The minimum investment to apply for a Property Visa in Dubai has been reduced to 750,000 AED, according to information available on the Dubai Land Department’s website. Previously, it was 1 million AED.
This option is available through DLD’s Taskeen Programme, and permits an individual who owns a property valued at 750,000 AED or more at the time of purchase to apply for a 3 year residency visa. This can then be renewed every 3 years subject to approval.
The lowering of the entry requirement is designed to bolster Dubai’s Real Estate market and to increase the appeal for global investors to consider Dubai as an option for residency.
The visa offer is applicable only to freehold residential properties, and it is not permitted to apply for this visa with an off-plan property. Commercial properties are also not eligible.
The documents required for the application of this visa include the passport of the investor and an electronic copy of the title deed certificate. In the case of a mortgaged property, 50 per cent of the property value or at least Dh750,000 must be paid to the bank. A non-objection letter in Arabic along with a mortgage bank statement will be required.
A husband and wife can share one property, provided an attested marriage certificate is produced, according to the information provided by the website. In case the application is submitted by a third party on behalf of the investor, power of attorney is required.
Investors in a jointly owned property are eligible to apply if each individual’s share is worth at least 750,000 AED.
The initiative is part of a raft of new visas announced by the government in recent months.
Early in September, Dr Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, revealed the launch of a new ‘Green Visa’, which will be granted to entrepreneurs, investors, highly skilled individuals, top students and graduates.
The Green Visa, which distinguishes between work permits and residencies, enables its holders to sponsor themselves.
Dr. Al Zeyoudi also announced the launch of a “federal freelancers visa” for self-employed workers based in the UAE and overseas in specialised fields such as artificial intelligence, blockchain and digital currencies.
The new regulations also include expanding the Golden Visa eligibility to include managers, CEOs, specialists in science, engineering, health, education, business management and technology. Golden Visa holders are entitled to a visa that lasts from 5-10 years.
Please contact Alpha Management for more information on residency options in UAE, and how we can assist with the process.