For a long time, the minimum financial requirement to apply for a residence visa through investment in Dubai’s property was $272,742. Currently, according to the official information from the Dubai Land Department, the amount has been reduced to $204,108.
The economic impact:
- More foreign funds will be attracted
- The economy will be stimulated through the cash inflow
- An influx of skilled workers
A significant rise in demand for residential and commercial units is expected to result from the Expo 2020 exhibition as well.
The visa paperwork does not require much effort. However, it is important to know that only the buyers who purchase ready properties are eligible for the investor visa. This rule does not apply to off-plan projects. Homes purchased with a mortgage must comply with the requirement of 50% of the property value or at least $204,108 paid to the lender.
For married couples, the process is simplified. They can obtain a residence permit within the framework of jointly acquired housing. In this case, the share of ownership for each must be at least $204,108. Children receive a residence permit automatically as they are considred dependents of visa-holding parents.