Friday, 15 July 2016

Property Laws in Dubai

In the UAE property-related rules have changed number of times in last 10 years, 6 month multi-entry visa or 2 year residency visa is accessible depending on the situation. The property should be worth in surplus of Dh1m and should be for one property only. The title contract is usually in one name and only that person can apply for residency, even if ownership is considered to be joint. The property should be finished and suitable to live in. The 6 month visa is easier to acquire and has lower costs, but must be renewed every 6 months. Multi-entry visas are obtainable to property owners in all 7 emirates, but people must apply to the Immigration or Naturalisation and Residency Department in the pertinent emirate. In this case it is the Department of Naturalisation and Residency Dubai.

It is possible to get a 2 year visa related to property ownership, but this comes with stricter regulations. The individual should own a property that is fully liveable with a cost of at least Dh1m, but they must own it outright without a mortgage. A copy of the title contract proving there is no mortgage must be added and there is a property visa fee and an administration fee. Applications must originally to the Dubai Land Department, will provide a certificate to the Department of Economic Development that concern an investor trade licence for a year. Those applications for property-related residency visas should be made to the related government department.
The freehold property market in Dubai started in 1998 when the Dubai Marina plan was started. There was no freehold property law, and villas were sold out “leasehold”, on 99 year leases. In 2002 at act was issued by the Dubai government allowing freehold rights to non-GCC nationals buying a freehold property in Dubai means that you own the property forever or until you choose to sell it. You are granted to pass this property to your family.
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