Dubai is one of the most popular real estate investment destinations across the world; investors from across the globe regularly flock to Dubai as it provides an unmatchable lifestyle and some really iconic properties. One of the attached benefits of buying a property in Dubai is the residency visa that once can get alongside. Please read ahead to understand the various rules regarding property investment visa.
- Only those properties qualify for investor visa which are freehold and ready
- One should note that properties which are still under construction, leasehold properties, properties under dispute and plots are not acceptable for investor visa.
- Only residential properties are eligible for this visa.
- The purchase price of the property should be atleast AED 750,000. Please note that this is the amount mentioned on title deed and not the current value of property.
- You will be eligible to apply for an investor visa even if you have taken a mortgage. Only condition is that your contribution should be atleast AED 750,000 or above. The only additional document required in such a case is an NOC from the bank.
- Your investment of One million can be spread on maximum upto 3 properties to qualify for this visa.
- Please note that this is purely a residency visa. It does not give you the right to work in UAE.
- One can apply if the property in jointly owned by Husband and Wife.
- Applicant should be having a minimum salary of AED 10,000 or equivalent to apply for this visa. Income proof needs to be submitted.
- Passport copy
- Current visa copy
- 6 months bank statements
- Property title deed
- DEWA or any other utility bill
- Certificate of Good Conduct (issued by Dubai Police)
- Health Insurance
PROCESS TO GET THE VISA
- Property owner has to request Dubai Land Department (in person) for a reference letter to submit to Dubai Police. It’s a good idea to carry all the above documents (except certificate of good conduct).
- This reference letter needs to be submitted with Dubai Police to get the Certificate of Good Conduct.
- Next step is to approach Dubai Economic department and submit application for a trade license. You can contact us for professional assistance in this as well as other steps.
- Trade license takes around 2-10 working days to get issued depending on the nature of license. Once issued, next step is to approach GDRFA office (General Directorate of Residency and Foreigners Affairs) to apply for residence visa.
- Once your receive your residence visa from GDRFA, you can apply for residence visa for your family as well under your sponsorship.
Following is the rough fees applicable during entire process. This may vary with time in accordance with any change in fee structure.
|Police clearance letter||AED 220|
|Administration fees||AED 420|
|Application costs||AED 3000|
|Typing and entry permit||AED 1100|
|DED license issuance||AED 8440|
|Stamping/Emirates ID/medical||AED 2490|
|Total cost||AED 13,000 – AED 15,000|
Further, the cost for sponsoring any dependents (Spouse, Children, Parents etc.) comes to around AED 5,000-6,000 each.
Hope this article gave you a fair idea about the entire process. Understandably this entire process can be quite overwhelming for a layman. Hiring a professional for this can take away a lot of pain and struggle from this entire process. You can always call us on +971501083350 for a complimentary consultation should you need any assistance regarding property related issues.