UAE is transforming itself as a major business hub of the Middle East. Real Estate investment makes up a significant part of the UAE’s economy. For the investors, Real Estate investment in Dubai is a hotbed, with a diverse property distribution from low & medium range to ultra-luxury properties are available in the UAE.
While the UAE has many expats renting properties on a yearly basis, there are those who also think about buying their own property due to some benefits available. One of the more enticing features of owning a property in Dubai and the UAE is getting a residence visa. Here we tackle some important points and about residence visa through property purchase.
UAE Property Market – How to acquire Residence Visa
The current property market worldwide is going through a slightly flattened growth rate.
However, in the UAE to compliment the real estate market demand it is the robust infrastructure and lifestyle that the investor experiences in the UAE.
UAE has a diverse landscape, efficient road network, exotic lifestyle. UAE has branded itself as a family-friendly travel destination.
UAE has 7 emirates where the property ownership rules differ, in general, foreign investors and companies can own property only in the freehold areas. Dubai tops the list in foreign property ownership among the other Emirates of UAE.
Buying property in Abu Dhabi
Abu Dhabi has freehold areas for the expatriates to own properties in the form of floors and apartments.
Buying Property in Dubai
Foreign ownership in Dubai is permitted in an area designed as freehold. Expatriates can own property in the freehold areas of Dubai for up to 99 years.
The title deeds are issued by the Land Department in the Emirate.
Buying Property in Sharjah
Property purchase in the Emirate of Sharjah for expatriates and companies owned by foreign nationals is through the Usufruct system.
The expatriates can own the property rights for 100 years once the usufruct right is registered with the Sharjah Real Estate Registration Department.
Property Investment for Residence Visa in Dubai
There are two types of visas granted to property investors in Dubai – The Property Investor Visa & the Six Month Residency visa.
Also, investors now have the option to apply for the recently introduced 5-Year and 10-Year Investment Visas.
The Property Investor Visa is issued by the Dubai land Department and is a two-year renewable visa.
The Six Months’ Residency Visa is issued by the relevant immigration authority of the emirates and is a Six Months Multi-Entry Visa. It is a visitor visa that allows multiple entries to the UAE.
General Requirements for the Two-Year & Six-Month Multi-Entry Residence Visa
For both the visa options the property value must be AED 1 Million or more.
It is based on the purchase price on the title deed rather than the current property value when applying for the visa.
If the property is joined owned (husband and wife) the shared value must exceed AED 1million.
It is applied to one title deed so you cannot consolidate all your investments to obtain an investor visa.
Visas for off-plan properties are not possible. The property must be completed and liveable.
Only residential properties are permitted for the visas. Commercial projects are not allowed.
- Long term Residence Visa
To further fuel the economic growth and foreign investment, the UAE government has introduced the long term residence visa option for 10 years and 5 years.
To know more read, https://www.dubaifreezonecompany.com/blog/2020/02/23/gold-card-visas-in-uae-how-to-apply-for-long-term-residence-visa-in-uae/
- 10-year Residence Visa through Investments
Investors and specialists such as doctors, engineers, will receive the residence visas for ten years. Also, they can sponsor families and dependents.
A portion of the 10 million (40% to real estate) and rest in the form of deposits, company ownership, shares invested in Dubai is the pre-requisite for the 10-year-old visas.
- Five-year Residence Visa
Property purchase of 5million AED and above are eligible for a 5-year visa.
The property cannot be purchased with loans or financing of any time, and the investment must be retained for a period of at least 3 years under standard liability.
With the five-year visa, the investor can sponsor dependents, hire domestic staff & drivers, and live the high standard life of Dubai for a longer time. There is no minimum time limit that the investor must stay in Dubai.
Connect with our team to learn more about the UAE Property Purchase and Residence Visa.