Dubai authorities have made significant changes to the rules for obtaining a two-year residence visa for real estate investors. The key innovation was the abolition of the minimum threshold for the cost of an object for sole proprietors, which previously amounted to 750,000 dirhams (approximately $204,000). The updated criteria, although without an official announcement, were published on the Cube Centre portal, affiliated with the Dubai Land Department.
According to the revised rules, now any owner who is the sole owner of a home in Dubai can apply for a two-year investor visa, regardless of the cost of the property. This decision significantly expands the range of potential investors interested in obtaining a local residence permit.
However, for jointly owned facilities, the conditions were only partially relaxed. In this case, each of the co-owners must own a share worth at least 400,000 dirhams (about 109,000 dollars). This requirement applies even with an equal division of property between several persons.
The authorities have published a complete list of required documents for applicants. Among the mandatory requirements are a valid title deed for real estate in Dubai (properties in other emirates are not considered), a passport with a validity period of more than six months, medical insurance and a certificate of non-criminal record from the Dubai Police. Investors from Iran, Pakistan, Iraq, Libya and Afghanistan also need to provide a national identity card.
For properties purchased with a mortgage or installment plan, applicants must obtain a notarized consent (NOC) from the bank or developer confirming the amount paid and the remaining debt. If the property has already been commissioned, you will need to prove that at least 50% of its value or 375,000 dirhams has been paid.
A visa allows for the legalization of family members. The main applicant has the right to sponsor the obtaining of resident visas for the spouse and children.
The innovation is designed to make Dubai even more attractive for long-term investors and wealthy individuals.
Source: Khaleej Times
