What are my visa options as a Dubai real estate investor?
According to the Dubai Land Department (DLD), real estate tractions reached AED 77 billion during the first quarter of 2017, a 45% increase in value compared to the same period last year. 1 With the UAE’s real estate market growing at a steady pace, investing now stands to be a good decision. High rental yields and the ability to get a residency visa make Dubai ideal for investors from all around the world.
So, if you too are planning to invest here and want to know more about the type of visas available to investors, the duration or the requirements, here is a summary to help you get started.
What type of visa can I get?
The Dubai Land Department offers investors a two-year visa upon submission of the required documents and payment of all fees. This visa is renewable and investors can also sponsor family members, but additional fees will be applicable for dependants.
What are the basic criteria to apply for this visa?
Below are general requirements investors need to meet in order to apply for the two-year renewable visa:
- Visas will only be granted for properties that are valued over AED 1 million
- The property (flat or villa) must be owned by the investor with a title deed issued by the Dubai Land Department
- The purchased property must belong to a freehold area in Dubai
- An investor with multiple properties can also apply for this visa provided that the total shared value of their properties is above AED 1 million
- Spouses may share a property when applying. However, they will be required to present their marriage certificate at application
- Investors will be required to renew their visa every two years
What documents will be required?
When preparing for your application, make sure you have the documents below. In some cases, the authorities may ask for additional documentation. So, it’s advisable to keep all important documents ready in advance to avoid any delays. These include:
- A copy of the title deed of your property
- Passport copy and photographs
- Police clearance certificates, including an NOC from the customer service at the DLD office
- Legalised marriage certificate (if applicable)
- An NOC from the bank if the property is mortgaged
- Proof of health insurance for applicants and dependents
For more information, check out a comprehensive guide recently launched by DLD in collaboration with Al Tamimi & Co. ‘Know Your Rights as a Real Estate Investor in Dubai’ aims to educate and help investors to be aware of relevant laws and procedures. So, if you’re looking to invest or already own properties in Dubai, the guide can help you make a well-informed investment decision.
Sources: 1: GulfNews; Dubai Land Department