It is a desire of almost everyone living in the Gulf to own some property in Dubai. People want to buy the property and then rent them to tenants to generate a regular source of income. The property in UAE is safe and entitles you to get a UAE visa. The rules about property-related visas in the UAE have changed many times over the past 10 years, but the current policies are mentioned as follows. There are two options. Either a multi-entry six-month-valid visa will be issued or a residency visa with 2 years of validity will be given. It depends on the circumstances.
6-month Property Visa: The six-month property visa is mainly a visit visa, but it permits you to have multiple entries in UAE whenever you like. The sponsor himself or the dependents are thus not allowed to work. To upgrade this visa, the applicant and the dependents need to exit UAE. Normal medical tests will be administered. The application fee for this visa is AED 1,100 and similar is its renewal cost. If anyone would like to support his family against this UAE property visa, the cost will be AED 250 per sponsor and AED 250 per renewal cost.
2 Years Residency Visa: The two-year residency property visa will make you a resident of UAE; therefore, the laws and policies for residents will apply for you and your family. There are strict policies for this Visa. The normal medical examination will be administered to make sure you are suitable for the resident visa, Emirates ID, and other benefits. You should own the property and there should be no mortgage over it. There should be a copy of the document mentioning that there is no mortgage over the property with the fee for the two-year visa which is AED 1,100. There is an extra administration office fee of AED 400. An extra AED 2,000 is to be paid to Dubai Economic Development (DED) yearly for investor trade license. Maid staff cannot be sponsored through this visa, only family members are allowed.
Investment Threshold: The main thing to be kept in mind is the worth of your property that you own in Dubai which needs to be more than or up to AED 1 million. The worth stated on the title deed of the property will be taken into consideration and not the present value of the property. For example, if you purchase a property for AED 900,000 and currently the property is priced at AED 1 million, this does not make you eligible for Dubai Property visa at all. If you have two properties worth AED 500,000 each, it will still not make you suitable for UAE property visa. In the case of mutually owned property, the share of the applicant needs to be equal or above AED 1 million.
Visa Processing: To apply for UAE Property visa, you need to visit Dubai Land Department with the papers like Property Deed, Sales and Buy Agreement Copy (SPA), Property Owner’s Passport Copy, Present Visa Copy, 2 x Passport Size Pictures. The papers should be forwarded to the Dubai Land Department for processing of visa. Go through all points and make sure that you are not missing anything. Once you are positive that your property investment in Dubai is making you eligible for Dubai property visa, gather the above-stated documents and reach to Dubai Land Department.
Source: The National