As Dubai continues to loosen the reigns on the requirements to secure an investor visa, inquiries by Dubai residents interested in buying property have almost tripled. With constant reforms being announced with respect to the 3-year and 5-year investor visas, The UAE is on track to making the nation feel like home to the large expat population that currently resides here and international investors. The visa reforms have also been hailed as a commendable move by the UAE government to bolster the real estate industry, as it is a move that is expected to attract global investors to consider Dubai as a viable option for residency.
So, what is an investor visa and what are the benefits of securing one?
An investor visa or a Dubai partner visa can be secured by expats looking to start their own business in Dubai. It can also be granted to expats looking to invest in an already existing Dubai business. This visa permits the holder to reside in the country for the entire validity period of the visa.
Benefits of a Dubai investor visa:
- Opportunity to do business in a tax-free environment
- Access to superior infrastructure and technology
Eligibility criteria for an investor visa:
While there are multiple categories under which one can apply for an investor visa, the most popular ones are the 3-year residency visa and the 5-year residency visa. Below are the updated eligibility criteria for both visas, following the recent changes to investor visa requirements announced by the Dubai Land Department.
3-YEAR VISA ELIGIBILITY CRITERIA
- In possession of property valued at 750,000 AED or more
- In case the property is mortgaged, 50% of property value or at least 750,000 AED to be paid to the Bank.
DOCUMENTS REQUIRED
- Passport of the investor
- Title deed certificate (electronic copy)
- A no objection letter in Arabic along with a bank statement (in case the property is mortgaged)
5-YEAR VISA ELIGIBILITY CRITERIA
- In possession of property valued at AED 2 million or more
- This visa can be provided only on residential properties and not commercial properties
- A minimum period of 3-year retention of property is required
DOCUMENTS REQUIRED
- Passport of the investor
- Title deed certificate (electronic copy)
- A no objection letter in Arabic along with a bank statement (in case the property is mortgaged)
The author of this article is Nita Maru – Managing Partner/ Solicitor at TWS Legal Consultants DMCC.
For more information on Dubai investor visas and further updates on what you need to do to secure them please feel free to contact us at TWS Legal Consultants. Email us at info@twslegal.ae or call +971 4 448 4284. Website: www.twslegal.ae