There has been a consistent increase in the level of transactions throughout 2016. The topic of investing in Dubai’s real estate is still very popular now. One of the most-asked questions related to the benefits of this type of investment is laying around the subject of residency visas and the possibility of obtaining them by buying a home in the emirate.
In efforts to encourage foreign investors and further activate the real estate industry, the government of Dubai has made it easier for new property owners in Dubai to obtain residency visas.
Break down the expertise of getting a visa through property ownership as follows.
THERE ARE TWO TYPES OF VISAS AVAILABLE TO PROPERTY OWNERS IN DUBAI:
Two Years Investor Visa Multi-Entry
Conditions:
- The property must worth more than AED 750,000 which is approximately USD 205,480
- The property must be finished and suitable to live in at the time of the sale.
- The visa must be renewed every 6 months.
- It is considered to be a visit visa, so neither the individual cannot work in the UAE, nor his dependents.
Costs:
- 1,100AED renewal fee every 6 months.
- Sponsorships for family members are available within this option. They cost 250AED and must be renewed every 6 months.
Two Years Residency
Conditions:
- The property must be worth more than AED1 million for one property owner.
- Properties with multiple owners must cost AED1 million per shareholder.
- The property must be finished and suitable to live in.
- No mortgages allowed.
- Must be renewed every 6 months.
- Is considered to be a visit visa, so the individual cannot work in the UAE, and neither can his dependents.
- A monthly income of 10,000AED or more to be paid to the owner’s account.
Costs:
- Property visa fee of 1,100AED and an administration fee of 400AED.
- Investor trade license for 2,000AED.
Sponsorships:
- The property owner with an investment visa can sponsor their family members at a cost of 6,000AED per member.
- Maids cannot be sponsored in this case.
Required Documents
The following documents are required to obtain a visa through property ownership:
- Title Deed
- Contract of sale and purchase
- Passport copy
- Current visa copy (tourist or visit)
- 6 photographs (passport size)
The emirate has always been a hot market for investors from all over the world due to strong capital appreciation and high rental yields. Now that you know the visa options you have, it is time to start considering a property purchase in Dubai.
