Tuesday, September 18, 2012

Property owners in Dubai eligible for two-year real estate investor visa

It has been reported that property owners with properties worth over Dh.1million, having no mortgage on it, can approach the Dubai Land Department and produce the title deed along with a copy of their passport and passport-size photograph.

Following payment of fees, the Land Department will issue an approval certificate, which permits the property owner to approach the Department of Economic Development, which will then issue a trade license for a fee of Dh.2000 a year.

Following receipt of trade license, the property owner can contact the immigration counters in the Land Department, and collect a two-year real estate investor visa.

Back in June 2011, the UAE Federal Government had announced that it is likely to extend the real estate investors visa duration from six months to three years. Such visa holders can avail several other services such as personal loans, applying for local driving license, school admissions and more.

At present a six-month residence visa costs Dh.2000, with an equal amount being charged for renewal.

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