Categorized | International

Property Limit Set In Dubai for Real Estate Visa

Property Limit Set In Dubai for Real Estate Visa
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The government of the UAE has announced new visa policy in terms of real estate this past Monday. According to the quotations released by the press reports, it has been stated that the real estate value should amount to Dh1 million for an investor who wants to live as well as sponsor his/her family to stay in the country for a period of continuous three years after obtaining the said visa.

In the meeting regarding the policy, many proposals were drafted out and one of them was to restrict the property owner to stay for nine to ten months every year. However, no final decisions have been made as the proposals are yet to be reviewed and may be modified.

This three year real estate worth visa policy, allows the visa holder to obtain facilities such as personal loans, admission in schools, applying for a local driving license and many other services. Moreover, the property investors who qualify for the visa will have added advantage of gaining instant access to the services of different banks through their bank accounts in other countries. Provision of these benefits to a regular residential visa holder is not yet clear, but, according to sources, these will be included in the package.

The Director-General of Dubai Land Department, Sultan Butti bin Mejren said that the officials of the department will monitor the exact value of the properties in order to determine whether the investor is qualified for the visa scheme.

This visa policy was formulated a month-and-half ago, and the same was announced on 28th of June in which it was declared that the visa policy for property investors is extended to three years from the previous six months policy.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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