The real estate sector has always been a major growth driver for Dubai’s economy. The Dubai government has implemented a number of initiatives to attract potential investors to the sector, and many of these policies and measures have led to increased investor confidence and foreign direct investment. The real estate investor visa rules introduced by the Dubai government are considered to be one of the major initiatives in the real estate sector. In order to benefit both the Dubai real estate market and potential property buyers, these rules have recently been amended and have already started attracting more buyers, increasing the inflow of investments to the market.
Let’s take a closer look at these rules.
Types of UAE Residence Visas for Property Investors
Property investors have the following types of visas available:
- 6-months visa;
- 3-year residence visa;
- 5-year residence visa;
- Long-term 10-year residence visa.
6-months UAE Visa
This type of visa, although it most often plays the role of a tourist visa, has many different side benefits.
One of its main advantages is that the visa holder can make several entries into the country within 6 months.
This visa can be obtained upon the purchase of any property valued at 272,000 USD or more in any of the seven emirates and is issued by the relevant immigration authority, not the Dubai Land Department.
3-year UAE Residence Visa
This option is suitable for those who are interested in investing in property worth 272,000 USD or more in Dubai specifically. This visa is issued by the Dubai Land Department.
With this visa, you will be considered a resident of the UAE and will be able to obtain an Emirates ID and driver’s license. You will also be able to arrange visas for your family members.
The cost of this visa option ranges from 13,000 dirham (3,539 USD) to 15,000 dirham (4,084 USD). Its validity period is 3 years. However, the holder of this 3-year visa needs to enter the UAE at least once every 6 months.
5-year UAE Residence Visa
If you purchase a property worth more than 5 million dirham (1,361,470 USD), you will be eligible for a 5-year residence visa.
There are certain requirements when applying for a 5-year United Arab Emirates visa. For example, the property must not have been purchased with a mortgage or using any loan or financial instruments, and this investment must be kept intact for at least 3 years. The holder of this document can also apply for visas for their dependents.
Long-term 10-year UAE Residence Visa
This visa option is available to those who invest more than 10 million dirham (2,722,940 USD), provided that at least 40% must be invested in real estate.
In order to become eligible for the 10-year residence visa, you must certify that such investment is not a loan, and you must keep the investment property for at least 3 years.
Unlike holders of other types of visas, holders of this document have the right to apply for visas for their CEO and advisor, not being limited to their dependents only.
What Should I Take into Account As an Investor When Filing for UAE Residence Visa?
Here are several important points that should be taken into account when applying for the property investor residence visa:
- The property value must be 1,000,000 dirham (272,294 USD) or more, and the value here means the purchase price and not the current market value.
- If you plan to apply for a property investor visa, your property must be freehold, and it must be ready for use. Examples of properties include residential apartments, serviced apartments, hotel apartments, villas and townhouses, offices and warehouses, etc.
- Property that does not qualify for a United Arab Emirates visa includes property under construction, leasehold property, pledged property, or disputed property.
- Even if the property is pledged, you can apply for a UAE visa, but the minimum investment must be 1,000,000 dirham (272,294 USD), and in this case you must provide a certificate of no objection from your bank.
- If the investment is made in several property units (up to three) with a total value of 1,000,000 (272,294 USD), the investor is still entitled to apply for a UAE visa.
- The property investor visa does not allow the investor to work anywhere in the UAE.
- If the property investment is made as a joint venture with your spouse (husband or wife), you are still eligible to apply for an investor visa. A notarized marriage certificate must be provided then.
- Your monthly income must be at least 10,000 dirham (2,723 USD), and the proof of income must be provided. It does not matter whether the income is received inside or outside the UAE.
What Are the Documents Required for UAE Residence Visa?
- Document of title to property.
- Copy of applicant’s passport.
- Copy of applicant’s valid visa.
- 6 passport-size photos.
- Police clearance certificate from the Dubai Police.
- Bank statements.
- Utility bills.
- Proof of health insurance.
How Can I Apply for a Dubai Residence Visa?
First of all, the property owner must apply to the Dubai Land Department and provide their original passport, original certificate of ownership and a copy of the passport page with the visa stamp. In addition, a request for the letter of recommendation for the Dubai Police must be submitted.
Once the letter is issued by the Dubai Land Department, the Police clearance certificate must be requested from the Dubai Police.
In Dubai, a sponsor is required for obtaining a residence visa. It can be either a natural person or a legal entity. Since the property unit is not a legal entity, Dubai Land Department has delegated Dubai Department of Economic Development to issue a commercial license for the property in your name. Thus, you will be issued a commercial license by means of which your UAE residence visa will be sponsored.
You will need to visit the Dubai Department of Economic Development and submit the relevant documents in order to apply for a commercial license.
Once the Department of Economic Development has issued your license, you will be able to contact the General Directorate of Residency and Foreigners Affairs (GDRFA) to apply for the UAE residence visa.
Once your residence visa is issued, you will be able to apply for residence visas for your family members under your sponsorship.
How Much Does Dubai Property Investor Residence Visa Cost?
The total cost of obtaining a visa for a property investor ranges from 13,000 dirham (3,539 USD) to 15,000 (4,084 USD). This cost includes the following expenses.
- The fee for the letter to the police is 220 dirham (59.90 USD).
- Administrative fees are 420 dirham (114 USD).
- Application fee is 3,000 dirham (817 USD).
- Printing of documents and entry permit will add 1,100 dirham (300 USD).
- The cost of issuing a license by the Department of Economic Development is 8,400 dirham (2,287 USD).
- Stamping of visa, Emirates ID, medical tests will be 2,490 dirham (678 USD).
- Additional fees for sponsoring a spouse and dependents are 5,000 dirham (1,361 USD) for each family member.
Among all types of investor visas, the 6-month residence visa of the United Arab Emirates is the cheapest, but you will have to renew it every 6 months, which will cost 1,100 dirham (300 USD) for each renewal.
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