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According to the information provided on the website of the Dubai Land Authority, the minimum financial requirement for applying for a three-year visa by investing in Dubai’s booming residential real estate market has been reduced from 1 million dirhams to 750,000 dirhams.
Visa convenience can be obtained through DLD’s Taskeen Programme, which allows individuals who own a property worth AED 750,000 or more at the time of purchase to apply for a three-year renewable residence visa, and provides terms for sponsoring a spouse.
Real estate consultants stated that the reduced level of investment will provide additional impetus to Dubai’s real estate market. As the region’s largest international event, Dubai Expo 2020, is about to open, the Dubai real estate market is showing a significant rebound and growing global investor attraction force. October 1.
DLD’s official sales price index shows that August 2021 is the second highest month since December 2013, with 5,780 sales transactions valued at AED 14.97 billion, the best in 12 years August. In August 2021, 55% of all sales transactions were secondary/ready-built properties and 45% were unplanned properties.
According to a residence law expert, the documents required to apply for this type of visa include an electronic copy of the investor’s passport and title deed. Applicants must own at least AED 750,000 in property. If the property is a mortgage, 50% of the property value or at least AED 750,000 must be paid to the bank. The visa application will require a no-objection letter in Arabic and a mortgage bank statement.
According to the information provided on the website, spouses can share a property, provided that a notarized marriage certificate is presented. If the application is submitted by a third party on behalf of the investor, a letter of authorization is required. In order to obtain a child’s visa, a no-objection letter from the father, certified by a notary public, is required (if the mother is the guarantor).
Experts say that if everyone’s shares are worth at least AED 750,000, investors in joint property are eligible to apply.
The investment must be a single residential property, not a commercial property. The visa discount is only applicable to freehold residential properties. You cannot apply for this visa for off-plan properties. The visa period ranges from three to five years and can be maintained as long as the investor owns property in the country.
Individuals who purchase a property of 750,000 dirhams or more can get a three-year visa, while the five-year visa requires a property worth at least 5 million dirhams. The amount invested in real estate cannot be based on a loan, and the property must be retained for at least three years.
The company investment visa is applicable to individuals who choose to invest or start a business in Dubai mainland or its various free zones. Currently, Dubai Economy offers more than 2,100 business licenses to conduct business in the mainland. The recent reforms abolished the requirement that commercial companies must have major shareholders or agents in the UAE, allowing companies in Dubai mainland to be wholly owned by foreign capital for the first time in the country’s history.
Investors who meet certain criteria are eligible for 5-year or 10-year residency, depending on the scale of their investment in the country. The investor’s spouse, children, a manager and a consultant are also eligible to apply.
The 10-year long-term residence visa or golden visa is applicable to investors with a minimum of 10 million dirhams. They can deposit in a domestic investment fund or establish a company with a capital of at least 10 million dirhams in the UAE, or with a share value of not less than 10 million Dirhams for cooperation with existing or new companies, or a total investment of 10 million dirhams in all mentioned areas.
“Long-term visas are only issued to those who meet the additional criteria set by the Dubai General Directorate of Residence and Foreign Affairs. For example, the system grants long-term residency to selected individuals with professional talents such as scientists and innovators in the fields of medicine, science, research and technology. Stay right.” The resident expert said.
issacjohn@khaleejtimes.com
Isaac John
The editorial director of Khaleej Times is a well-connected Indian journalist and economic and financial commentator. He has worked in mainstream journalism in the UAE for 35 years, including 23 years in Khaleej Times. He is a graduate of English majors and economics majors, and has won more than 20 awards. He is widely praised for his real and insightful analysis of global and regional business and economic trends, and is respected for his keen understanding of local business scenarios.
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