Dubai begins to issue 2-yr property visa
Our Dubai Correspondent

Dubai 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 photograph.
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 year.

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 yet.

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.