Dubai is growing economically and there is no doubt left that the city will soon become the biggest business hub. As the economic conditions are getting better, the real estate market is also flourishing at a good pace.
Investors are showing their interest in buying there while the availability of different types of ongoing projects and business-friendly environments offered by the Dubai Government are some encouraging reasons for buying property in Dubai. Since 2016, the value and demand of the property have also increased which has left a positive impact on the overall growth of the real estate industry.
Dubai Government grants Investors Visa when an investor buys the property and here you can read all the guides on how to get property investor visa in Dubai. However, there is a misconception about it as many people believe that the visa is given as a reward for buying a property which isn’t true at all. There are some terms and conditions you need to fulfill to get a property visa and it also requires a complete process to follow.
Complete verification is done by Dubai Land Department which is a property concerned department responsible for handling property-related matters. Moreover, the visa is granted on freehold property and it must have worth AED 1M or above. It should be habitable and on your name. No visa is granted on leased property or mortgage property until you haven’t paid a 60% mortgage value.
There are two types of property visas that are different in terms of benefits, i.e. 6-month visa and 2-year visa.
#1 Details of 6-Month Multi-Entry Visa
To get a 6-months visa, your property worth should be AED 1M and it should be in a livable condition. If there are multiple stakeholders of the property, then the current price of your share should be equal to or above AED 1M. You have to renew the visa after 6-month while the fee for this type of visa is 1, 100AED.
The visa holder and any of his family members can’t work in the UAE and if they want to do so then they have to get a sponsorship visa from that company. To sponsor the family members, you have to pay a cost of AED250.
#2 Details of 2-Years Residency Visa
Like the six-month property visa, the same condition is applied on a 2-year residency visa that demands to have property value AED 1M or above. No leased or mortgage property types are allowed while the monthly income of the property owner must be 10, 000 AED or more.
The property must be completed and ready to live and it poses no safety risks to residents. The admission fee for a 2-year residency visa is 400AED while the property visa fee is 1, 100AED. You have to buy an investor trade license at the cost of 2, 000AED. To sponsor a family member, you have to pay AED6, 000 more.
The visa allows sponsoring parents, wife, daughter, and son only. You can’t sponsor even maids or siblings.
#3 Documents Required for Visa
Here is the list of documents you need to apply for an investor visa.
- Title Deed
- Emirates ID
- Passport Copy
- 6 Passport Size Photographs
- Current Visa Copy