Rasheed Alkhanji QICMS
Published 01:59 PM 28 September 2021
Updated 01:04 PM 12 December 2021
What makes Dubai a main destination of choice for property investors is the visa rules, which has been revised, keeping in mind the large benefit of all. The Dubai government has revised the visa policy with the plan to keep investor confidence, apart from increasing the flow of FDI into the market.
3 - YEAR RESIDENCE VISA
This visa is primarily issued by Dubai Land Department for those who are attracted to buy or invest in a property in Dubai. In doing, you are then considered entitled to become a UAE resident and benefit the numerous benefits that include the likes of Emirates ID, driving license and family sponsorship. Those with the 3 years visa also get the freedom to sponsor their family and dependents.
Most important of all, being a holder of this visa doesn’t permit you to spend more than 6 months consecutively outside the county.
DUBAI CHANGES MINIMUM INVESTMENT FOR 3-YEAR RESIDENCY VISA
The minimum financial requirement to apply for a three-year visa through investment in Dubai’s booming residential property market has been reduced to AED 750,000 (USD $204,200) from AED 1M (USD $272,250), according to information available on the Dubai Land Department’s (DLD) website.
The visa facility, available through DLD’s Taskeen Program, allows an individual who owns a property valued at AED 750,000 (USD $204,200) or more at the time of purchase to apply for a three-year renewable residency visa with a provision for sponsoring the spouse.
The husband and wife can share one property, provided an attested marriage certificate is produced, according to the information provided by the website. In case the application is submitted by a third party on behalf of the investor, power of attorney is required. For obtaining children’s visas, a no-objection letter from the father, attested by the notary public, (in case the mother is the sponsor), is required. Investors in a jointly owned property are eligible to apply if each individual’s share is worth at least AED 750,000 (USD $204,200).
The investment must be in a single residential property and not in commercial properties. The visa offer is applicable to freehold residential properties only and it is not possible to apply for this visa with an off-plan property. The visa length varies between three to five years and can be maintained for as long as the investor owns property in the country.
Investors who meet specific criteria are eligible for a five or 10-year residency, depending on the size of their investment in the country. The investor’s spouse, children, one manager and one advisor are also eligible to apply.
The 10-year long residency visa, or golden visa, is applicable to investors of at least AED 10 million (USD $2,722,500) , either through a deposit in an investment fund inside the country or establishing a company in the UAE with a capital of at least AED 10 million (USD $2,722,500), or partnering in an existing or a new company with a share value of not less than AED 10 million (USD $2,722,500), or having a total investment of AED 10 million (USD $2,722,500) in all areas mentioned.
The long-term visa is only issued to those who meet an additional set of standards set by the General Directorate of Residency and Foreign Affairs-Dubai. For example, this system grants long-term residencies for selected individuals with specialized talents such as scientists and innovators in medical, scientific, research and technical fields.
3 - YEAR RESIDENCE VISA SERVICE FEES
The cost of the three-year renewable residency visa is as below and is valid for a period of 3 years.
Investor Visa 3 Years
Total : AED 14,967 (USD $4,075)
Family Visa 3 Years
- Wife AED 7,061.25 (USD $1,923)
- Daughter over 18 years old AED 7,061.25 (USD $1,923)
- Children under 18 years old AED 6,361.25 (USD $1,732)
- Son over 18 years AED 5,821.25 (USD $1585) , for one year only
- Husband AED 5,821.25 (USD $1585) , for one year only
Parents Visa 1 Year
AED 6,821.25 (USD $1857) , for one year only
REQUIRED DOCUMENTS FOR 3 - YEAR RESIDENCE VISA
Through Dubai REST
1- Filling in Title Deed information
2- Availability of an electronic copy of the title deed certificate
3- Personal photo
3 - YEAR RESIDENCE VISA STEPS AND PROCEDURES
Step 1: Submit the application via the Dubai Rest app;
Step 2: The customer is contacted if the request is approved in order to complete the procedure;
Step 3: The customer visit Cube Centre in Dubai Land Department main office and pays the fees;
Step 4: The medical examination is conducted in the Centre;
Step 5: Print the visa on the passport.
3 - YEAR RESIDENCE VISA PROCESSING TIME
3 to 5 working days.
When it comes to the Dubai-based property market, there are many alternatives for you to choose from. Starting with sleek and modern apartments, stylish townhouses and impressive villas as well as various commercial buildings, you will get access to a wide range of selections. Maybe, this is what makes Dubai a great investment destination and by and large, it is also contributing a lot to its economy.
Looking ahead, living in the Dubai as well as UAE in general remains a desirable destination for many investors. Quebec Investment Consultation & Management Services (QICMS) LLC is a multidisciplinary team of experienced and highly qualified professionals that assist worldwide clients. Contact our office today to discuss Residency by Investment opportunities of Golden Visa Programs.
For more information on the investment options and how to obtain permanent residence in the United Arab Emirates (UAE) please click here.
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