The UAE has established itself as a major business and investment hub in the Middle East region. Many choose the country as their second home thanks to the number of opportunities it promises. Real estate is a big part of the country’s economy, and attracts investors from world over. This sector also offers a simple way to acquire a UAE residency through property investment. To put it simply, you can acquire a residency in the UAE through a property investment.
Read on to discover about getting UAE residence visa by buying property in the country.
Purchasing Property with a Property Investor Residence Visa
If you’re a foreigner who wishes to invest in a property in the UAE, you can apply for property investor visas. These visas come with different durations:
- 6-month multi-entry visa
- 3-year residence visa
- 5-year long-term residence visa
- 10-year long-term residence visa
6-Month Multi-Entry and 3-Year Visa
To apply for the 6-month multi-entry visa or the 3-year residence visa, you must invest an amount of at least AED 1,000,000 in a property situated in a government-approved area of the UAE.
With the six-month visa, you can make multiple entries to the UAE for 6-months. Moreover, the visa is applicable in any of the seven emirates of the UAE. This visa is issued by relevant immigration authorities, not the Dubai Land Department. Know that this is not a permanent residence visa and will not lead to citizenship.
As for the 3-year residence visa. That is good for foreigners willing to invest in Dubai only. After purchasing the property, you can apply for the three-year investor residence visa through the Dubai Economy and Dubai Land Department.
According to standard Dubai rules, applicants must undergo a medical examination and organise their own Dubai Health Authority compliant medical insurance. Once approved, you become eligible to become a UAE resident and may enjoy benefits including acquiring an Emirates ID, sponsoring family and acquiring a driving licence, among others.
With this visa, you can stay out of the UAE for over six months.
UAE Long-term Property Investment Visa
To appeal foreign investors, the UAE introduced new long-term visa categories in early 2020. These visas, also known as Gold Visas, are valid for 5 or 10 years. The UAE long-term visa or the golden residence permit is valid for general real estate investors, entrepreneurs and talented people like researchers, doctors, innovators and outstanding students.
The 5-Year Residency Visa
The 5-year residency visa is available to any individual who:
- Purchases a property of at least AED 5 million
- The property cannot be purchased through a loan or any other sort of financing leverage
- The investment must be retained for three years
- Investors can sponsor dependents and hire domestic staff with this visa
- The visa is valid for five years
The 10-Year Residency Visa
The 10-year residency visa is available to any individual who:
- Makes a public investment of at least AED 10 million through deposits or via a company in the UAE
- Of this investment, 40% or AED 4 million can be in real estate
- Over 60% of the investment has to be in other sectors that are not real-estate-related assets
- The investors must have full ownership of these assets (nothing should be taken on a loan)
- Families and dependents can be sponsored with the 10-year residency visa
- You can also sponsor an executive director and advisor with this visa
- Visa can be extended for business partners, provided they too contribute an amount of AED 10 million
Keep in mind that you cannot work with any of these visas in the UAE. You can reside in the country till the visa is valid. But if you take up employment in the country based on a UAE property visa, it will get cancelled immediately.
What is the Process for UAE Property Investor Visa Application?
You have to submit the following documentation when applying for the above-mentioned real estate or property investor visa in Dubai:
- Copies of your passport
- Passport size photos
- Current UAE visa (if applicable)
- Bank statement
- Utility bills
- The title deed to your UAE properties
- Certificate of good conduct from the Dubai Police
- If you purchased the property with your spouse, you need to submit your marriage certificate
- Health and medical insurance
Please keep in mind the required documentation is different for each case, and you may need to get approval from UAE authorities before applying for the visa. You may also need the help of an attorney or an authorised legal entity, owing to the sensitive nature of investor visas.
Cost of Long-Term Property Investment Visa
- The cost of a 5-year-residence visa is AED 650, inclusive of AED 150 for application cost and AED 500 for issuance
- The cost of a 10-year residence visa is AED 1150 inclusive of AED 150 for application cost and AED 1000 for issuance
Terms and Conditions for UAE Residence Visa Through Property Investment
To get a UAE residence visa through property investment, certain factors need to be considered:
- You must own properties worth more than AED 1,000,000
- Investor’s visas are only applicable for freehold and residential properties
- Properties that can be offered to investor visa holders include residential and services apartments, villas and townhouses, offices and warehouses and hotel apartments
- Properties that cannot be offered to investor visa holders include disputed and leaded properties, off-plan properties and land-plots
- You don’t have a right to work in the UAE with an investor visa
- You need to provide proof of income of at least AED 10,000 or equivalent (this isn’t location-specific)
If you are planning to apply for a UAE residence visa through property investment and are looking for residential properties, you can go through a list of villas for sale in the UAE and buy apartments in Dubai and other Emirates.
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