2020 Residency Visa Rules at a glance for Dubai Property Investors
When it comes to the Dubai-based property market, there are multiple options for you to choose from. Starting with sleek and modern apartments, elegant townhouses and grand villas as well as various commercial buildings, you will get access to a wide range of options. Perhaps, this is what makes Dubai a great investment destination and by and large, it is also contributing a lot to its economy.
Both buyers and small-time investors also benefit from easy and flexible post-handover payment plans, service charges waiver and relaxation on DLD fees, especially in the context of off-plan projects.
What makes Dubai a prime destination of choice for property buyers is the visa rules, which has been amended, keeping in mind the large benefit of all. The Dubai government has revised is revising and implementeding the visa policy with the aim to retain investor confidence, apart from increasing the flow of FDI into the market.
Here’s some useful information on the visa rules that will mutually benefit the Dubai property investors as well as the Dubai real estate market. that bnifits the real estate investors in the Emirate.
Types of Visa you can choose from:
- 6- month multi-entry visa
- 3 - year residence visa
- 5 – year long term residence visa
- 10 – year long term residence visa
6 - Month Multi-Entry Visa:
Almost functions like a tourist-visa but comes with a lot more benefits. For a change, it gives the holder the ability to make multiple-entries for 6 months. The visa is also applicable for any property that is worth more than AED 1 million and applicable in any of the seven emirates. For your information, the visa is issued by the relevant immigration authorities and has got nothing to do with the Dubai Land Department.
3 - Year Residence Visa:
This visa is primarily issued by Dubai Land Department for those who are interested to buy or invest in a property worth more than AED 1 million in Dubai. In doing, you are then considered eligible to become a UAE resident and avail the many benefits that include the likes of Emirates ID, driving license and family sponsorship. The cost of the visa is normally in the range of AED DH13, 000 to -AED DH15, 000 and is valid for a period of 3 years.
Those with the 3 years visa also get the freedom to sponsor their family and dependents
Most important of all, being a holder of this visa doesn’t permit you to spend more than 6 months consecutively outside the county.
5-Year Long Term Residence Visa:
If you are interested to invest in property worth more than AED 5 million, in that case, you are eligible for a 5-year residency visa. As in the case of all visa options, there are certain conditions that you are required to keep in mind. For starters, you cannot purchase the property with a mortgage or by availing any sort of loans or financing. In addition to these, the investment should be retained for a period of at least 3 years.
But then, those with the visa also get the freedom to sponsor their family and dependents, as well.
10-Year Long Term Residence Visa:
For those who are investing more AED 10 million (minimum of 40% in Property), they are considered eligible for the10 year residency visa. You have to provide ample proof that the amount invested is not financed or loaned and you will further have to retain the investment for a period of 3 years.
Being an investor with a 10-year visa will include an executive director, and an advisor apart from family members and dependents.
The visa can be extended to include business partners if they are further interested to contribute an amount of AED 10 million.
Terms & Conditions to Obtain Residency Visa
There are certain factors that you need to keep in mind, as far as obtaining the visas are concerned:
- The property value should be more than AED 1,000,000 or more (Purchase price and not necessarily the current market value)
- Investor Visas are only made available for freehold and residential properties
- Properties that offer residency visa includes: Residential and Serviced Apartments, Hotel Apartments, Villas & Townhouses, Offices & Warehouses
- Property types that do not offer any visa include disputed & leaded properties, land-plots, and off-plan.
- It is also possible for you to apply for a visa with a mortgaged property. However, it should meet the minimum investment amount of AED 1,000,000. Keep in mind to submit a NOC from the bank along with the application file.
- You are also eligible for a residency visa if you have multiple properties (more than 3) having a total value of AED 1 million or more’
- Having an investor visa does not necessarily entitle or give the right to work anywhere in the UAE
- In case, the property is bought as a joint venture with your spouse ( husband & wife), then you do have the right to apply for an investor visa. However, you are then required to attach the marriage certificate, along with the application
You are also required to provide proof of income and it should be at least AED 10,000 or equivalent per month. It doesn’t matter where you earn the income and is of course not location-specific. However, it is a must for you to provide adequate income proof, as a part of the whole process.
Addition Documents Required to Apply:
- The title deed of the property
- Your passportPassport copy
- Current visa\status copy
- 6 passport size photos
- Certificate of good conduct from the Dubai Police
- Bank statements
- Utility bill
- Health\Medical insurance
Important Steps to Follow While Obtaining the Visa:
- Being a property owner, you need to start by visiting the Dubai Land Department. Do bring along your original passport, an original title deed, and a copy of the current visa page. Most important of all, please request for a reference letter at the Dubai Police.
- Once the letter is issued by the DLD, you are then required to approach the Dubai Police department with the request to issue a certificate of good conduct.
- You are then required to follow up by visiting the Dubai Economic Department along with the appropriate documents, so as to apply for a trade license.
- Upon the issuance of an investor license, you are then required to pay a visit to the General Directorate of Residency and Foreign Affairs (GDRFA) to apply for the UAE residence visa. Make sure to bring along the required documents.
- When you are done with the procedure of applying for a residence visa and it is approved, then you can simultaneously apply for a residence visa for your family (with your sponsorship).
Dubai Property Investor Residency Visa Fees
As far as the Property Investor Visa Costs in Dubai is concerned, it includes the following.
- The total cost falls in the range of- Dh13,000-Dh15,0000
- Charges for Police clearance letter: Dh220
- Administration fees: Dh420
- Cost of application: Dh3,000
- Typing & entry permit: Dh1,100
- DED license issue: Dh8,400
- Stamping/ Emirates ID /Medical: Dh2,490
- Additional charges for renewal/sponsoring spouses or dependents: Dh5,000-6000
For the 6-month residency visa, you have to pay comparatively less (Dh2, 300). But then, you must renew the visa every six months by paying Dh1, 100. In addition to these, the fees applicable for sponsorship of family and renewals are somewhere in the range of Dh250.
We assets our buyers with the entire process when buying through us, Get in touch with Dubai Leading real estate broker
Where can you apply?
Way back in 2017, Dubai Land Department made it a point to launch “Cube”, a new service centre, operating out of its headquarters. The objective was to present the investors with some amount of leverage and enable them to complete the formalities, without having to take any undue stress.
With all services made available in one single premise, it does help to save some precious time and money, which in a way is advantageous for the property investor.
For the benefit of all, the centre is home to General Directorate of Residency & Foreign Affairs (GDRFA), the Department of Economic Development (DED), the Federal Authority of identity & Citizenship (FAIC), the Dubai Police General Command and Medical centers, Insurance and printing offices.