Update. Including details of the procedure.
Recently we have been receiving an increased number of requests for a Dubai Investor Visa. To us, that indicates two things. The first being, that more and more people are wanting to be able to call Dubai their home, and the second being that people have no idea how to go about obtaining this relatively new visa.
So, here we hope to break it down as best we can. At Your Power of Attorney Dubai we routinely help clients gain a Dubai Investor Visa. However sometimes people just need a little assistance and that is why we are releasing this quick guide for you!
Need To Know About Dubai Investor Visa – Property
First of all, you will need to ensure that the value of the property/properties you own equates to more than AED 1 million. This is an often confused point, as most people are under the impression that you have to own a single property with a value of AED 1 million. This is no longer the case. From the Dubai Land Department themselves, “more than one property can be applied for the same applicant if the total value of properties is 1 million (AED) or more.” This means that if the total value of your Dubai based portfolio is over AED 1 million, then you are entitled to apply for a Property Investor Visa. However please note that there is currently a maximum of TWO properties that can be used for such purposes. You must make sure that you own the property/properties, that they are either an apartment or villa and the Title Deed is issued by the Dubai Land Department.
If you share a property with a spouse, i.e you are joint-owners on the property, you are still able to apply for a Dubai Investor Visa, provided the property is worth AED 1 million and you own 50% of that property. For example, you and your spouse own a property valued at AED 1 million but you are named as 50/50 joint owners of that property, that makes your share of the property AED 500,000. If you can provide an attested marriage certificate, you are still eligible for a a Property Investor Visa.
The property/properties you are using to obtain the investor visa must be in a freehold area. If you do have a mortgage however, you must have paid off 50% of the mortgage or more and you must be able to provide a liability/loan statement from the bank. An NOC from your bank will also need to be provided for the purposes of applying for the Property Investor Visa.
Good Conduct Certificate
One of the main things to be aware of if applying for an investor visa, if you have never been a resident in Dubai (had an Emirates I.D) you must be able to enter Dubai at some point to apply for a Good Conduct Certificate from Dubai Police. This is a MUST. If you are not eligible for a visa on entry, you may apply through any number of tourism companies within Dubai and they can assist you, or alternatively, apply online for a visit or tourist visa. You may appoint a Power of Attorney to complete the investor processing on your behalf once you have applied for the Good Conduct Certificate.
Timescales & Costs for a Dubai Investor Visa
The total application process can take up to 4 weeks to complete and involves trips to a few different department such as Dubai Land Department, General Directorate of Residency and Foreign Affairs and Dubai Police to name a few. The costs involved are approximately AED 13,000 – AED 15,000 and will cover most things including application fees, visa license, linking the Title Deed with the visa, entry visa application, change status, medical test, Emirates ID and visa stamping.
Sponsorship of Spouses or Children
If you are hoping to sponsor a spouse and/or children, the good news is that this is possible but there are additional costs involved for this in the region of AED 3,000 for each dependent (there is also a AED 5,000 deposit applicable for each person to be sponsored).
How to Complete the Application for an Investor Visa
First of all the procedure will require patience and a good understanding of the steps involved. The first stage is to obtain a No Objection Certificate from the Dubai Land Department (there is currently no charge for this) to allow you to process an investor visa. You need this to obtain a Good Conduct Certificate from Dubai Police (AED 320). This will involve a visit to CID Head Office in Dubai. If you have previously had a residency visa and Emirates ID you are able to apply online. The Good Conduct Certificate will be ready within 1-2 days.
Following that you will need to submit all documents to the Dubai Land Department and pay for the initial application. Once you have received the initial approval you will need to return to the Dubai Land Department with the original documents to pay for the visa license, the immigration fees and final application. You will then have to wait for final approval and an entry permit. You will have to enter the country and get a stamp on the permit at passport control.
The next step will be to type up a application for visa, medical examination and Emirates ID and then proceed to complete the medical examination (blood test and chest x-ray). You can pay a little extra and use a VIP or urgent service at this point. Once the medical is complete you will have to return to the typing centre and complete an application for visa stamping. Once the stamp is complete, you are done and the Emirates ID will take approximately two weeks and be delivered to the PO Box specified on the application.