I am on an employment visa for a company in which I am a partner but I want to change the basis of my residency visa to one related to my property. I have two properties in Dubai and even after the mortgage costs there is capital in them of over Dh1 million. Can you advise me of the costs? Also, how long are the visas for and are there any limitations? PP, Dubai
While property-linked residency visas are available to owners and valid for six months, if that person is working in Dubai, whether as an employee, partner or owner of a company, they must retain their work-related visa and are not permitted to swap it for one linked to a property. Similarly, if someone is on a residency visa linked to property ownership and gets a job in the UAE, or sets up a company, they must change their status. It is generally far more beneficial to be on a work-related visa, as these are valid for at least two years and must be paid for by the sponsor. On the other hand, a property-related visa is valid for just six months and must be renewed with a fee payable each time.
Keren Bobker is an independent financial adviser with Holborn Assets in Dubai, with over 20 years of experience. Contact her at keren@holbornassets.com. Follow her on Twitter at @FinancialUAE
The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek appropriate independent legal advice
