One of the major growth drivers of the Dubai economy has always been the real estate sector. The Dubai government has consistently introduced and implemented policy initiatives and measures to further improve this sector to retain investor confidence and increase foreign direct investment. Among the various new visa initiatives recently launched, the five-year property investor visa has drawn a lot of attention from investors as the key pre-criteria for a residency visa application is a minimum investment of Dh5 million in the real estate sector.
Investors are currently entitled to apply for a three-year property investor visa, which is facilitated through the Cube center at Dubai Land Department, subject to a minimum investment of Dh1 million in acquisition of the property.
It is much like having a tourist visa, but with the ability to make multiple entries over a six month period. Unlike the three-year property investor visa, this visa is available for any property worth over AED 1 million in any of the seven emirates, and as such, is issued by the relevant immigration authority, not by the Dubai Land Department.
This visa is issued by the Dubai Land Department for those who have invested in a property in Dubai that is valued at over AED 1 million. With it, you are eligible to be a UAE resident and receive the associated elements including an Emirates ID, driving license and family sponsorship. This visa would cost around Dh 13,000- Dh 15,000, and is valid for three years which could be far more convenient. It is worth also noting that those with this visa cannot spend a consecutive six months outside of the country.
For those who invest in property worth over AED 5 million could be eligible for a five year residency visa. As with all of the visa options, the property cannot be purchased with a mortgage, not bought with any loans or financing, and the investment must be retained for a period of at least 3 years. Those with this visa can also sponsor their family and dependents.
This visa is available to those who provide a minimum investment of AED 10 million, of which 40% in real estate.The investors will have to prove that the amount invested is not loaned and will have to retain the investment for at least three years. Investors with a 10-year visa can include an executive director and an advisor apart from their children and spouse. This visa can also be extended to business partners if each contributes an investment amount of AED 10M.
Once you obtain your residence visa, you are entitled to apply for residence visa for your family under your sponsorship in the UAE.
The Property Investor Visa costs approximately Dh13,000-Dh15,000; which includes the police clearance letter (Dh220), administration fees (Dh420), application costs (Dh3,000), typing and entry permit (Dh1,100), DED license issuance (Dh 8,440) and stamping/Emirates ID/medical (Dh2,490). There are also additional costs for the renewal and for sponsoring any spouses or dependents (Dh5,000-6,000 each).
The Six Month Residency Visa costs considerably less (approximately Dh2,300). However, this visa must be renewed every six months (Dh1,100 each time) so it can still add up. Again, fees apply for sponsorship of family and renewals (Dh250 each).
Back in December 2017,Dubai Land Department ( DLD ) has launched ‘Cube’, a new customer service center on the third-floor of its headquarters.
‘The Cube’ reduces both effort and time for real estate investors by providing all services in one location.
The center includes all government and private entities, such as the General Directorate of Residency and Foreigners Affairs ( GDRFA ), the Department of Economic Development in Dubai ( DED ), the Federal Authority for Identity and Citizenship ( FAIC ),and the Dubai Police General Command, as well as medical centers, printing offices and insurance companies.
To start your property investment journey in Dubai, why not head on over to see what we currently have on offer in the UAE.