Dubai’s new Property Visa a good news for all property buyers and investors

Home » Dubai’s new Property Visa a good news for all property buyers and investors

Dubai had been working towards bringing in new business and investments via a lot of programs and initiatives. Its continuous endeavor to improve itself had made it the financial hub of the Middle East over the past few decades. Aside from its oil resources and tourism industry, the Real Estate sector had been a major contributor to Dubai’s flourishing economy. The recent global COVID-19 pandemic however had a devastating effect on this sector along with the worldwide economy. The sector is seeing growth in 2021 and one of the new developments that is attracting investors to the shore is the Property Visa.

The EXPO 2020 is bringing global investors and tourists to the city and with the allure of the Property Visa there are chances of a boom in the Real Estate sector. The Property Visa was initiated a year ago but recently the requirements had been made less stringent.

The benefits of getting property residency visa:

1. For acquiring the property visa there is no need to work or live in Dubai.
2. There is no age restriction for acquiring a property in Dubai and getting a subsequent property visa.
3. Multiple entry to Dubai as per convenience.
4. If one chooses to reside here, Dubai is an international city with world-class infrastructure.
5. One can get Bank accounts and driving license (if test is passed).
6. Once Visa is approved, one can sponsor spouse and dependents.

Click here, For individuals who wish to invest or put up a business, apply for partner or investor visa in Dubai

Requirements for obtaining visa:

1. Only investments in residential and freehold properties are considered for Property Visa.
2. Investment should be continued for at least the duration of the Visa.
3. The property should be undisputed.
4. The invested money should not be borrowed.
5. The investor should be marked as ‘property owner’ in relevant documents.
6. The property’s purchase value should be at least 1 million AED.
7. Along with the visa application a photocopy of the investor’s passport, NOC in Arabic, e-copy of title deed and mortgage papers from bank (if mortgage is taken) should be submitted.
8. Once approved Visa owners cannot spend more than 365 consecutive days outside UAE.

Types of Property Visa:

1. 3-year Property Visa:

One can apply for visa only if property is residential and ready for occupancy. The property value should be at least 1 million AED.

2. 5-year Property Visa:

For this visa one needs to invest at least 2 million AED. This is only a residency visa and does not allow the holder to work in UAE. That can happen only if UAE residency visa is sponsored by employer.

Introducing all these types of property visa is a strategic move by the Government which ensures renewed interest from investors all across the globe. So it is an opportune time to form businesses in the Real Estate sector.

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