A NEW LONG-TERM RESIDENCY AND GOLDEN VISA SCHEME HAS BEEN IN EFFECT SINCE MAY 2019, ALLOWING FOREIGNERS TO LIVE, WORK, AND STUDY IN THE UAE WITHOUT THE NEED FOR AN EMIRATI SPONSOR.
The prospect of investing and living in Dubai has become much easier and more appealing with equally attractive benefits for property investors and the reduction of the minimum financial requirement to apply for a 3-Year Investor visa..
Who can buy property in Dubai?
Anyone with sufficient wealth can purchase a house in Dubai. There is no requirement to reside or work in the emirate, and there is no upper age limit. Freehold properties are only available for foreign investment in designated locations. This isn’t a limitation, though, because Dubai has several freehold regions.
What kind of property will be considered, and how much will it cost?
The property should be completely ready, not in the middle of a construction project, and, most importantly, not in the middle of a legal battle. Your property’s purchase price (not the current market price) must be at least AED 750,000, and you must have paid off a 50% mortgage (you should be mentioned as the property owner). The Dubai Property Visa can be used to purchase freehold residential properties (apartments, serviced apartments, villas, and townhouses) as well as commercial assets (Hotel Room, Hotel Apartment, Office, Warehouse).
You can apply for an investor visa in the UAE if your total investment in one of three properties is AED 750,000 or more. If the property is owned by many people, each of them can apply for a Dubai investor visa if their portion of the purchase price is AED 750,000 or more.
Even if the property’s entire purchase value of AED 750,000 is divided between both of them, both can apply for a UAE investment visa if the property is owned jointly by husband and wife. In this instance, an attested marriage certificate is required.
What kinds of property visas are available in Dubai?
Six Month Multiple Entry Dubai Property Visa:
This visa is less expensive and easier to obtain. You will not, however, be given an emirates ID, therefore it is technically equivalent to a tourist visa. The six-month visa can also be used to help you finish your golden residency application.
Three Year Dubai Property Visa:
The visa is valid for three years and can be renewed for a small fee before or after it expires.
The minimum financial criterion for applying for a three-year investor visa has been reduced from AED 1,000,000 (USD 272,300) to AED 750,000, according to the Dubai Land Department (DLD) (USD 205,000).
This visa offer is only valid when purchasing a ready-to-move-in residential home. If you’re thinking about buying an off-plan property, you’ll only be able to get a 3-year visa once all of the building work is finished and the property is ready to move into. To apply for a visa, the investor must have a passport and an electronic copy of the title deed certificate. If the property is mortgaged, the investor must pay the bank at least 50% of the real estate value at the time of application, or AED 750,000. A no-objection letter (NOC letter) in Arabic and a mortgage bank statement are also required.
Investors in joint ownership can only apply for a 3-year visa if each individual’s share is worth at least AED 750,000. Furthermore, all investments should be put in a single residential property rather than any business units. The investor visa’s validity duration is extended as long as the investor owns real estate in the country. Another criteria for the application is that real estate be held for at least three years and that the amount invested in the property be paid in cash rather than on credit.
Couples can only share one piece of property if they have an attested marriage certificate. A power of attorney (POA) is required for a third party to file an application on behalf of the investor. To get children’s visas, the mother must present a letter without objections (NOC) from the father, which must be certified by a notary. For the sponsorship of a daughter over the age of 18, an unmarried letter is required. Sponsoring a son over the age of 18 requires a study certificate.
You can upload all of the required papers for a visa application to the DLD Vault website or use the Dubai REST app to do so. The investor will be called to complete the procedure if the request is authorized. After receiving clearance for a 3-year visa, the applicant must pay the requisite fees at the Cube Centre in the DLD main office. A three-year investor visa costs around AED 15,000 in total service fees (USD 4,100). The medical examination is required and takes place at the real center. It takes 3 to 5 working days for the service to be completed.
Five-Year Dubai Property Visa:
A five-year Dubai property visa is available if you have invested at least AED 5 million in properties (which can be split across three properties) and have no mortgage on any of them.
You do not need to make any further investments, unlike the 10-year visa.
This is a resident visa, which means you and your family are not permitted to work while on it.
If you or a member of your family wants to work, your visa status must be modified, and the company offering the employment must issue a sponsoring visa.
Ten Year Residency Visa (Golden Visa):
Any individual who invests at least AED 10 million in the UAE qualifies for this visa. A maximum of 40% of the investment, or AED 4 million, can be in real estate, according to the rules. This can be split up to three times for a total of AED 4 million in value. The remaining 60% of the investment must be made in other industries. The candidate may be granted a six-month multiple entry visa, which can be utilized to expedite the process of attaining golden residence. This visa can be extended to help you finish the process faster.
This visa allows expatriates and foreigners over the age of 55 to stay in the emirate after they have finished their work.
If they match the following eligibility criteria, they can obtain a 5-year long-term resident visa with the potential of renewal:
- Invest AED 2 million in a property.
- Have a minimum of AED 1 million in your bank account.
- Have a monthly active income of at least AED 20,000.
The Advantages of Having A UAE Residency Visa
- Being able to stay in Dubai for as long as you like during the visa’s validity period and and to come and go as you please.
- Having bank accounts and financial services in the United Arab Emirates
- Being able to apply for a driving license in the UAE.
- Certain nations may be eligible for visa-free travel.
- Being able to sponsor your spouse and any dependents you may have. In addition to your family, you can extend your sponsorship to an executive director and one advisor if you are successful in getting a 10-year residency visa.
- Both the 5-year and 10-year visas can be readily renewed as long as you keep your investment intact.
