The property must have completed construction, cost Dh5m or more and be fully paid up
The Dubai Land Department has issued the criteria for property investors to acquire 5-year residency visas in Dubai. For one, the construction of the property must be complete – in other words, investors who bought offplan need to wait for completion to apply for the long-term visa.
It was last Thursday that Dubai Land Department issued the first batch of 20 5-year residency visas – or the “golden” visas – to property investors (from 12 nationalities).
Another important criterion is that the “property should be fully paid for by the applicant and must not be subject to any registered mortgage,” according to a senior counsel at Al Tamimi & Company, the law firm.
Plus, of course, the cost of the acquired property should be Dh5 million and more – and it must be registered in the name of the applicant.
“The applicant should be present in Dubai to submit the application to the Land Department’s Cube office in person,” the Al Tamimi & Company spokesperson added. “We met with the officers at the Cube service centre this morning and they have confirmed that the 5-year property investment visa has been rolled out to the general public.” (The Cube is a one-stop window operated by the Land Department for a range of real estate related services.)
What investors need to bring along
They need to have the original title deed of the property and the original passport of the applicant. The visa application fee is set at Dh2,600, which includes the costs of the medical test, issuance of Emirates ID and issuance of the 5-year visa. The applicant will also need to obtain health insurance which costs Dh1,208 (for those below 65 years) and Dh5,775 (for those above 65 years).
Source: Gulf News