Dubai is a fantastic emirate to purchase a modern-style property, and there are lots of options available to buy. Whether you’re purchasing for personal use or as an investment, there are a variety of homes in various price ranges that will work with any budget. Additionally, Dubai grants you a Dubai Property Visa for purchasing real estate and permits you to take advantage of the warm weather throughout the year.
A lot of time has passed since the United Arab Emirates launched the Dubai Property Visa for real estate investors. This visa helps them to sell properties more quickly. Since its launch, many visa-relevant inquiries from prospective buyers have been made. Although the investor visa application process is not entirely clear-cut, it is much simpler if you are familiar with the fundamental procedures and steps because it will help you save a lot of time and effort.
The purpose of this article is to provide you with all the information you need to know about applying for a Dubai Real Estate Visa or Dubai Property Visa.
Required Documents for Dubai Property Visa
There are some rules for Dubai Property Visa. Following is the documentation that you would require to submit to the Dubai Land Department (DLD) at the time of applying for a Dubai Property Visa:
- Original Title Deed/s
- NOC from Developer (for a 6-month visa)
- Original Passport
- 1 Passport Size Picture (white background)
- Current Visa Copy
- Obtain the Certificate of Good Conduct
In order for the Dubai Police to issue a certificate of good conduct (for a 6-month and 3-year visa) depending on the letter issued by the Dubai Land Department (DLD), you must contact them.
Eligibility Criteria for Dubai Property Visa
The criteria for issuing a Dubai Property visa are as follows:
- All types of properties are now eligible for an investment visa, including offices, warehouses, serviced apartments, hotel flats, villas, and townhomes.
- Property Worth (not the property’s current market value but the buying price) should be AED 1,000,000 or higher.
- For an investment visa, land plots, off-plan, and leasehold contested properties are not acceptable.
- For the investor visas, only Ready and Freehold properties are acceptable.
- As long as the required minimum investment (AED 1,000,000) is satisfied, you are eligible to apply for a visa even if the property is mortgaged. For that, a NOC from the bank must be submitted together with the application file.
- The investor is eligible for a property visa if they own numerous properties (up to 3) with a combined worth of AED 1 million or higher.
- You cannot work in the UAE if you have an investor visa.
- You could apply for an investor visa if you purchased a property (worth AED 1,000,000 or more) in a joint venture with your spouse (husband or wife). A marriage certificate attested from the relevant authorities must be attached.
- A minimum monthly income of AED 10,000 (or equivalent currency) may come from sources both inside and outside the United Arab Emirates. But, one of the requirements is that the applicant submits documentation of their income.
Types of Dubai Property Investor Visa
In Dubai, the real estate market has consistently made a considerable contribution to the development of the Emirate’s economy. Because of this, the UAE government periodically launches initiatives to catch the attention of potential investors in this industry. Many of these policies and initiatives have raised foreign direct investment and investor confidence.
One of these important government measures in the real estate market is the rule regarding Property Investor Visa in Dubai. Recent changes to these laws have benefited both the Dubai real estate market and prospective buyers by catching the eyes of more property buyers and increasing the flow of FDI into the market.
People can apply for four types of Dubai Property investors visas. We’ll take a look at them one by one.
1. The 6-Month Multi-Entry Visa
With a 6-month multi-entry visa, you can travel more than once over a six-month period along with the option of multiple entries. In contrast to the three-year property investor visa, this one is available for any property valued at more than AED 1 million in any of the seven Emirates.
As a result, it is not issued by the Dubai Land Department but rather by the appropriate immigration department.
2. The 3-Year Residence Visa
For people who have made an investment in a Dubai property worth more than AED 1 million, the Dubai Land Department provides them a 3-year residence visa. With it, you are eligible to become a resident of the UAE and obtain the benefits that come along with it, such as family sponsorship, an Emirates ID, and a driver’s license.
This visa, which could be far more practical, would cost between Dh 13,000 and Dh 15,000 and be valid for three years. It is important to remember, nonetheless, that holders of this visa are not permitted to leave the country for more than six consecutive months.
3. The 5-Year Long-Term Residence Visa
An individual may be qualified for a five-year resident visa if they invest in real estate worth more than AED 5 million. Similar to all other visa alternatives, the investment must be kept for at least three years. Plus, no loans or finance may be used to purchase the property and it cannot be bought with a mortgage. People with this visa are also able to sponsor their relatives, families, and dependents.
4. The 10-Year Long-Term Residence Visa
The minimum investment required for the 10-year long-term residence visa is AED 10 million, with 40% of that investment being real estate. Investors must show that the money they have put up is not a loan. They should also prove that they intend to keep it that way for at least three years.
Apart from their children and spouse, investors with a 10-year visa may also include an executive director and an advisor. Business partners may also be granted this visa provided each makes an investment of AED 10 million.
Application Process for Dubai Property Investment Visa
Follow these steps to apply for a Dubai Property Investment Visa:
Step 1. Submit Required Documents
Submit the list of required documents to the Dubai Land Department (DLD), which are mentioned at the start of this blog, and request reference letters to submit to the department of Dubai Police.
Step 2. Apply for a Trade License
Apply for a trade license through the Dubai Economic Department with the relevant documents.
Step 3. Apply for a Visa
At last, submit the necessary paperwork to apply for a visa in the United Arab Emirates. Once you have your visa, you can request a residence permit for your family in the Emirates on your behalf.
If you want to get the Dubai Property Visa, we at Riz and Mona can help you out. Therefore, fret not and let our business setup experts manage any questions you may have about visas.
Contact us right now for further details.
The fees of the Dubai Property Visa are not fixed and differ from case to case. So, it is recommended to get in touch with business setup consultants in Dubai such as Riz and Mona.
Benefits of UAE Residency Visa
Upon purchasing a property in Dubai worth AED 1 million, you may be granted a UAE residency visa. Following are the advantages of owning a UAE residency Visa:
- You can sponsor the other members of your family
- You can open UAE bank accounts
- You can get a UAE driving license
- Travel to other countries without a visa is possible
- All visas are renewable as long as you keep up your investments
- Permitting numerous visits without issuing visitor visas
Frequently Asked Questions
How can I get a property visa in Dubai?
You need to invest in real estate in Dubai to be qualified for a five-year visa. The following prerequisites must be met before a property visa can be issued: The investment property needs to be worth at least AED 2 million. If the property is mortgaged, the bank must be paid at least 2 million of the property value.
Which authority will issue the reference letters for obtaining a property visa in Dubai?
Dubai Land Department will issue the reference letters for issuing a property visa in Dubai.
Which authority will give the trade license?
Department of Economic Development, Dubai will issue the trade license.
Do you get a visa if you buy property in Dubai?
Yes, there is a Dubai residence visa for property owners. You can buy property in Dubai and get residency. Real estate purchases in Dubai may let the buyer get a residence permit. The property must be finished at the time of purchase and must be worth at least AED 1 million in order to qualify for the UAE investor visa program. Dependents may also be sponsored by holders of residence visas earned via real estate purchases.
That was all about the process of getting a Dubai property visa. Dubai is renowned throughout the world for its luxurious lifestyle. It provides buyers a chance to buy property who want to live in there. Additionally, it has a history of giving high returns to real estate investors who wish to lease their properties.
Whatsmore, the option of investing and residing in Dubai has become much simpler and more attractive thanks to the Dubai property visa that is available for property investors.
We are experienced in handling Property visas including investor visa for Dubai property, Dubai property owner visa, etc. So book a free appointment with us and we will guide you through the entire process.