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.
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.