Property investors in Dubai are eligible for two types of visas. They are the Property Investor Visa and the Six Months Residency Visa.
The Dubai Land Department issues the Property Investor Visa, which is a two-year renewable visa. This visa allows you to become a UAE resident, which implies that you can get a UAE driving licence, Emirates ID and also sponsor family. This is applicable only if you invest in property in Dubai, according to Gulf Times.
The concerned immigration authority, on the other hand, issues the Six Months Residency Visa, which is a multi-entry visa valid for six months. It is akin to a visitor visa that allows people to enter the UAE multiple times. The advantage that this visa affords is an opportunity to buy property in all the seven emirate nations.
To procure either of the aforementioned visas, one must invest in a property whose worth is at least Dh1million or $272,000. This amount should be the purchase price on the title deed and not the current value of the property.
If there are joint owners of a property, the shared value must be more than $272,000. Only individuals who have bought completed property as the title deed are eligible for these visas, which mean that people who have purchased pre-constructions do not get them. Besides, they are only applicable to freehold properties. In addition, people need to buy only residential properties, which can be inhabited.
If you are looking to travel to UAE, contact Y-Axis, India’s best immigration consultancy company, to apply for a visa from one of its many offices, which are located across the country.