One of the most widely discussed topics in Dubai is a residency visa, and recently, long-term residency visas are quite in discussion these days. Ergo, Property Lawyers of Dubai decided to shed some light on the procedure for applying for a long-term residency visa in UAE post acquiring a property. With the intention to enhance and stimulate property investment in Dubai, the government of Dubai will now issue long-term visas for property investor wherein; this article will critically focus on the type of property you must invest in, the minimum amount and the documents required for applying for such visa.
It is quite apparent from the new law that the investment can be in residential or commercial property. However, there are yet some conditions which shall be satisfied in order to claim long-term visa post acquiring the real-estate. The first and foremost that the buyer shall purchase any property with a minimum value of AED 1000,000 or a maximum of three properties up to a value of AED 1,000,000. Secondly, the property shall be freehold and should not be under construction. Importantly, under the new rules mortgage is allowed. However, it shall not exceed 50% of the total value of the property. Another significant, yet restrictive prerequisite is regarding the monthly income of the buyer which shall be minimum AED 10,000 per month. Upon scrutinizing the afore-mentioned conditions, it although seems rare, but these conditions must be met before filing an application for applying for a long-term visa before the relevant department. On a similar note, in the cases of jointly-owned property, each owner shall have the contribution of minimum AED 1,000,000 towards the property ownership. Lastly, owners may also sponsor their family members.
This visa requires an investment in property, on the off chance that such procurement meets your requirements; at that point, it’s a perfect arrangement. Alternatively, the other best opportunity is to get a residency visa through investment in establishing a company. Secondly, the property visa would not entitle you to work in the country, whereas investment in company visa will grant you such privilege. Importantly, as mentioned above, the investment in property meets your arrangements and financial, and you don’t have to invest in the company as property visa is easy to acquire.
Procedure for Application
Initiating with the documentary requirements, in order to submit the request for applying for a property investment visa, the applicant is obliged to submit the following documents:
a. Passport copy;
b. Tittle deed of the property;
c. Insurance documents;
d. Photographs;
e. Police clearance certificate/good conduct certificate issued from Dubai Police Headquarters;
f. Electricity and water bill;
g. If the property is rented, lease contract;
h. No objection certificate from the bank, if the property is on the mortgage;
i. Salary certificate as income proof.
The first step is to visit the Dubai Land Department to obtain the letter of reference in order to seek a good conduct certificate from Dubai Police Headquarters. Upon collecting all the relevant documents, it must be submitted to the Land Department who will thereafter apply for the entry permit and investor visa.
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