Types and Advantages of Property Visa In Dubai

Dubai forms one of the seven emirates of the United Arab Emirates of the country. The golden visa scheme launched in May 2019 enables foreigners to live, work and study in the UAE without an emirates sponsor. The Dubai government is revising and implementing the visa policy with attractive benefits for property investors that will retain their confidence, and also will increase the flow of Foreign Direct Investment. Here are some types and advantages of property visas in Dubai for you to make your vision of living and investment in Dubai easier and more appealing.

Who can buy property in Dubai?

If you have the money, buying property in Dubai is easier than it has ever been. In Dubai, freehold properties are only available in areas designated for foreign investment.

The property should be ready to sell and free of any encumbrances. The benefit of a property visa in Dubai is that it can be used to purchase either freehold residential or commercial property. If you invest a total of AED 750,000 or more in a property, you are eligible for the UAE investor visa. You must also pay 50% of the property's mortgage. If a husband and wife are the joint owners of the property and the value of property amounts to AED 750,000 or above divided between both of them. An attested marriage certificate is required in that case. If multiple people own the property together, each of them can apply for a property visa in Dubai as long as they have a share of AED 750,000 or above in the purchase value of the property.

Types of Property Visas available in Dubai

• 6-months multiple entry visa
• 3-year residence visa
• 5-year long term residence visa
• 10-year long term residence visa
• UAE retirement visa

6-months multiple entries visa

This visa is easy to obtain and cost less. In essence, it is a tourist visa in that you will not be given an Emirates ID, however, it comes with a lot more benefits. As the name suggests it enables the holder to make multiple entries in 6 months. This visa is issued by the relevant immigration authorities and is applicable for any property that is worth more than AED 1 million. The visa is applicable in any of the seven emirates.

3-years Dubai Property Visa

This visa is issued by Dubai Land Department and can be renewed before or upon expiry at a nominal cost. The Dubai Land Department has announced the reduction of the minimum financial investment required to apply for a 3-year investor visa from AED 1,000,000 to AED 750,000. The cost of the visa is normally in the range of AED DH 13000 to AED DH 15000 and is valid for 3 years.

However, this visa is available only when the residential property you are purchasing is ready for occupancy. If you are thinking about buying a property, you will obtain this 3 year Dubai Property Visa after all the construction work is completed and the property is handed over to you for occupy. With a 3 year visa, you can also sponsor your family and dependents.

5-year long term residence visa

If you have invested the total amount of AED 5 million in properties you are eligible for a 5-year residency visa and the investment should be maintained for three years. You are not allowed to acquire any other properties through the mortgage, loan or any sort of financing. Those with the visa also get the freedom to sponsor their family and dependents as well. This visa is a residential visa which implies that neither you nor any of your family members will be allowed to work on that visa.

10-year term residence visa

Those who have invested more than AED 10 million in properties are eligible for the 10-year residency visa. It is specified that a maximum of 40% of the investment can be in real estate. The other 60% of investment must be made in other sectors. The visa can be extended to include business partners if they are willing to invest the amount of AED 10 million. Apart from family members and dependents, becoming an investor with a 10-year visa will include an executive director and an advisor.

UAE retirement Visa

This visa offer resident emigrants and foreigners over 55 years of age the opportunity to stay here even after completing the work. The basic conditions are you have to invest in a property worth AED 2 million, have savings of no less than AED 1 million and have an active income of AED 20000 per month.

Documents required to apply for a property visa in Dubai

1. Bank account statement
2. Utility Bill
3. The title deed of the property
4. Your Passport
5. Current visa
6. Certificate of good conduct from Dubai Police
7. Health/medical insurance
8. 6 passport size photos

Advantages of having a Dubai Property Visa

• Spend as much time as you want in Dubai during the visa’s valid period.
• Apply for UAE driving License.
• Visa-free travel to certain countries.
• Family sponsorship in 3 years, 5 years and 10 years residency visa.
• Both 5 year and 10-year visas can be easily renewed if you retain your investment in the property.

Factors affecting acquisition of Property Visa in Dubai

There are certain things you need to keep in mind while applying for a property visa in Dubai:

• The property value has to be AED 1,000,000 or more as per the purchase price, not the current market price.
• Investor Visas are only made available for freehold and residential properties.
• The types of properties that do not qualify to offer visas are disputed properties, leaded properties, land plots and off-plan.
• You aren’t authorized to work anywhere in UAE while having an investors visa.
• You are required to give income proof and it should be at least AED 10000 or equivalent per month.

Also Read: How to apply for Dubai property visa