SINCE MAY 2019, A NEW LONG-TERM RESIDENCY AND GOLDEN VISA SCHEME WAS LAUNCHED, ENABLING FOREIGNERS TO LIVE, WORK AND STUDY IN THE UAE WITHOUT AN EMIRATI SPONSOR. WITH EQUALLY ATTRACTIVE BENEFITS FOR PROPERTY INVESTORS AND TO THE REDUCTION OF THE MINIMUM FINANCIAL REQUIREMENT TO APPLY FOR A 3-YEAR INVESTOR VISA, THE PROSPECT OF INVESTING AND LIVING IN DUBAI HAS BECOME MUCH EASIER AND MORE APPEALING.
Who can buy property in Dubai?
Anyone can buy a property in Dubai, providing they have the funds. You don’t need to live in the emirate or work here, and there is no age limit. Freehold properties can only be purchased in designated areas for foreign investment. This is not limiting, however, since there are many freehold areas across Dubai.
What type of property will be considered and for what value?
The property or properties should be 100% ready, not on a construction plan, and most importantly, not subject to a dispute. The purchase value (not the current market value) of your property needs to be at least AED 750,000 or above, and you have paid off a 50% mortgage (you should be mentioned as the property owner). The Dubai Property Visa can be issued against residential properties purchased in a freehold area (Apartment, Serviced Apartment, Villa, Townhouse) and/or commercial properties (Hotel Room, Hotel Apartment, Office, Warehouse).
You are eligible for a UAE investor visa as long as your total investment is AED 750,000 or above in one of a maximum of three properties. If multiple people own the property, everyone can apply for a Dubai investor visa as long as they have a share of AED 750,000 or above in purchase value.
If the property is owned jointly by husband and wife, both can apply for a UAE investor visa even if the property’s total purchase value of AED 750,000 is divided between both of them. An attested marriage certificate has to be presented in this case
What are the types of property visas available in Dubai?
Six Month Multiple Entry Dubai Property Visa:
This visa costs less and can be obtained quickly. However, you will not be issued an emirates ID, so it is technically similar to a tourist visa. The six-month visa can also be used to facilitate the completion of obtaining a golden residency.
Three Year Dubai Property Visa: The visa is issued for three years tenure and can be renewed before or upon expiry at a nominal cost.
The Dubai Land Department (DLD) has announced the reduction of the minimum financial requirement to apply for a 3-year investor visa from AED 1,000,000 (USD 272,300) to AED 750,000 (USD 205,000).
This visa offer is available only when purchasing a residential property ready for occupancy. If you are considering purchasing an off-plan property, you will only obtain a 3-year visa after all the construction work has been completed and the property is handed over for occupancy. The investor must provide a passport and an electronic copy of the title deed certificate to apply for a visa. If the property is mortgaged, the investor must pay the bank at least 50% of the real estate value or at least AED 750,000 at the time of application. It is also necessary to provide a no-objection letter (NOC letter) in Arabic and a mortgage bank statement.
Investors in joint ownership can apply to a 3-year visa only if the share of each individual constitutes at least AED 750,000. In addition, investments should be strictly made in one residential property and not in any commercial units. The validity period of the investor visa is maintained as long as the investor owns real estate in the country. Another requirement for the application is that real estate must be retained for at least three years, and the amount invested in the property must not be on a credit basis.
Spouses can share one real estate only if they provide an attested marriage certificate. A power of attorney (POA) is required to submit an application by a third party on behalf of the investor. If the sponsor is the mother, she must provide a letter without objections (NOC) from the father, certified by a notary, to obtain children’s visas. The unmarried letter is necessary for the sponsorship of a daughter over 18 years old. A study certificate is required to sponsor a son over 18 years old.
You can submit all the necessary documents for a visa application online by uploading them to the DLD Vault website or through the Dubai REST app. If the request is approved, the investor will be contacted to complete the procedure. After the approval of a 3-year visa, the applicant must go to the Cube Centre in the DLD main office and pay the required fees. The total service fees for a 3-year investor visa are about AED 15,000 (USD 4,100). The medical examination is obligatory and is conducted in the actual centre. The service time takes 3 to 5 working days.
Five Year Dubai Property Visa: If you have invested at least AED 5 million in properties (can be split across three properties) and have no mortgage on any of the properties, you can qualify for a five-year Dubai property visa. Unlike the 10-year visa, you do not need to make additional investments.
This visa is a resident visa which means you or your family members will not be allowed to work on that visa. If you or any of your family member wish to work, the visa status will have to be changed, and the organization which offers the job will have to issue a sponsoring visa.
Ten Year Residency Visa (Golden Visa):
This visa is available to any individual who invests at least AED 10 million into the UAE. It is stipulated that a maximum of 40% of the investment, or AED 4 million, can be in real estate. This may be split across up to three properties to a total value of AED 4 million. The other 60% of the investment must be made in other sectors. A six-month multiple entry visa can be issued for the applicant and used to facilitate obtaining a golden residency. This visa can be extended to facilitate the completion of the process.
This visa offers resident expatriates and foreigners over 55 years of age the opportunity to stay in the emirate even after completing work. can get a long-term residence visa for 5 years with the possibility of renewal if they meet the following eligibility criteria:
- Invest in a property worth AED 2 million.
- Have financial savings of no less than AED 1 million.
- Have an active income of no less than AED 20,000 per month.
The Advantages of Having A UAE Residency Visa
- Being able to spend as much time in Dubai as you like during the visa’s valid period and to come and go as you please.
- Having access to UAE bank accounts and financial services.
- Being able to apply for a UAE driving licence.
- Possible visa-free travel to certain countries.
- Being able to sponsor your spouse and dependents. If you are successful in obtaining a 10-year residency visa, you can extend your sponsorship to an executive director and one advisor, in addition to your family.
- Both the 5-year and 10-year visas can be easily renewed, provide you continue to retain your investment.