During our meeting with a Land Department official, we were advised that an owner of property valued over Dh1 million, fully paid and having no mortgage on it can approach the Dubai Land Department with a title deed, passport copy, passport size photograph and AED410 and apply for an approval to have residence visa.
Within a month, the Land Department will issue an approval certificate which will allow the property owner to receive a trade license for a fee of AED2,000 (two thousand UAE Dirhams). After receiving the trade licence, the property owner can approach the Immigration counters located at the Dubai Land Department, which will require AED10,000 (ten thousand UAE Dirhams) deposit and medical report in order to issue a two-year investor visa.
We were also informed that such visas will not be issued to the owners that already hold residence visas. So, we need to live and see how the above procedure will be implemented in practice.