The Dubai authorities have released to the public the information on changes in the minimum level of funding for obtaining a long-term visa. Let’s say at once: now the potential investors can consider the houses prices in UAE from a more budgetary category than it had been before.
What happened?
The Land Department of Dubai posted information on the official website that now to obtain a three-year investor visa, there’s no need to invest an amount of $ 272,742. The minimum investment threshold is now $ 204,108.
This step was taken in order to give impetus to the property market and bring it to a new level. Already, the demand is significantly high, and the investment attractiveness remains due to the acquaintance of world investors with Dubai within the EXPO 2020 exhibition. To maintain the interest, the Department has made a decision on an additional attractive condition for depositors.
Conditions for obtaining a visa
In detail, the process of obtaining a visa for 3 years is as follows:
- To submit an application, the investor must provide a passport and ownership certificate. If the mortgage is still paid for housing, then the initial payment should be equal to 50% of the property cost, but no less than $ 204,108.
- The bank must provide a waiver letter and a bank account statement from the borrower. Documents are provided in Arabic.
- It is allowed for spouses to own one residential property in the presence of a certified statement on conclusion of marriage.
- Owning a joint property entails obtaining a three-year visa for each, only if each of the shares is from $ 204,108.
- If a third party submits the application, representing the rights of the investor, a power of attorney is added to the documents.
- Attachments can only be made to finished properties.
- 3 years is not the maximum, but the minimum. The visa time period can be from 3 to 5 years. Though, to obtain a five-year visa, it is necessary to buy property for a much larger amount – no less than $ 1.36 million.
Assistance in the selection of property in the UAE
If you are interested in the opportunity to obtain a multi-year visa to the UAE, we recommend you to contact and ask for help from real estate experts. The specialists of the Emirates.Estate will help you not only in the selection of suitable housing, but also in the preparation and translation of documents, accompany the transaction, and advise on the further submission of data for obtaining a visa.
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