Owners of mortgage free property worth more than $2.72m
The Dubai Land Department (DLD) is to begin helping owners of mortgage-free property valued over $272,264, in obtaining a two-year residency visa in the emirate.
Citing informed sources, Emirates 24/7 said owners can approach the DLD with the title deed and a passport copy and passport size photograph.
Once the fees have been paid, the department will issue an approval certificate, allowing the property owner to approach the Department of Economic Development, which will then issue a trade license for an annual fee of $544.5.
The owner will then be able to approach the Immigration counters in the DLD to obtain the two-year investor visa, according to the report.