Dubai Property Investor Visa Rules 2020

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.

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What are the types of Investor Visa?

• The 6-month multi-entry visa
• The 3-year residence visa
• The 5-year long-term residence visa
• The 10-year long-term residence visa

The 6-month multi-entry visa

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.

The 3-year residence visa

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.

The 5-year long-term residence visa

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.

The 10-year long-term residence visa

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.

Types of eligible properties & Conditions

• Property Value should be AED 1,000,000 or more (purchase price and NOT the current market value of the property).
• Only Freehold and Ready properties qualify for the investor visas.
• Residential apartments, Serviced Apartments, Hotel Apartments, Villa & Townhouses, Offices and Warehouses are all now acceptable for an investor visa.
• Off Plan, Leasehold, disputed properties and land-plots are not acceptable for investor visa.
• You can still apply for a visa even if property is mortgaged, as long as the minimum needed investment is met ( AED 1,000,000 ); An NOC from the bank has to be submitted along with the application file.
• In case of multiple properties ( Up to 3 ) with a total value of AED 1 million or more, the investor still qualifies for a property visa.
• An investor visa does not give you the right to work in the UAE.
• If you bought your property (valued at AED 1,000,000 or more) as a joint venture with your spouse (husband or wife) then you are entitled to apply for an investor visa. An attested marriage certificate to be attached.
• There is a minimum income requirement of AED 10,000 per month (or equivalent currency), which can be derived from inside or outside the UAE. The applicant must provide proof of income as part of the criteria.

Required documents

• Title Deed on the property
• Passport copy of the applicant
• Current visa status/copy
• Passport photos (x6)
• Certificate of Good Conduct (from Dubai Police)
• Bank Statements
• Utility Bill
• Health Insurance

What are the Steps to apply for an Investor Visa?

• The property owner initially has to approach the Dubai Land Department along with original passport, original title deed and copy of current visa page (if any), and request for a reference letter to submit at the Dubai Police.

• Based on the letter issued by the Dubai Land Department (DLD ), you need to thereafter approach the Dubai Police for issuance of certificate of good conduct .

• And later to the Dubai Economic Department along with the relevant documents and apply for a trade licence.

• Once the investor license is issued by the Dubai Economic Department ( DED ), you can approach the General Directorate of Residency and Foreigners Affairs ( GDRFA ) to apply for residence visa in the UAE with required documents.

Once you obtain your residence visa, you are entitled to apply for residence visa for your family under your sponsorship in the UAE.

How much are the fees?

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).

Where to Apply? The Cube!

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.

Important points to consider:

• Property Value should be AED 1,000,000 or more (purchase price and NOT the current market value of the property).
• Only Freehold and Ready properties qualify for the investor visas.
• Residential apartments, Serviced Apartments, Hotel Apartments, Villa & Townhouses, Offices and Warehouses are all now acceptable for an investor visa.
• Off Plan, Leasehold, disputed properties and land-plots are not acceptable for investor visa.
• You can still apply for a visa even if property is mortgaged, as long as the minimum needed investment is met ( AED 1,000,000 ); An NOC from the bank has to be submitted along with the application file.
• In case of multiple properties ( Up to 3 ) with a total value of AED 1 million or more, the investor still qualifies for a property visa.
• An investor visa does not give you the right to work in the UAE.
• If you bought your property (valued at AED 1,000,000 or more) as a joint venture with your spouse (husband or wife) then you are entitled to apply for an investor visa. An attested marriage certificate to be attached.
• There is a minimum income requirement of AED 10,000 per month (or equivalent currency), which can be derived from inside or outside the UAE. The applicant must provide proof of income as part of the criteria.

To start your property investment journey in Dubai, why not head on over to see what we currently have on offer in the UAE.

Source: investindxb