Make your dream of living in one of the most exciting and safest cities in the world come true by investing in Dubai. The Government of Dubai has now made it much easier for investors to attain a 3-year visa by reducing the minimum investment requirement from 1 million Dirhams to 750,000 Dirhams as per an official notification updated on the Dubai Land Department’s website.
This exclusive visa option is only available through the Dubai Land Department’s (DLD) Taskeen Programme and the investor is expected to purchase a single freehold residential property valued at Dh 750,000 or more. It also comes with a provision that allows sponsoring visas for the spouse and children of the investor and the visa is only guaranteed for as long as the investor owns the property.
This amendment, seen as a breath of fresh air by real estate developers, is expected to boost the sales of residential properties in Dubai by attracting wealthy individuals from in and around the Middle East region looking for a safe haven to protect their families and wealth. The UAE, in general, is known for its stability and long-term prospects, but Dubai particularly is known for its high standards of living and safety, world-class healthcare facilities, economic stability, and ease of doing business. This strategic and timely move by the government is also expected to increase the participation of entry-level investors in the purchase of real estate assets and aid developers in selling off existing properties to free up capital for new projects.
To apply for the 3-year visa under the Dubai Land Department’s Taskeen Programme the investor must provide specific documentation which we can advise on.
The following criteria should also be met:
- The property value is at least 750,000 AED or more.
- Or at least 750,000AED is paid towards a property that is mortgaged.
Other Visa Options:
For 5-year visas, the value of the property must be at least 2 Million Dirhams and the amount invested in the real estate must not be on a mortgage. If the property is mortgaged, then at least 2 Million AED of the property value must be paid to the bank. In addition to these conditions, the ownership of the property must also be retained for a minimum of 3 years.
To find out more as to which option is best suited to your requirements, please contact us on the details below.
We are happy to help.
Author: Nita Maru, Managing Partner of TWS Legal Consultants DMCC