Get UAE Residency Visa by Buying Property in Dubai
The gorgeous city of Dubai with its ultramodern urban architecture, one-of-a-kind leisure activities, and business-friendly rules can enchant its visitors to decide to prolong their stay indefinitely. However, for many years becoming a resident of Dubai sounded like a dream impossible to come true. Residency rules were quite rigid and only a hand-picked few could manage to get past the tight filters and obtain the UAE visa. In recent years, however, new amendments to the residency and visa rules have been approved by the UAE government and thanks to these amendments, the dream of becoming a UAE resident can now be actualized. In this article, we will review the latest laws and rules regarding how to get a UAE residency visa through real estate investment. Stay tuned!
UAE Residency Visa and Real Estate Investment
The ultramodern metropolis of Dubai is full of wonders and boasts its myriad iconic landmarks and astounding attractions. These wonders attract a plethora of visitors from all across the world. However, one cannot have enough of Dubai’s attractions not only because of their allure, but also due to the fact that many more are currently being developed and will expand Dubai’s collection of marvels even further.
This has given rise to many opportunities for investors and the government of the UAE has revised the old visa rules in an investor-friendly way with the aim of retaining the investors’ confidence and trust and increasing the cash flow in the real estate market.
Thanks to the newly-revised residency rules, it is possible to apply for a UAE residency visa through purchasing residential properties in Dubai. As an investor, you’ll get to choose from a wide range of state-of-the-art properties available for sale in Dubai and obtain one of the several types of residency visas available. Read on to learn more.
UAE Residency Visa Types
The UAE government offers several types of visas to those who want to invest in real estate in the country based on the terms and conditions of their purchase. The residency visas that can be obtained through real estate investment in Dubai are as follows:
6-month multi-entry visa
In order to obtain a 6-month multi-entry UAE residency visa, you should purchase a residential property which is worth at least AED 1 million. Holders of this type of visa can travel to all of the seven emirates of the UAE and are eligible to make multiple entries to the country during the 6-month period of their visa validity.
This type of visa is not issued by the Dubai Land Department and investors have to refer to the relevant immigration authorities to obtain it. Furthermore, as the name suggests, a 6-month multi-entry visa has to be renewed every six months.
3-year residency visa
Just like the multi-entry visa, purchasing a residential property which is worth more than AED 1 million is required for obtaining a 3-year residency visa. The main difference, however, is that the 3-year visa is issued by the Dubai Land Department and costs from AED 13000 to AED 15000.
Furthermore, owners of the 3-year residency visa are considered official UAE residents and benefit from many additional perks. They will be issued an Emirates ID card and can obtain an Emirates driving license too. Besides, owners of this type of residency visa can sponsor their immediate family members too.
Keep in mind though that in order to remain eligible for the 3-year UAE residency visa, visa holders should not spend more than 6 consecutive months outside the UAE.
5-year long-term residency visa
Only those who make at least an AED-5-million investment in real estate are eligible to obtain this type of long-term visa. This type of visa offers its holder similar perks as the 3-year residency visa, though it features a longer validity period.
In order to be eligible for a 5-year long-term residency visa, the investors should not use loans to buy a property and neither should they mortgage one. Moreover, the investors are obliged to keep their investment for a minimum of 3 years.
10-year long-term residency visa
In order to obtain this long-term visa, investors have to make an investment of at least AED 10 million with not less than 40 percent of which in real estate. Similar to the 5-year visa, investors who use loans for their purchase or do not retain their investment for at least 3 years will not be eligible for a 10-year residency visa. Aside from the investors themselves and their immediate family members, a 10-year UAE residency visa can be extended to an executive director and an advisor.
Main Requirements of Obtaining a UAE Residency Visa
In order to be eligible for obtaining a UAE residency visa, there are certain criteria your property and investment should meet and specific documents you should present to the authorities. A brief review of these terms, conditions, and documents is as follows:
- Property Value: The purchase price of your property should be at least AED 1 million. It’s the purchase price that is considered not the current market price.
- Property Type: Only the owners of residential properties are eligible to apply for a residential visa. If you make an investment of at least AED 1 million in residential and serviced apartments, hotel apartments, villas and townhouses, and offices, you will be able to obtain a residency visa. This, however, does not mean you have limited options. In fact, Dubai’s real estate market is quite diverse. There are plenty of top-notch apartments for sale in Dubaiin all price ranges. You can also find a great diversity of state-of-the-art villas for sale in Dubai.
- Property State: The property you purchase has to be finished and ready to use. Investing in off-plan properties will not make you eligible for a UAE residency visa.
- Property Location: If you want to obtain a UAE residency visa through real estate investment, the property you purchase has to be located in freehold areas. Freehold areas are districts in which foreigners and UAE non-citizens are allowed to purchase and hold properties.
- Proof of Income: You have to provide the authorities with the proof that your income is at least AED 10000 per month. The source of the income and its location does not need to be specified.
- Property Title Deed
- Visa Status
- Certificate of Good Conduct (should be obtained from the Dubai Police)
- Bank Statements
- Utility Bill
- Health \ Medical Insurance
- Marriage Certificate: If you intend to purchase a property as a joint venture with your husband or wife, you can still apply for a UAE residency visa. However, you should present your certificate of marriage to the authorities.
Keep in mind that holding an investor visa does not necessarily mean that you will have a work permit anywhere across the country. This also applies to your dependent family members to whom the residency visa has been extended. Their visa status has to be modified by an employer so that they can work.
Furthermore, in order to be eligible for a residency visa, you do not have to focus all your wherewithal on a single property. You can have multiple properties and as long as their collective value is more than AED 1 million, you can apply for a residency visa.
UAE Residency Visa Application Process for Real Estate Investors
After finding a suitable property in Dubai and finalizing your purchase, you can apply for one of the aforementioned types of visa. In order to obtain your UAE residency visa, you should take the following steps:
Submit Your Application at the Dubai Land Department
In order to submit your visa application and property information, you should visit the office of Dubai Land Department (DLD) in Deira and present the following documents:
- Original title deed of the purchased property
- Original passport (if you want to apply for other family members, bring their passports too)
- A print of visa status page
- Passport-size photos of applicants
When you submit your application, you will receive a letter of proof written in Arabic. You can then proceed to the next step.
Present the DLD Letter to Dubai Police Headquarters
After receiving the DLD letter, you should then ask for a letter of good conduct from Dubai Police Headquarters. This letter indicates that you have no criminal record and are eligible for obtaining a residency visa. The documents required for a letter of good conduct are the DLD letter and a copy of your passport.
A small fee of approximately AED 220 is required for the issuance of the letter and it usually takes two working days for the letter to be issued. After receiving your letter of good conduct from Dubai Police Headquarters, you can proceed to the final step.
Completing Your Application at the DLD Office
In order to complete your application process for UAE residency visa, the following documents are required in addition to all the necessary documents in step one:
- Letter of good conduct
- A copy of DEWA bill
- A copy of applicant’s passport
- Marriage certificate (if the purchased property is a joint venture)
- Certificate from the mortgaging bank to the DLD (if you are mortgaging your property)
You might also be asked to confirm your mortgage and title deed. If so, you will need to present the following documents to the estate registration trustee division and pay a fee of AED 1590:
- Title deed
- A print of visa status page
After proceeding with these steps, you will be able to obtain your UAE residency visa. The fees for each type of visa varies from the other and the renewal fees are usually much less than the issuance fees.
The UAE residency rules have been revised and this allows foreigners to get UAE residency visas through real estate investment. In order to become eligible for a residency visa in the UAE, investors should buy a residential property with a value of at least AED 1 million. The property should also be located in freehold districts.
This, however, does not limit your choices. In fact, Dubai’s real estate market is quite lively and diverse and our team at dxboffplan.com can help you find a suitable property and gain UAE residency by investing in real estate. Moreover, thanks to the new UAE nationality law, investors can now become UAE nationals if they meet certain criteria. This is yet another factor that makes buying property in Dubai quite a lucrative investment.