The investor visas can now be availed at AED 750,000 in Dubai.
The minimum financial requirement has now been reduced to AED 750,000 from AED 1 million.
The Dubai Land Department (DLD) has said that the visa facility, available on the Taskeen programme allows an individual who owns a property valued at AED 750,000 or more at the time of purchase to apply for a three-year renewable residency visa with a provision for sponsoring the spouse.
RELATED STORY: CEOs, managers, specialists added to UAE’s Golden Visa list
According to Realty consultants, the lowering of the investment level would give an impetus to Dubai’s real estate market, which is witnessing a remarkable rebound.
The documents required for applying the investor visa include the passport of the investor and an electronic copy of the title deed certificate.
While the applicant must have a property with a minimum value of AED 750,000, in case of mortgage 50 per cent of the property value or at least AED 750,000 is to be paid to the bank.
READ ON: New ‘Green visa’ in UAE to allow holders to sponsor sons until 25
Also, a no-objection letter in Arabic along with a mortgage bank statement will be required to proceed with the visa application.
The husband and wife can share one property provided an attested marriage certificate is produced and in case the application is submitted by a third party on behalf of the investor a power of attorney is also required. (AW)
