Is it possible to obtain a visa through property in Dubai?
23 Apr 2020 |Dubai Property Investment
The real-estate sector in Dubai has contributed a lot in advancing its economy. This has been facilitated by the introduction of new measures and rules, which directly benefit investors. Because of the measures undertaken, the property market is considered stable and investors are more than happy to play their part.
In addition to these, to gain confidence and draw the attention of potential buyers, the government is coming up with some new visa rules. As of now, it is possible to obtain a visa by acquiring a property. For starters, there are various options in place that one can choose from. Based on the circumstances, you can opt for a 6-month visa, 3 year-long term visa, a 5-year long term visa or the 10-year long term visa. It all comes down to your preferred choice.
As far as obtaining a residency visa is concerned, certain conditions need to be addressed. Well, the process is not that complicated and being an investor, you will never have to face any major issue.
Let’s start by understanding the process involved.
Want to know about the various residency visas?
1. The 6-Month Multi-Entry Visa: This visa is designed for those who wish to have some amount of flexibility. it does provide you the ability to make multiple entries over a period of 6 months. Applicable for any property worth AED 1 million in any of the 7 Emirates, it is issued by the immigration authority. Dubai Land Department or DLD has got nothing to with this visa.
While the cost of the visa is considerably less (amounting up to Dh2,300), it becomes necessary to be renewed every six months by paying Dh1,100. Again, the fees applicable for sponsorship and renewals stand at Dh250 each.
2. The 3-Year Residence Visa: Primarily issues by Dubai Land Department, the visa seems suitable for those who have invested in property worth more than AED 1million. This, in turn, makes it eligible for the person to become a UAE resident and secure other benefits such as an Emirates ID, driving license and family sponsorship.
The whole cost of the visa would come around Dh13,000-Dh15,000 and is valid for 3 years, which seems appropriate. Being a holder of this visa, you are not entitled to spend 6 months consecutively outside the country.
3. The 5-Year Long Term Residence Visa: If you are investing more than AED 5 million on the Dubai property market, then you are eligible for a 5-year residence visa. However, there are a few things that you must keep in mind. To start with, you are not allowed to buy the property with any kind of mortgage or loans, if you wish to obtain the residency visa. Other than these, the investment must be retained for a period of at least 3 years.
While the overall cost of the residency visa is in the range of Dh13,000-Dh15,000, it seems to be the perfect option for many.
4. The 10-Year Long Term Residence Visa: For those investors who provide a minimum investment of AED10 million, of which 40% must be in real estate, the 10-year visa seems to be a viable option. As in the case of 5-year residence visa, here too, the investor has to prove that the amount invested is not loaned, apart from retaining the investment for 3 years.
Being someone with a 10-year long term residence visa will also give the added benefit of including an executive director and an advisor, apart from their children and spouse. This visa can be extended even to business partners if each of them makes it a point to contribute an investment amount of AED 10 million.
What are the documents required?
As in the case of obtaining a residency visa, the investor has to provide certain documents that include the following:
- Title deed of the property
- Passport copy of the applicant
- Current visa/copy
- 6 passport size photos
- Certificate of good conduct from Dubai Police
- Bank statements
- Utility bill
- Health insurance
Important conditions you must keep in mind:
- The value of the property should be AED 1 million or more.
- To obtain residential visas, only freehold and ready properties are considered eligible
- Properties that are considered eligible include Residential Apartments, Serviced Apartments, Hotel Apartments, Villas & Townhouses. In addition to these, commercial properties such as warehouses and offices are also considered eligible.
- You can also apply for a residency visa with a mortgaged property, provided it meets the minimum investment criteria of AED 1,000,000. It is also necessary to submit a NOC from the bank.
- Even in the case of multiple properties (minimum of 3) with a total of the value of 1 AED million or more, the investor is considered eligible to qualify for a residency visa
- Being an investor does not necessarily give you the right to work in the UAE
- If you are buying a property with your spouse (wife or husband), then it is necessary to submit a marriage certificate along with the application
- It is also essential for you to have a minimum income of AED 10,000 per month, which can be sourced from within or outside the UAE. For the same reason, you need to provide adequate income proof.
The Process of obtaining the residency visa
Here is a step by step guide that you must follow when it comes to obtaining the residency visa:
- In the very beginning, you are required to approach the Dubai Land Department along with the original documents such as an original copy of the passport, original title deed and a copy of the current visa. This is precisely where you also request a reference letter that must be submitted to the Dubai Police.
- Once you have raised your request for a reference letter and it is issued, you are then required to visit the Dubai Police, who is responsible for issuing a certificate of good conduct.
- You are also required to visit the Dubai Economic Department along with the appropriate documents, to apply for a trade license
- After the issue of investor license by the Dubai Economic Department, you are then required to approach the General Directorate of Residency and Foreign Affairs (GDRFA), so as to apply for the residence visa in the UAE with the valid documents.
When you are done with the task of obtaining your residency visa in the UAE, then you can proceed towards applying for a visa for your family under your own capacity.
How much you have to pay for visa fees?
As mentioned earlier, the total cost of obtaining a residency visa is usually in the range of Dh13,000-Dh15.000. If you break the entire expense, it provides you with a better perspective. For the police clearance letter, you have to pay Dh220, administration fees stand at Dh420 and the application costs come down to Dh3,000.
On a similar note, the typing and entry permit costs Dh1,100, DED license issue Dh8,440 and stamping/Emirates ID/medical costs around Dh2,490. In addition to these, there is the annual cost for the renewal and sponsoring spouses and dependents, which is in the range of Dh5,000-Dh6,000.
Where should you apply?
Keeping in mind the needs and demands of the investors, the Dubai Land Department launched Cube in 2017, which is one central focal point, when it comes to applying for residency visas. Apart from saving precious time and money, this initiative covers all the important aspects.
In short, obtaining a residency visa for Dubai Property investors is not necessarily a difficult task. All they have to do is to follow the procedure and fulfill the desired conditions.