According to the Dubai Land Department’s website, the minimum financial requirement to apply for a three-year visa through investment in Dubai’s booming residential real estate market has been lowered to Dh750,000 from Dh1 million.
Under DLD’s Taskeen Programme, individuals who own a property valued at Dh750,000 or more at the time of purchase may apply for a three-year renewable residency visa with a provision for sponsoring their spouse.
Consultants say the lowering of the investment level will give Dubai’s real estate market a boost as it is experiencing a phenomenal recovery and is seeing an increase in global investor appeal just before Expo 2020 Dubai opens on October 1.
According to the DLD’s official sales prices index, August 2021 was the second-best month since December 2013 in terms of the number of sales transactions in one month, with 5,780 sales transactions worth Dh14.97 billion, making it the best August in 12 years. 55% of all sales transactions in August 2021 were for secondary/ready properties, and 45% were for off-plan properties.
The investor’s passport and an electronic copy of the title deed certificate are required documents when applying for this type of visa, according to a residency expert. An applicant must own property worth at least Dh750,000. For mortgaged properties, at least 50% of the property value must be paid to the bank. Applicants must submit a no-objection letter in Arabic along with a mortgage bank statement in order to submit a visa application.
As per the information provided by the website, husbands and wives can share one property, provided they provide an attested marriage certificate. Power of attorney is required when applications are submitted by third parties on behalf of investors. In order to obtain a children’s visa, a no-objection letter from the father, attested by a notary public (if the mother is the sponsor), is required.
Jointly-owned properties are eligible if each individual shares in a value of at least Dh750,000, the expert said.
An investment must be in a single residential property and not in a commercial property. The visa offer is only valid for freehold residential properties, and it is not possible to apply for the visa with an off-plan property. Investment visas can last between three and five years and can be maintained as long as the investor owns the property.
Individuals with properties worth more than Dh750,000 can obtain a three-year visa, while persons with properties worth more than Dh5 million can obtain a five-year visa. A minimum of three years of property ownership must be required for any investment in real estate.
Visas by investment in a company can be obtained by individuals who invest in or start a business in Dubai’s mainland or its various free zones. A business license is currently available in more than 2,100 different types in the mainland economy. As a result of recent reforms, foreign companies in Dubai can now own 100% of their shares for the first time in their history, since the requirement that commercial companies be majority-owned by Emiratis has been annulled.
Depending on the amount invested in the country, investors who meet specific criteria are eligible for a five- or ten-year residency. As well as the investor, his or her spouse, children, and one manager and advisor are eligible to apply.
The 10-year long residency visa, or golden visa, is applicable to investors of at least Dh10 million, either through a deposit in an investment fund within the country or establishing a company in the UAE with an investment of at least Dh10 million or partnering in an existing or a new company with a share value of minimum Dh10 million, or having a total investment of Dh10 million in all areas mentioned.
“The long-term visa is only issued to those who meet an additional set of standards set by the General Directorate of Residency and Foreign Affairs-Dubai. For example, this system grants long-term residencies for selected individuals with specialized talents such as scientists and innovators in medical, scientific, research, and technical fields,” said the residency expert.