A person who owns a property valued over Dh1 million can now take advantage of the option to obtain a two-year residency visa in Dubai.
The media reported that everyone who owns a property valued over Dh1 million can go to the Dubai Land Department with the title deed and a passport copy and passport size photograph. This applies only to cases when there is no mortgage on the property.
When the property owner pays the fees, the Land Department will issue an approval certificate. The latter will give the owner the right to go to the Department of Economic Development, which will then issue a trade license for a fee of Dh2,000 per year.
When the property owner receives the trade licence, he can approach the Immigration counters located in the Land Department. There, he will be issued a two-year investor visa.
In June 2011, the UAE federal government said it would issue extended visa for real estate investors from six months to three years. A number of services such as applying for a local driving license, personal loans and getting admission to schools are supposed to be available for holders of these visas. So far, no further details for new visa have been announced.
An employee of the Department of Naturalisation and Residency Dubai call centre said they had not received any news on the new visa and were still issuing six-month visa to property investors.
The cost of six-month residence visa is Dh2,000, the same as renewal cost.
In 2008 Dubai promised to issue residency visa to those who owned property in Dubai. This was to boost the economy which in turn boosted real estate.
Then they changed it to 6 months.
Now they are talking of 2 months.
How can you rely on changing policies?
There are only two ways to boost the real state market which at its lowest ebb.
1. Keep the first Promise you made and dont go back on your word..
2. Stop issue new building permits whether residential or commercial.
Hi,
I have a property bought for AED > 1Million but it is under bank mortgage.
Am I eligible for resident visa either 6 mponths or 2 years ?
Krishna,
the announcement says the property should be fully paid, but it will be best for you to double check with the Dubai Land Department.
As Mahmood Ali noted above, rules change often…
We reside in e. Africa and have two apartments – one in Burj Resdence and anDother in Palm Shoreline price of each was over AED 1m. However both are owned by a JAFZA com whose sole shareholders are my husband and myself.
QUESTIONS:
1. Would these properties qualify though owned by our comp? If so, would each pf us as a sharehoder be enttiled to visa ?
2. I propertt has to be owned personally to qualify if it was transferred in personal name, would it qualify?
3. If property is owned jointly by H and W, would it qualify? If yes, would each spouse be entitled to visas?
4. It is udnerstood that to qualify, holder has to show certain income: What is this amount ? Has it to be from outside or income derived within Dubai would qualify?
5. What would be total cost of obataining the visa and Trade Licence?
4. It is understood that it would be for two years and renewable. What would be renwal fee? Like Trade Licence, any annual fee for visa like Trade Licence ?
5. Is there maximum age limit to qulify?
Would appreciate advice directly via e-mail: nylex3@gmail.com
Thanx a lot
It will be best to get in touch directly with RERA and the Land Department and post your question to them. Rules here change fast.