There has been a consistent upsurge in the level of transactions throughout 2017 in Dubai. The idea of investing in Dubai’s real estate is still the latest buzz around the world at the moment. Uncounted people have different queries regrading the investment in this region. One of the most asked questions related to the benefit of this type of investment is laying around the subject of property visas and opportunities to obtain them by buying a residential home in the region.
In furtherance of encouraging foreign investments and promoting the real estate industry, the Dubai government has made the whole procedure of obtaining a residency visa easier for the new property owners in Dubai. Here I am bringing to light the know-hows of obtaining a visa through property purchase, and other important things you should know about property visa in Dubai.
Whether you are looking for an investment or want to buy a property to live in the future, this simple and sensible guide will help you navigate potential pitfalls in obtaining a UAE residence visa or permit. Do you know the difference between residence permit and residence visa? Let us discuss it!
Difference between residence permit and residence visa
Residence visa and permit both are given to the property owners to grant them temporary residency in Dubai, depending on their property ownership. The main difference between the both is that the residence permit is renewable every two years for the property owners in Dubai, while the multi-entry residence visa is renewable every six months for the property owners that own valid property in any emirates.
Mandatory minimum investment
To be eligible for residence visa or permit, the value of your property purchased should be more than Dh1 million. You can go with the mortgages, but it is only allowed for residence permit. If you buy property through mortgages, a minimum 50 percent of its original price must be paid off. For the properties that have value of more than Dh2million, Dh1 million must be paid off.
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The property purchased should be in a freehold area and entirely owned by the investor, with a tittle deed issued in the name of applicant. The property should be ready to move-in for the investor, and the size of the property should be enough for the number of members the investor has in its family.
• Title Deed
• Passport copy
• Current visa copy
• 6 passport size photographs
• Contract of sale and purchase
• Good conduct certificate from Dubai police
Because of strong capital appreciation and high rental yields, Dubai has always been a hot market for the worldwide investors. Now, that you know all about the residence visa, start considering purchasing a property in Dubai.