Dubai, a major business hub in the United Arab Emirates (UAE), has relaxed its rules for issuing a two-year residency visa for property investors, according to reports on Thursday.
According to the reports, the government has changed the conditions in order to attract more investment in the real estate sector.
The Dubai authorities have not yet made an official announcement about it. But the information was shared by the Cube Centre, which is linked with the Dubai Land Department, reports add.
Eligibility criteria
Under the new rules, the earlier minimum property value condition of Dh750,000 has been removed for individual investors.
Now, applicants must fully own the property. If the property is jointly owned, each person needs to have a share worth at least Dh400,000 to qualify for the visa.
Applicants must also meet several document requirements. These include the following
- Property title deed in Dubai
- A valid passport with at least six months’ validity
- An Emirates ID
- A recent photo
- A health insurance from a UAE-approved provider
- A police clearance certificate from Dubai Police is also required
People from countries such as Pakistan, Iran, Iraq, Libya, and Afghanistan must also provide their national ID. The name on the property papers needs to exactly match the name on the passport.
Authorities have said that health insurance is compulsory for all residency visa applications. Investors who qualify can also sponsor their family members.
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Dubai announces new easy residency program
The famous Burj Al Arab hotel in Dubai is expected to undergo a major renovation that will last around 18 months.
A staff member said that the hotel may be temporarily closed during this time. But the company has not officially confirmed a full shutdown.
During the renovation, guests may be shifted to nearby hotels. The work will be done in phases under the supervision of a Paris-based interior architect.
The hotel owner is the Jumeirah Group, and they have not clearly confirmed the full closure. Additionally, the timing may still change.
