long as the total investment equals to AED 1 Million in 1 of max 3 properties.
What about mortgaged properties?
Old Rule: Not possible if the property is mortgaged.
New Rule: Possible if 50% of the mortgage is paid off. In a financed situation, the title deed should mention that owner of the property is the applicant.
How many types of visas are available for property visa?
There are three types of visas are available to be acquired; one is six months multiple entry visa, three-year residence visa, and lastly five-year residence visa. Three-year visa is the most common visa type amongst investors because it offers all the perks of being a citizen for 3 years tenure. But 5 years visa is bit more challenging because minimum investment is AED 5 Million and have no presence of mortgage on any of the properties.
About the fee
Dubai six months visa fee entitled to property ownership is around AED 2,000 while three-year visa is slightly more complicated because there are multiple departments are involved and visa cost falls approximately AED 15,000.
Income and work wise
As the property visa serves merely residency for the property, one is not allowed to work under the visa. In cases, other family member under that visa wants to work, the visa has to be converted to the designated organization before working in Dubai.
The overall documents required for any type of visas are generally about same. The documents needed are:
- Original Title Deed
- Good Conduct Certificate from Dubai Police
- Original Passport
- Current Visa Copy
- 1x Passport Size Photo
- NOC from Developer
5 years visa applicants visa process doesn’t take much time since the investment amount is quite high and very niche customers are entertained.
Six Months Visa:
Concerned institution is General Directorate of Residency and Foreign Affairs Dubai. After getting the NOC for six months visa from the developer, visit Dubai Police to get the good conduct certificate. If applicant has Emirates ID, it can be obtained through Dubai Police website. The cost would be AED 220. Then, bring all the documents t GDFA head office and submit the documents and wait for a few days.
Three Year Property Visa
First step is to go to Dubai Land Department and ask for referral letter for good conduct certificate from Dubai Police. Once have the good conduct certificate , bring all the documents to Dubai Land Department to submit and wait for 6-8 days to get approved. Once its approved, have to visit Dubai Land Department again for a trade license and wait for 4-5 days to get it issued. Then visit DLD once more to submit original title deed to change with the new one and this procedure will take a couple of days and finally submit for resident permit.
Five Year Property Visa
Same steps are applied for the five year visa process.
The benefits of UAE Residency Visa:
• Being able to visit multiple times without granting a visitor visa
• Able to open UAE bank accounts
• Able to obtain a UAE driving license
• Visa free travel possibilities to other countries
• Able to sponsor your other family members
• All the visas are renewable provided you continue your investments.
On top of that, there are many different benefits to buying property in Dubai. You’ll be able to take advantage of tax-free living, plenty of open space and fresh air, an excellent education system from kindergarten through university level, a well-developed healthcare infrastructure with top medical professionals – there’s so much waiting for you!