Real Estate sector has always been one of the major contributors to the growth of Dubai economy. Dubai government has taken many initiatives to attract more potential investors to this sector from time to time and many of these policies and measures have resulted in increased investor confidence, foreign direct investment also. The property investor visa rules implemented by the government of Dubai is considered as one of such major initiatives in the real estate sector. To benefit both the Dubai property market and the potential property buyers, amendments have been made to these rules recently which has already started attracting more buyers and increased the flow of FDI into the market. Given below are some useful information on these visa rules.
Types of Visa
- 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: This type of visa though mainly functions like a tourist-visa, has lot of other benefits also. One major benefit is that the holder is able to make multiple entries over a period of 6 months. This visa is applicable for any property worth more than AED 1 million in any of the seven emirates and is issued by the relevant immigration authority not by the Dubai Land Department.
3-Year Residence Visa: This visa is applicable for those who are interested in investing a property worth more than AED 1 million in Dubai and is primarily issued by Dubai Land Department. With this visa, you will be considered as eligible to be a UAE resident and can avail the related benefits such as Emirates ID, driving license and family sponsorship. The cost of this visa range between AED 13000 and AED 15000 and has a validity of 3 years. However, this 3-year visa holder is not permitted to stay outside the country for a consecutive period of more than 6 months.
5-Year Long Term Residence Visa: You will be eligible for a 5-year residency visa if you are interested to invest or buy property worth more than AED 5 million. Like other visa options, there are certain conditions to get the eligibility for 5-year visa which includes that the property should not be purchased with a mortgage or availing any kind of loan or financing facilities and this investment should be retained for a period of at least 3 years. The benefit that the visa holder can sponsor his family and dependents as well remains with this kind of visa also.
10-Year Long Term Residence Visa: This visa is available to those who are investing more than AED 10 million of which at least 40% should be in real estate. To be eligible to get a 10-year residency visa, you should prove that such investment is not loaned and you have to retain the investment for a period of at least 3 years. Unlike other types of visa, these visa holders can include an executive director and an advisor apart from their family and other dependents. Another benefit of 10-year residency visa is that it can be extended to business partners also if each one of them contributes an investment of AED 10 million.
Points to be noted
Below listed are some of the points to be remembered while obtaining an investor visa:
- The value of the property should be AED 1,000,000 or more and value means purchase price not the current market value.
- To qualify for investor visa, the property should be freehold and ready to use. Examples include, residential apartments, serviced apartments, hotel apartments, villas & townhouses, offices and warehouses etc.
- Properties not acceptable for visa includes off plan, leasehold, loaned and disputed properties and land-plots.
- Even if the property is mortgaged, you can apply for visa but the minimum investment should be AED 1 million and a NOC from bank should also be submitted along with the application file.
- If the investment is in multiple properties (up to 3) with a total value of AED 1 million, the investor is still eligible to apply for visa.
- However, an investor visa does not permit the investor or give the right to work anywhere in the UAE.
- In case the investment in property is made as a joint venture with your spouse (husband or wife), you still qualify to apply for investor visa. However, the attested marriage certificate should be attached along with the application.
- The monthly income should be AED 10,000 (or equivalent currency) or more and a proof of income is also required to be provided. It doesn’t matter whether income is earned from within the country or outside UAE but proof of income is a must.
Documents required to apply
- Title deed of the property.
- Passport copy of the applicant.
- Current visa status/copy of the applicant.
- 6 Passport size photos.
- Certificate of good conduct from Dubai Police.
- Bank statements.
- Utility bill.
- Health/Medical insurance.
Important steps to follow
- First, the property owner has to approach the Dubai Land Department along with original passport, original title deed and a copy of the current visa page. Also, a request for a reference letter must be submitted to the Dubai Police.
- Once a letter has been issued by the Dubai Land Department, then approach the Dubai Police with a request to issue a certificate of good conduct.
- Later then, visit the Dubai Economic Department along with the appropriate documents to apply for a trade license.
- Once the DED issues an investor license, you can then approach the General Directorate of Residency and Foreigners Affairs (GDRFA) to apply for the residence visa in the UAE along with the required documents.
- Once your residence visa is issued, you can then simultaneously apply for residence visa for your family under your sponsorship.
Property Investor Visa Fees
The property investor visa total costs range between AED 13,000 and AED 15,000 which include;
- Police Clearance Letter charges – AED 220
- Administration Fees – AED 420
- Application Cost – AED 3,000
- Typing & Entry Permit – AED 1,100.
- Cost of DED License Issuance – AED 8,400
- Stamping/Emirates ID/Medical – AED 2,490
- Additional charges for renewing/sponsoring spouse and dependents – AED 5,000 – 6,000 each.
Among all these types of investor visa, 6-month residency visa costs less, however you will have to renew this visa every 6 months which will cost AED 1,100 every time. In addition to these, sponsorship of family and renewals will be subject to a fee of AED 250 each.
Where to apply?
In December 2017, the Dubai land Department has launched “Cube”, a new customer service center to operate from its headquarters aiming to reduce both the effort and time for the real estate investors by providing all services in one location. Hence, this center includes General Directorate of Residency & Foreign Affairs (GDRFA), the Department of Economic Development (DED), the Federal Authority of Identity & Citizenship (FAIZ), the Dubai Police General Command and Medical Centers, Insurance companies and Printing offices.
Please contact us if you would like to apply for Dubai Property Visa or Gold Visa.