How to get uae residency by investment? 2024 Complete Guide

You might have heard you can buy property in Dubai and get residency. Dubai is a gorgeous city with ultramodern urban architecture, one-of-a-kind leisure activities, and business-friendly rules that can enchant its visitors to decide to prolong their stay indefinitely. While becoming a Dubai resident sounded like an impossible dream for many years, the new UAE government amendments to the residency and visa rules help you actualize the wish of becoming a UAE resident. In this article, we will review the latest laws and rules regarding how to get a UAE visa by buying property in Dubai. Stay tuned!

Is it possible to get a Dubai residence visa through real estate investment?

The ultramodern metropolis of Dubai is full of wonders and boasts its myriad of 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 because 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 to retain the investors’ confidence and trust and increase 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 by 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.

The Conditions to Get Dubai Residency through Buying Property in 2024

For acquiring UAE residency, there must be certain prerequisites that will align with your property and investment as well. There are also some documents that should be provided to the respective authorities. Here is general information about obtaining Dubai residency through a property purchase:

• Minimum Property Value: The property you buy should be valued at least at AED 750,000.
• Freehold Areas: To obtain a UAE visa via investing in real estate, the property you are to purchase should be located in freehold areas. These are specific areas allowed for expatriates and any non-UAE national to buy and own properties.
• Residential and Commercial Properties: One will be able to get UAE residency by buying either a residential or a commercial property. Even in cases where the property is financed by installments, one can apply for residency.
• Renewable Residency: Residency can be renewed provided one retains ownership of the property and does not sell it.

Minimum Price of Property to be Eligible for Residency in Dubai

Buying property in Dubai for residency requires a minimum price of AED 750,000, approximately USD 200,000. This is the regulation that enables foreign investors to obtain a Dubai residency visa in exchange for buying a property worth this price. The property should be completely constructed and ready to be occupied and registered in the buyer’s name with full ownership. Also, the cash portion of the payment must be at least AED 750,000 in addition, if part of the purchase is mortgaged. In exchange, the residence visa accorded to such investors and their families allows them to stay in Dubai for two to three years with unprecedented access to amenities.

Worth noting here is that under the latest UAE legislation, the actual basis is not the price in the property deed, which gives only the official cost of the property. Instead, during the market fluctuations, when the market price of your property reaches AED 750,000, you can use it for applying for residency. Given below are the minimum investment quantities of different types of residency visas:

Costs of Acquiring Residency through Buying Property

Acquiring residency in the UAE via purchasing a property is enveloped in a few key costs. Other than the price of the property, which must satisfy the minimum value requirement of AED 750,000 or more, these include a property transfer fee of about 4% of the transaction value, registration fees with the real estate department, and fees paid to real estate agents or legal advisors. Also, it includes the cost of issuance and renewal of the visa and the medical examination. The cost of the said is elaborated below.

Property prices in Dubai are very diverse, based on what kind of property it is, in what year the building was built, its location within Dubai, and so on. The cost concerning residency in Dubai by buying property is elaborated on commonly as below:

By considering these costs, you can effectively plan for obtaining residency in Dubai while benefiting from its exceptional lifestyle and investment opportunities.

Costs of Property Purchase and Title Registration

The costs for buying property and the title registration in the UAE involve a number of components. In addition to the price of the property, which depends on the locality and the type of property, there is a transfer fee to be paid to DLD as a percentage of the value of the property, standing at 4%.

Other administrative costs are paid as follows:

• Fee of contract registration: around AED 1,000
• Residency visa issuance fee: approximately AED 1,100 per head (approximately) Medical test fee: approximately AED 220 per head (approximately) Fee
• for issuing Emirates ID: approximately AED 370 every three years These are indicative and may change anytime with regulations and current rates.

Proper planning and consultations with experts are advised to make sure of full compliance, with more accurate budgeting.

Visa Issuance and Residency Renewal Costs

The charges for issuing or renewing visas and for the renewal of residencies are subject to visa type and period. Usually, a residence visa issuance charge is about AED 1,100 per head. A medical test also costs about AED 220 per head, while Emirates ID issuance charges are up to AED 370 for three years. Renewal fees are normally the same amount as the original issuance, including updated regulations. The best thing is to plan in advance and research immigration consultants for an exact quote.

Why do people choose to buy a home in Dubai and get residency?

As you probably know, Dubai has turned into a major business hub in the Middle East in the past few years and UAE attracts a lot of property investors each year. Here, I want to talk about the benefits of having a Dubai property visa.

• Dubai is one of the best business hubs in the world.
• Exotic lifestyle, a diverse landscape, an efficient road network, and Dubai’s reputation as a family-friendly destination make Dubai.
• Government support is a key pillar to the success of the Dubai Real Estate sector.
• Good returns and highly-profitable investment opportunities.
• Foreigners with a Dubai residency visa do not need local sponsorship to stay in the country.
• With a real estate visa in Dubai, you can stay in the UAE as long as you want.
• If you buy property in Dubai and get residency, you can easily start a UAE bank account.
• Also, people who have a property investor visa in Dubai can get a UAE driving license.
• Dubai residence enables you to renew your trade license easily.

What are the best Dubai locations to buy the property and get a residence visa?

The property ownership rules are different in each Emirate of The UAE. And if you want to get a residence visa, you should invest in properties in freehold areas, such as Dubai. So, let’s go deeper and find out some of the best locations where you can buy property in Dubai and get residency.

Buy a property in Palm Jumeirah and get a Dubai residence visa:

As the first great option to get a Dubai residence visa, I want to introduce luxurious Palm Jumeirah houses for sale. Palm Jumeirah is probably the most exclusive location in Dubai. It is the largest man-made island in the world that offers highly unique projects. 22 Carat Villas and One Palm Apartments are among these projects that help you get Dubai Residence Visa.

Buy a home in Dubai Marina to get a real estate visa Dubai:

Also, you can buy a modern property in Dubai Marina and get Dubai residency. Dubai Marina also is one of these sought-after areas of Dubai where the residents enjoy waterfront living at its best. Marina Gate and Damac Heights Apartments in Dubai Marina pave the way for you towards getting a Dubai Residence Visa.

Buy a house in Downtown Dubai and get a property visa Dubai:

Another case you can invest in to get Dubai residency is Downtown Dubai apartments for sale. Downtown Dubai is Dubai’s high-end location that offers the best cosmopolitan living to the residents. IL Primo and Opera Grande Apartments are located in Downtown Dubai. Investing in these projects makes you closer to the Dubai Residence Visa.

Invest in the World Islands properties and get a Dubai residence visa:

The final option I want to introduce is the world islands Dubai properties for sale. This area is one of the most iconic neighborhoods in Dubai with several unique and exclusive projects. The Floating Venice Residences is one of the most hoped-for projects in this area. You can invest in this project and enjoy the benefits that UAE Residency brings you.

What are the different types of Dubai real estate visas?

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, such as A UAE two-year renewable visa, a 5-year residence visa, a 10-year residence visa, and more. But basically, they are divided into two categories, long-term (more than five years) and short-term (less than five years) visas, which I will explain below.

Short-term residence visa UAE:

First, I want to talk about short-term Dubai residency visas, which are from six months to three years. To know more about the details and conditions of each of them, read the below list:

6-month multi-entry Dubai residency visa:

To obtain a 6-month multi-entry UAE residency visa, you should purchase a residential property 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 months of their visa validity. This type of Dubai residence visa is not issued by the Dubai Land Authority, and to obtain it, you must refer to the relevant immigration authorities. Furthermore, as the name suggests, a 6-month multi-entry visa has to be renewed every six months.

Two-year Dubai residence visa:

If your property value is more than AED 1 million, you can get a Two-year Property Investor Visa and live like a UAE resident. For example, you can apply for Emirates ID, Driving License, mobile, etc. Also, you can sponsor dependents and enjoy the high-class lifestyle of Dubai for the certain time stated in the visa.

3-year residency visa Dubai:

Like the multi-entry visa, purchasing a residential property worth more than AED 1 million is required to get a 3-year residency visa. But they are slightly different because the 3-year visa is issued by the Dubai Land Department and costs from AED 13000 to AED 15000. Furthermore, if you have a 3-year Dubai residency visa are considered an official UAE resident and benefit from many additional perks. They will also be issued an Emirates ID card and can obtain an Emirates driving license. Besides, owners of this type of residency visa can sponsor their immediate family members too.

Also, I should mention that you should not spend more than six consecutive months outside the UAE to remain eligible for the 3-year UAE residency visa.

Long-term residence visa UAE:

In the second group, I want to introduce long-term Dubai residence visas from 5 to 10 years that the government offers foreign investors to improve economic growth and attract more money from the real estate market. Below you can learn about the situation of these visas.

Five-year Dubai residence visa:

If you purchase a property priced at 5 million AED and above, you will be eligible for a 5-year visa. Pay attention to get this Dubai visa, you should not buy your favorite home with loans at any time, and the investment must be retained for at least 3 years under standard liability. This type of visa offers its holder similar perks as the 3-year residency visa, though it features a longer validity period. Also, this five-year visa allows you to sponsor dependents, hire domestic staff & drivers, and live the high standard life of Dubai for a longer time. There is no time limit that you must stay in Dubai.

10-year real estate visa Dubai:

Investors who want to obtain this long-term visa should invest at least AED 10 million. Similar to the 5-year Dubai visa, you will not be eligible for a 10-year residence visa if you use a loan to finance your purchase or do not hold your investment for at least three years. Aside from yourself as an investor and your immediate family members, a 10-year UAE residency visa can be extended to an executive director and an advisor.

What are the main requirements to get a residence visa in the UAE?

To get 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:

The property value and type to get a real estate visa in Dubai:

When we say that you buy a house in Dubai and get a UAE residency visa, we do not mean any home, and it should be under a specific condition, which you can read here:

• 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. 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.
• Property Type: Only the owners of residential properties are eligible to apply for a residential visa. You can get a residency visa if you investment at least AED 1 million in residential and serviced apartments, hotel apartments, villas and townhouses, and offices. But do not freak out because Dubai’s real estate market is full of top-notch flats and state-of-the-art villas for sale in all price ranges.
• 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 should be in freehold areas, where foreigners and UAE non-citizens can buy and hold properties.

The documents you should offer to get a real estate visa in Dubai:

After that you choose a proper home, you should prepare some specific documents and offer them to relevant authorities, such as:

• Proof of Income: You should declare to the authorities that your income is at least AED 10000 per month. The source of the income and its location do not need to be specified.
• Property Title Deed
• Passport
• 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.

What is the 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 visas. To obtain your UAE residency visa, you should take the following steps:

Submit Your Application to the Dubai Land Department

To submit your visa application and property information, you should visit the office of the Dubai Land Department (DLD) in Deira and present the following documents:

• The original title deed of the purchased property
• Original passport (if you want to apply for other family members, you should bring their passports, too.)
• A print of the 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

To complete your application process for a 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 the DEWA bill
• A copy of the 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
• Banknote
• Passport
• A print of the 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 vary from the other and the renewal fees are usually much less than the issuance fees.

Challenges and Limitations of Acquiring Residency by Buying Property

While there are many benefits associated with investing in residency in the UAE through purchasing a property, an applicant must also consider challenges and limitations associated. The minimum value of the property is one of the major limitations, often very high and out of the reach of minor investors. The obtained residency will also be temporary and normally must be renewed annually, or once in every few years, provided one continues to own a property.

Also, it is limited for foreign nationals to buy a property, which is allowed only in some freehold areas, making location options limited. Such restrictions affect the flexibility and accessibility of investment opportunities. We are going to elaborate more on these challenges in the explanation below.

Dxboffplan helps you get a Dubai residency visa by buying property!

The UAE residency rules have been revised so that foreigners can buy property in Dubai and get residency. And thanks to the new UAE nationality law, investors can now become UAE nationals if they meet certain criteria, which is another factor that makes the Dubai real estate market quite a lucrative investment. Now, if you are interested in buying the best off-plan property for sale in the UAE and gaining a real estate visa in Dubai, the Dxboffplan team is ready to help you. Remember you can contact our professional agents 24/7 online and through the site to ask your questions.