begins to issue 2-yr property visa
Our Dubai Correspondent
has reportedly started issuing two-year investor visa for
property investors. Dubai Land Department said, it would facilitate
issuance of two-year residency visas in Dubai for any person
who owns a property valued over Dhs 1 million (` 1.5 crore).
Dubai-based news portal Emirates 24|7 quoted informed sources
as saying that, owners of property valued over Dhs 1 million
and having no mortgage on it can approach the department with
the title deed, along with a passport copy and passport-sized
Following the payment of the fees, the department will issue
an approval certificate, which will allow the property owner
to approach the Department of Economic Development, which
will then issue a trade licence for a fee of Dhs 2,000 per
After receiving the trade licence, the property owner can
approach the immigration counters located in the department,
which will issue a two-year investor visa. In June 2011, the
UAE federal government announced it would extend visa for
real estate investors from six months to three years.
The website had reported that a number of services, such as
applying for a local driving licence, personal loans and getting
admission to schools will likely be opened to holders of these
visas. So far, no details of the new visa have been issued
A Department of Naturalisation and Residency Dubai call centre
employee said, they had not received any update on the new
visa and were still issuing six-month visa to property investors.
The cost of six-month residence visa is Dhs 2,000. Renewal
cost is also the same.