It is not a secret that the Emirate of Dubai in the United Arab Emirates (UAE) is one of the sought-after destinations and locations of investors in the world.Expatriates swarm the place for job and investment opportunities, security, experience, the potential to earn, etc.
There are a lot of reasons out there why people would choose to live here altogether for the time being or even for good. Some investors enjoy investing in business and properties, and for them to continue living here, a residence visa is needed to be procured.
For this reason, the government of Dubai has two types of visas that they are offering for expat investors: residency visa (can be renewed every six months) and property investor visa (can be renewed every two years).
There are some people who would choose the former, but it is advisable to choose the latter as you wouldn’t have to worry to keep on renewing it every half a year. The costs that you would have to incur in renewing every six months would be cut as well.
What is Property Investor Visa?
This type of residency visa is an initiative by the government of Dubai to make it easier for individuals who are investing in the real estate. It’s a two-year residency visa and the investor should be an owner of a property that is not mortgaged and amounting to more than AED 1,000,000.
The procedure includes the Economic Department of Dubai (DED) getting an approval from the Dubai Land Department for them to issue a trade license for the said property. The approval will only be given if the property owners present their passport copy and title deed. With the trade license in hand, the Immigration Department can then release a two-year residency visa upon request.
What Do PROs Do Exactly?
Public relations officer, or most commonly known as PRO in the world, is an individual who is responsible to take care of any communications or activities that need to be performed on behalf of a company or individual. PROs maintain good relations with the departments in and other important sectors in a country.
PROs are more effective when they are knowledgeable with what they do, the rules and regulations in a jurisdiction or the laws of a country they are in, procedures for certain jobs to be done, etc.
The reason that PROs exist is that most processes are complicated and require a lot of time and engagement, going from one place to another.
Conditions You Should Meet to Have Property Investor Visa
It is essential that a person owns a finished residential property that is situated within an area that permits ownership for foreign investors. It should be noted that the title deed that is presented should have the same name stated on it as that of the applicant’s.
The property bought should amount to more than AED 1,000,000. If a property is under a joint ownership, only one person with an investment that amasses to AED 1,000,000 can apply for a visa. If it’s a married couple, a marriage certificate is required to be submitted and any can apply for the visa.
There is a required minimum monthly income of AED 10,000 for an investor to proceed. This income can be either inside or outside the UAE with the equivalent of the said amount in their currency.
The two-year visa costs AED 15,000. If the applicant requests to sponsor dependents, there will be an additional charge.
Specific Documents You Should Have
There are common documents that the government requires for investors to have in order for them to avail the two-year residency visa. The list of the general required papers are below:
- Applicant’s passport and passport-sized photos
- Applicant’s current visa copy
- Applicant’s original copy of the residential property’s title deed
- Dubai Police-issued Certificate of Good Conduct
- Bank Statements
- Utility Bill
A few notes to be taken note of
- This kind of visa does not give any citizenship to the applicant.
- A visa application will require for you to have a medical examination.
- This visa is only for a residency visa of the applicant and cannot be used for working.
- Holders of this visa are not allowed to spend time outside the UAE for more than six consecutive months outside.
Leading PRO Services in UAE
FAR Consultants offers outstanding PRO services in Dubai. Our team of consultants can provide you with public relation and consulting services, legal administration work (this includes obtaining and re-applying for visas, immigration cards, UAE Driving License, health cards, etc.).
Our experience that spans for more than 30 years can give you an assurance that we know exactly what we are doing, and we only want to give you the best possible service that you can’t find anywhere else. Contact us and book a consultation today for you to find out for yourself.