In this article you will read about the procurement of visa from property investment. Dubai is one of the cities which is home to nationals from more than 200 countries and many global corporations.
New Property Visa: In Dubai, the government encourages foreign investment in property and other industries, and this has been consistently expressed in its policies. The biggest initiative taken is offering a long-term residency visa to property investors who buy in Dubai depending upon the amount invested.
Different eligibility criteria: Any foreign national can purchase freehold properties in Dubai and avail residency visa based on the value of the purchased property.
- 3-year residency visa: An investor must purchase a property or various order properties whose value is up to AED 1 Million and less than AED 5 Million to be eligible for 3-year residency visa.
- 5-year residency visa: – An investor must purchase a property or various other properties whose value is more than AED 5 Million and less than AED 10 Million to be eligible for a 5-year residency visa.
There are various conditions to be aware of before applying for residency visa such as:-
- If any mortgage it should not be more than 50%.
- A NOC is required from your bank before applying for the visa.
- The investor must be present in the UAE.
- The Government fees for applying will cost approximately AED 15000 for a 3-year visa and AED 4000 for 5-year visa.
- Investors must agree to keep the property for up to 3 years.
What are the documents required?
Once the purchase of the property is completed, there are documents that must be gathered and submitted to the right authority such as:
- Title Deed
- Original Passport
- Bank statements and utility bill.
- Copy of current UAE visa (if applicable).
- A good conduct certificate from the Dubai police.
- If there is any mortgage on the property an NOC is required from your bank.
- *If the property has been purchased jointly with a spouse, UAE Embassy attested marriage certificate along with the above-mentioned documents of both the investors is required.
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