Dubai, Sep 17: A window for obtaining a two-year residency visa in Dubai has opened for a person who owns a property valued over Dh1 million, Emirates24|7 has learnt.

Informed sources told this website that owners of property valued over Dh1 million and having no mortgage on it can approach the Dubai Land Department with the title deed along with a passport copy and passport size photograph.

Following the payment of the fees, the Land Department will issue an approval certificate which will allow the property owner to approach the Department of Economic Development, which will then issue a trade license for a fee of Dh2,000 per year.

After receiving the trade licence, the property owner can approach the Immigration counters located in the Land Department, which will issuing a two-year investor visa.

In June 2011, the UAE federal government announced it would extended visa for real estate investors from six months to three years. This website reported that a number of services such as applying for a local driving license, personal loans and getting admission to schools will likely be opened to holders of these visas. So far, no details of the new visa have been issued yet.

A Department of Naturalisation and Residency Dubai call centre employee said they had not received any update on the new visa and were still issuing six-month visa to property investors.

The cost of six-month residence visa is Dh2,000. Renewal cost is also the same.