Monday, August 25, 2014

UAE slashes cost of property investor visa by 45%

The UAE has slashed the cost of getting a property visa by 45 per cent, a move that could see more foreign property owners spending time in the country.The six-month visa, which was Dh2,000 prior to August 1, will now cost Dh1,100.

The conditions continue to remain the same and include property valuation to be above Dh1 million, the owner requiring an income of Dh10,000 per month, the property has to be ready, etc.

Property owners have welcomed the reduction in the cost.Though no official numbers are available as to how many property visas have been issued by the immigration departments across the emirate, industry sources say property visa is popular mostly among Russians, Iranians and Pakistanis.

“These nationalities mostly tend to apply for property visa for their families,” industry sources said.

Over Dh37 billion were pumped into Dubai’s property market by more than 140 nationalities with total transaction crossing Dh113 billion in the first six months 2014.