Not long ago, the UAE government introduced a long-term residency program for foreign nationals. It granted long-term visas and residency in Dubai by investing in Dubai property. Under the program, foreigners can also work and study in Dubai and own businesses. These visas were issued for 3 to 5 years. The foreign nationals can also apply for The Dubai Investor Visa or Dubai Partner Visa.
According to information on the Dubai Land Department's website, the minimum financial criterion for applying for a three-year visa through investment in Dubai's flourishing residential property market has been decreased to Dh750,000 from Dh1 million. Anyone who possesses a property worth Dh750,000 or more at the moment of purchase can apply for a three-year renewable resident visa with a provision for supporting the spouse through DLD's Taskeen Programme.
According to a residency law expert, the investor's passport and an electronic copy of the title deed certificate are essential documents for application for this form of visa. The applicant must own property worth at least Dh750,000 for residency in Dubai. If the property is mortgaged, the bank must receive 50% of the property value or at least Dh750,000. A non-objection letter in Arabic will be required, as well as a mortgage bank statement. Experts also say real estate investors, as a joint venture, are eligible to apply if the value of the individual shares is at least $ 750,000.
