Investor Visa Requirement Changes In The UAE
The minimum financial amount demanded the application of a 3-year visa by investing in Dubai’s thriving real estate market has decreased to AED 750,000, as reported by the information mentioned on the Dubai Land Department’s official website. Previously, the minimum financial requirement was AED 1 million. The visa facility is accessible via DLD’s Taskeen Programme. This program permits anyone who owns a property of AED 750,000 or above to apply for the 3-year renewable residency visa along with a provision of sponsoring the spouse. According to the realty consultants, the decrease in the investment requirement will offer an extra boost to the city’s property market, which is experiencing an excellent rebound and expanding global investor appeal at the apex of the biggest international event in the area, aka Expo 2020. As witnessed from the official sales price index of DLD, August 2021 marked the second-highest month after December 2013 when it comes to the amount of sales transactions of the month, equivalent to AED 14.97 billion. This means that August 2020 was the most profitable month in 12 years.
In this month, 55% of all the sale transactions were made for ready-to-move-in or secondary properties, whereas 45% were for off-plan properties. As claimed by a residency law expert, the required documents to apply for this category of visa demands an electronic copy of the title deed certificate and the investor’s passport. The applicant is supposed to own a property of a minimum of AED 750,000 . If the property is mortgaged, 50% of the property worth or at least AED 750,000 must be paid to the bank. In order to carry on with the visa application, a mortgage bank statement along with a non-objection letter in Arabic is demanded. A couple can share one property as long as an attested marriage certificate is submitted. If a third party has applied for the visa on behalf of the investor, power of attorney is needed. As for gaining children’s visas, a no-objection letter from the father and attested by the notary public is needed.
The investment should be made for one residential property, not in commercial properties. It’s not possible to apply for a visa by investing in off-plan property. As for the duration of the visa, it varies from 3 to 5 years and is eligible as long as the owner owns the property. The 3-year visa is available to anyone who owns a property of a minimum of AED 750,000 or above, whereas the 5-year visa demands ownership of property for at least AED 5 million. The money invested in the real estate market should not be on a loan basis, and the property should be owned for a minimum of 3 years. People who want to invest in or initiate a business in the city’s free zones or mainland can apply for a visa by investing in companies.
As for now, the Dubai Economy boasts 2,100 categories of business licenses to kickstart a business in the mainland.
