According to the Dubai Land Department (DLD),
real estate tractions reached AED 77 billion during the first quarter of 2017,
a 45% increase in value compared to the same period last year. 1 With the UAE’s
real estate market growing at a steady pace, investing now stands to be a good
decision. High rental yields and the ability to get a residency visa make Dubai
ideal for investors from all around the world.
So, if you too are planning to invest here and
want to know more about the type of visas available to investors, the duration
or the requirements, here is a summary to help you get started.
What
type of visa can I get?
The Dubai Land Department offers investors a two-year investor visa Dubai upon submission of the required documents and
payment of all fees. This visa is renewable and investors can also sponsor
family members, but additional fees will be applicable for dependants.
What
are the basic criteria to apply for this visa?
Below are general requirements investors need
to meet in order to apply for the two-year renewable visa:
§ Visas will only be granted for properties that
are valued over AED 1 million
§ The property (flat or villa) must be owned by
the investor with a title deed issued by the Dubai Land Department
§ The purchased property must belong to a
freehold area in Dubai
§ An investor with multiple properties can also
apply for this visa provided that the total shared value of their properties is
above AED 1 million
§ Spouses may share a property when applying.
However, they will be required to present their marriage certificate at
application
§ Investors will be required to renew their visa
every two years
What
documents will be required?
When preparing for your application, make sure
you have the documents below. In some cases, the authorities may ask for
additional documentation. So, it’s advisable to keep all important documents
ready in advance to avoid any delays. These include:
§ A copy of the title deed of your property
§ Passport copy and photographs
§ Police clearance certificates, including an
NOC from the customer service at the DLD office
§ Legalised marriage certificate (if applicable)
§ An NOC from the bank if the property is
mortgaged
§ Proof of health insurance for applicants and
dependents
For more information, check out a
comprehensive guide recently launched by DLD in collaboration with Al Tamimi
& Co. ‘Know Your Rights as a Real Estate Investor in Dubai’ aims to educate
and help investors to be aware of relevant laws and procedures. So, if you’re
looking to invest or already own properties in Dubai, the guide can help you
make a well-informed investment decision.
Sources: 1: GulfNews; Dubai Land Department
No comments:
Post a Comment