July 28, 2023 (MLN): In a move to encourage foreign investment in the UAE property market, the Dubai Land Department's (DLD) Cube Centre has launched a Property Investor Visa program that grants eligible investors a two-year residency visa. The visa permits investors to reside in the country with their families without the need for a sponsor.
To meet the requirements for the Property Investor Visa, investors must own property in Dubai with a minimum value of over $200,000 or Dh750,000.
Moreover, if the property is jointly owned by a husband and wife, the share must be equal between both parties. If not, the highest shareholder will become the primary visa holder and will have the privilege to sponsor their spouse, Gulf News reported.
To be eligible for Dubai's Property Investor Visa, applicants must own a property in Dubai valued over $200,000 or Dh750,000 or more. If the property is pledged, they need to obtain a No Objection Certificate (NOC) from the bank or developer. For completed properties, investors must provide proof of payment for at least 50% of the total property value.
Spouses with joint possession of a property need to provide a marriage certificate attested by the Ministry of Foreign Affairs and legally translated into Arabic. Also, applicants must submit a passport copy with more than six months of validity, a copy of their current UAE visa, Emirates ID if they are residents, and a passport photo meeting UAE's Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) requirements.
Furthermore, a Police Clearance Certificate (PCC) from Dubai Police addressed to DLD is essential. Depending on their nationality, applicants may also need to provide an identity card from their home country.
Medical insurance is mandatory for all resident permit applications, and the DLD Cube offers support to applicants in finding both basic and comprehensive health insurance coverage to meet this requirement.
Copyright Mettis Link News
Posted on: 2023-07-28T15:53:08+05:00
