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Thinking of Buying A UAE Property Visa?: Things You Need To Know

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Dubai is home to millions of expatriates and hundreds of global enterprises from all around the world. A true metropolitan city in every sense, this city is a dream destination for new businesses and investments every year. The city-state has a great many investment opportunities for foreign citizens, with great returns on investments. One of the most exciting and emerging markets is property investment in Dubai, which is highly appealing to many for the right reasons.

The city-state has numerous residential properties for sale, from apartments to villas and townhouses as well as commercial real estate that offer excellent rental yields to interested investors. In the post-pandemic road to recovery, Dubai’s economy, as well as the property market, is recovering steadily, opening up new avenues for investors. 

One of the most promising policies that helped attract more FDI in the real estate market was property visas. The government is envisioning more growth through FDI and wants to encourage investors to expand their financial portfolios by investing in real estate.

Are you eyeing properties for sale in Dubai?

If you said yes, there is no time like now. Anyone can buy a property in Dubai, as long as they have the financial capability. Buying a property worth AED  7,50,000 or more in the UAE will make you eligible for a residency visa in the country. 

Non-resident investors can purchase freehold properties in designated areas. The properties must be 100% complete and not on a construction plan. Additionally, the property must not be subject to disputes. Investors who purchase a property worth AED  7,50,000 or above ( purchase price and not current market value) with at least 50% of the mortgage paid, are eligible for a Dubai property visa. Not that you must be mentioned as the owner of the property to be considered for the visa. If multiple people own the property, each investor is entitled to apply for the visa as long as they have a share of AED  7,50,000 or above in the purchase value. In case you jointly buy a property worth  7,50,000 AED with your spouse, both you and your partner are eligible for the visa, provided you present your marriage certificate along with the application.

Properties for sale that are open for foreign investors include apartments, villas, townhouses, serviced apartments, and/or commercial properties hotel room, hotel apartment, office, and warehouse that are freehold.

Currently, there are over 60 freehold areas in Dubai, including the ones that are under development. Some of the most sought-after regions include The Palm Jumeirah, The World Islands, Burj Khalifa, Downtown Dubai, Dubai Marina, Jumeirah Lakes Towers, Bluewaters, Emirates Hills, Discovery Gardens, and Al Furjan. 

While ex-pat and foreign investors can buy properties directly from the developers, we recommend going through one of the best real estate companies in Dubai like ours to navigate everything from viewings to final purchase and getting the title deed in your hand.

The most important aspect of applying for a property visa is having the title deed in your name, as it needs to be submitted along with the application. So, it is necessary to complete the property purchase and have your name recorded as the owner to get the visa issued under your name.

Property visas in Dubai

There are 4 types of visas that investors can choose from depending on their plans regarding residency. All these visas are residency visas, meaning you cannot work in the country under them. Here is what you need to know about them-

  • Six-month multiple entry property visas

This visa is issued by the relevant immigration office and not by the Dubai Land Department (DED). The six-months visa costs less and can be obtained quickly. However, remember that the visa acts similar to a tourist visa and an Emirates ID will not be issued against it. Even so, investors can also use the six-month visa to facilitate getting a golden residency.

  • Three-year property visa

The visa is issued by DLD to applicants who have proven ownership of a completed property worth AED  7,50,000 or above. The visa can be renewed upon expiry at the end of three years for a nominal cost. This visa is ideal for investors who are interested in staying in Dubai for longer periods and exploring what the city has to offer instead of renting out their property. The visa makes you eligible for an Emirates ID and driving license as well as allows you to sponsor family.

  • Five-year property visa

This visa is issued to investors who have a share of at least AED 5 million in properties (can be split across three properties), with no mortgage on any of them. Similar to a three-year visa, the investor can sponsor his/her family, get an Emirates ID and apply for a driving license.

  • Ten-year residency visa

The ten-year residency visa or Golden visa is available for investors who have invested at least 10 million in the UAE, of which 40% of the investment of AED 4 million is in real estate. The investment can be split across three properties. The other 60% can be invested in other sectors. Initially, the applicant will be issued a six-month visa, which can be used to facilitate getting the Golden visa.

  • UAE retirement visa

This visa is ideal for foreigners or expatriates who are above the age of 55 years of age to reside in the emirate after retirement. This is a long-term residence visa that can be renewed if you invest in a property worth at least AED 2million, have savings no less than AED  1 million, and have an active income no less than AED 20,000 per month.

Benefits of having a Dubai property visa

Having a property visa opens a lot of avenues for investors to experience the best of living in Dubai. As a visa holder, you can travel in and out of the country as much as you like, provided you don’t stay outside the country for more than 6 months at a time. You can also open bank accounts in the UAE, obtain a UAE driving license and enjoy visa-free travel to the countries that accept the country’s visa holders.

Additionally, you can also sponsor your spouse, children, parents, and house help as required. With a 10 year Golden visa, you can also extend your sponsorship to include an executive director and an advisor aside from your family.

Next step

If you are looking forward to owning a property in Dubai, contact our real estate agency in Dubai today for hassle-free sales. Once you become the proud owner of a property in Dubai, you can avail of the residency visa and start your life here in this incredible country. Talk to our brokers today to know more.

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Residency Visa Through Property Investment in Dubai: All You Need To Know

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Dubai has always been a dream destination for global investors. The city-state offers world-class infrastructure, lucrative rental returns, and attractive residency visas for people who wish to invest here. While the post-covid market is gradually picking up pace, Dubai and the rest of the UAE have properties available at competitive prices, much lower than that of many other metropolitan cities in the world. As a result, the time is just right for investors to purchase a property in Dubai and apply for a resident visa, which will surely open doors to an incredible lifestyle. 

The current policies regarding property ownership and residency visas in the UAE allow non-residents to have a hassle-free investment opportunity. In this blog, we will discuss everything you need to know about residency visas through property investment in Dubai.

Buying property in Dubai

Buying a property for sale  in Dubai will largely depend on 4 factors. Your personal preferences, family size, budgetary considerations, and financial target as an investor can all be met and satisfied if you buy the right property. A foreign investor who wishes to invest in a property in Dubai can purchase from areas designated as freehold. Foreigners and expatriate residents are legally allowed to have ownership rights over a freehold property in Dubai without restriction, usufruct rights, or leasehold rights for up to 99 years. The title deed of a freehold property is issued by the Land Department in the emirate. Additionally, there is no age limit to owning a property in Dubai.

Although you can buy a property directly from the developer, it is easier to work with a real estate agency in Dubai. With listings from multiple developers across different freehold regions in the city, real estate agencies like us can offer a lot of choices to our clients. Additionally, our brokers will help you navigate the administrative and legal procedures easily.

Residency Visa Through Property Investment in Dubai

The property visa is granted to investors and property buyers in Dubai. This particular visa is a residency visa, meaning the visa holders can reside in the country, but not work. Any investor who meets the minimum investment in any freehold property is eligible for the property visa. The property owner can renew the visa at the end of its term as long as the ownership is maintained for the particular visa duration. There are 4 types of visas-

  • 6-month multiple-entry visa

This visa is issued for an investor who has invested AED  7,50,000 or more. Unlike a complete residency visa, this almost functions like a tourist visa. The 6-month multiple entry visa is ideal for non-resident investors who plan to rent out their unit or use it as a vacation home. However, this visa is issued by relevant immigration authorities and not by the Dubai Land Department(DLD). The visa charges are around AED 2,300 with renewal charges at AED 1,000.

  • 3-year residency visa

This visa is issued by DLD for eligible investors who own a property worth AED  7,50,000 or more. The investor is considered a resident of the UAE and can avail of other benefits such as an Emirates ID, driving license, and family sponsorship. The visa costs around AED 13,000 to AED 15, 000 and is valid for 3 years, following which it can be renewed, as long as the investor has ownership over the property. Note that the visa holder is not permitted to spend more than 8 consecutive months outside the country.

  • 5-year long term residence visa

Investors who have invested in a property (or multiple properties) worth more than AED 5 million are eligible for a 5-year residency visa. The visa holder is granted benefits such as Emirates ID, driving license, and family sponsorship. However, the investor must ensure that their property is on a mortgage or has any sort of loan or financing. Additionally, the investment must be retained for a period of a minimum of 3 years. Visa holders can extend the visa at the end of the term as long as their property ownership is valid.

  • 10-year long term residence visa

Investors who have invested more than AED 10 million with a minimum of 40% on properties in Dubai are eligible for the 10-year residency visa. The visa will include an executive director, and an advisor apart from family members and dependents. Investors must provide ample proof of their investments, which must not be loaned or financed. Additionally, the visa holder must retain the investment for 3 years to be eligible for the 10-year long-term residence visa.

This visa can be extended to include business partners if they are willing to contribute an amount of AED 10 million.

Rules and regulations to remember

Residency visas come with certain terms and conditions. These include the following-

  • An investor is eligible for the visa if and only if the property’s purchase value is AED  7,50,000 or more (not current market value)
  • The visas are available for freehold and residential properties such as residential and serviced apartments, hotel apartments, villas & townhouses, offices & warehouses
  • The visa is not issued to properties under dispute, land plots, and off-plan properties
  • You can apply for a visa with a mortgaged property. However, the investor must still meet the minimum investment amount of AED1 million. In this case, a NOC should be issued from the bank which must be submitted while applying for the visa
  • If a property is bought jointly with another investor, both individuals must have invested AED  7,50,000 or more for both to be eligible for the visa
  • In case the property is bought jointly by an investor and his/her spouse, then they both are eligible for the visa. However, they must produce a marriage certificate along with the application.
  • While applying for the visa, the investor must also provide proof of income not less than AED 10,000 per month. This source of income or location doesn’t matter. However, adequate proof is mandatory.
  • To apply for the visa, the investor must produce the title deed of the property, original and copy of passport, visa status copy, passport size photos, bank statements, utility bills, medical insurance, and a good conduct certificate from Dubai police.

Next steps

At our real estate agency, we help our clients to complete the sale and get the title deed at the earliest. Our brokers will help you have a hassle-free experience, guiding you through every step to be the owner of your dream property in Dubai. Once you are an official property investor in Dubai, you can apply for your resident visa. 

Looking to buy a property in Dubai? Connect with our brokers at Vanguard real estate agency.