Everything you need to know about a Property Visa in UAE
The prospect of living and investing in the UAE has become much simpler and appealing
United Arab Emirates has always been the most incredible destination for investors from all across the globe. It offers top-notch infrastructure, lucrative rental returns, and flexible visa rules for people interested in investing here. With Property Visa, the prospect of living and investing in the UAE has become much simpler and appealing. The UAE Government follows certain measures and implements various policies consistently to retain the confidence of investors and raise foreign direct investment.
Who can buy property in Dubai?
UAE is well-known globally for the exciting lifestyle that it offers to the residents and citizens. When it comes to the UAE, an investor gets a wide range of options in the property market to choose from, making UAE the most suitable investment destination and contributing to a great extent to its economy. Anyone can purchase a property in the UAE, provided they have the funds.
What are the types of Property Visa in the UAE?
Property visa is generally granted to investors and property buyers. The eligibility criteria for this visa include a minimum investment in any freehold property. The buyer needs to get it renewed respectively, and the property ownership has to be maintained for the particular duration of the visa.
• 5-year property visa
UAE If the owner has invested in a property worth Dh2 million, they can easily apply for the 5-year residency visa in the UAE. Moreover, the investment should be maintained for at least 5 years. 5 Years residency visa gives the owner the benefit of sponsoring the family and dependents as well. Out of all the visa initiatives, 5-year property visa UAE has drawn a lot of interest from investors around the world.
• 3-year property visa UAE
Dubai Land Department issues 3-year property Visa UAE to people interested in investing in a property worth Dh1 million or more in the UAE. With this Visa, the investor becomes a UAE resident and avail many perks that include sponsoring his/her family, gets a driving license and Emirates ID.
Terms and Conditions for obtaining a property visa in the UAE:
Certain UAE visa rules need to be kept in mind by property owners for obtaining a property Visa
• A person can apply for UAE Property Visa only for residential and freehold properties
• The value of the property should be worth or more than Dh1 million
• Even with a mortgaged property visa can be applied, however, it should meet the minimum investment requirement. Also, a NOC needs to be obtained and submitted from the bank along with the application file.
• A person is eligible for a residency visa, with multiple properties that sum up to the total value of Dh 1 million (Subject to approval).
• Visa owners should keep in mind that they cannot spend a consecutive 365 days outside the country.
The advantages of having a UAE residency visa
• No local sponsorship is required
• During the visa’s validity period a person can spend as much time in the UAE as they like and can experience hassle-free traveling to and from the UAE.
• A person can open a UAE bank account and have access to local financial services.
• Can easily apply for a UAE driving license.
• Visa-free travel to certain countries.
• Sponsor their family and dependents.
• Both the 5-year and 3 year visas can be easily renewed provide the investor continues to retain their investment.
For more information about how FlyingColour can support you with buying a property in Dubai and obtaining your Property Visa, visit www.flyingcolour.net