Dubai attracts thousands of foreigners every year. Their trips are not limited to tourism only. Many expats want to reside in this country and get extra funds. Buying a real estate property, especially an apartment, serves these purposes well.
This purchase also has one significant bonus – an opportunity to obtain a long-term visa in Dubai. In this article, we will review the core immigration and property ownership guidelines existing in this state.
What Is a Golden Visa in Dubai at a Glance?
We will start with the most attractive and promising solution: a Golden Visa. This special residency permit is issued for the long-term stay of non-residents willing to study, live, work, or do business in the UAE.
Such categories of expats as graduates, entrepreneurs, scientists, and investors are the most common beneficiaries of this immigration option. There are numerous Golden visa options, in fact. However, we will talk only about one variation which is related to the property purchase.
Types of Visa for Property in Dubai
UAE visa regulations envisage these types of visas for property:
- We have already mentioned a ten-year visa (Golden Visa) with a quite high minimum investment threshold. If it is more than AED 2,000,000. Family sponsorship is allowed. The amount of investment doesn’t depend on the family composition. An investor may purchase real estate in any freehold zone. If mortgage financing is in place, the down payment should be no less than 20% of the property’s value. If we take this case as an example, the overall cost of its realization will be as follows:
- Purchase of real estate at a value of AED 2,000,000+
- Property registration fee at a rate of AED 4,000
- An administrative fee of AED 1,155 per person
- Government fees for issuing visas and Emirates ID will cost around AED 3,800 per person
- Medical checkups are AED 700 per person
In addition, health insurance will be required. The price depends on the selected company. Translation and formalization of documents will also be done according to the charges of the chosen service providers. This visa can be renewed for the same period. The essential condition for such renewal is the continued property ownership for a real estate object.
- Five-year Golden Visa. The requirements are the same as in the first case, with the only difference being that the property’s value should be at least AED 1 million. This visa can also be renewed for the same term if an expat continues to own the property.
- A two-year visa has a lower threshold. An investor must purchase real estate in one of the freehold zones, valued at at least AED 750,000. If an expat takes a loan for this purpose, the down payment must be at least 50%.
Who Is Eligible to Obtain a Visa for the Property Investment?
Dubai immigration rules envisage the opportunity to get the Golden Visa by these categories of expats:
- An investor has to:
- Be over 18 years old
- Confirm the origin and legality of funds for real estate purchase
- Have no criminal record
- Prove the absence of any socially dangerous diseases, like HIV and tuberculosis.
- Investor’s spouse has to:
- Be over 18 years old
- Have no criminal record
- Have no socially dangerous diseases
- Investor’s child (children):
- Unmarried sons under 25 years old
- Unmarried daughters without any age restrictions
- Have no socially dangerous diseases
Property That Can Be Purchased
Regardless of the type of visa chosen, several things should be noted about the property types to choose from. Non-residents can buy any type of real estate but only in freehold zones. These are special territories where such transactions with foreigners are allowed according to local laws.
Each type of freehold property has its advantages. Still, if you seek to make a winning choice under any circumstances, you could buy an apartment. This is a perfect option suitable equally well for living and investing. Purchasing a property in such districts as Jumeirah Garden City and Jumeirah Village Triangle is a good choice.
Step-by-Step Guide for Obtaining the UAE Residence Through the Property Purchase
A property investment visa can be easily obtained after passing these simple steps:
- Preliminary check. This stage envisages the assessment of residency eligibility. It is also not limited to confirming that an applicant meets the visa standards. It also helps to detect possible weak points of an application and address them appropriately to increase the chances of approval. The legal documentation, including financial statements, is verified by an immigration lawyer and certified by an anti-money laundering officer.
- Preparing the documents and obtaining a temporary 6-month visa if you plan to reside in the UAE instantly. Buying a property is a long-lasting process. While you are trying to accomplish it, you should have legal grounds to stay in the country, pass medical checkups, and complete other formalities. That is why the 6-month visa is obtained. It greatly helps to avoid overstay penalties. The documents are usually submitted to local immigration lawyers, who translate them, notarize them, and perform consular legalization. This process can take 5-7 weeks.
- Purchase of real estate. This stage can be accomplished without stage 2. Local attorneys and real estate agents can find the most appropriate real estate object that meets your expectations and visa criteria. The local professionals you hire can conclude the sales and purchase agreement on your behalf and complete its registration with the Dubai Land Department. The DLD registration is most often very fast and straightforward. The off-plan properties are confirmed by the Oqood certificate. Alternatively, you may deal with an approved developer, such as Object 1, who has many suitable real estate objects and will help you make sales and purchases smoothly. Each transaction usually takes 5-6 weeks.
- Medical checkups for investors and family members, if any. Investors and family members who apply for the Golden Visa should undergo a medical checkup in the UAE clinic. The applicants must be tested for dangerous infectious diseases and pass fluorography. If the medical checkups do not yield positive results, the applicants obtain certificates of health status, allowing them to proceed.
- A residency application is typically submitted along with the immigration lawyers. In addition to the legal documentation, the applicants must provide their biometrics to the General Directorate of Identity and Foreigners Affairs. The processing timeline takes 5-7 days. The officer who considers the application may also request additional documents or information. The applicants have 30 days to respond. If their application is approved, they obtain their visas.
This is the process of obtaining a residency visa in the UAE. Please note that there are also specific requirements for formalizing documents. If they are in foreign languages, they should be translated. They should also be notarized and passed through the consular legalization procedure. Overall, applicants must submit clear and accurate information to avoid possible visa cancellation.
TOP 10 Benefits of Getting a Visa for Property in Dubai
If you consider this investor residency program, you can enjoy numerous benefits:
- Long-term residence. You can stay in the UAE as long as you wish. Visa renewal is always possible as well.
- No sponsor is needed. Unlike many other UAE visa types, people applying for the Golden Visa don’t need sponsors. This freedom ensures entire control over the investor’s funds and residency.
- Permanent residency in the UAE is not required. Aside from purchasing a property, keeping your Dubai residency visa effective does not require you to do anything else.
- Invest in local property to ensure stability for your family. You can secure residency for yourself, your spouse, and your children.
- Moving to the safe and innovative “haven.” Investors and their families move to the UAE because it is one of the wealthiest spots in the world, offering affordable and luxurious living. This has led to the growth of the expat community year after year.
- Numerous tax benefits are available. The purchase and next owning of the real estate objects is free from many standard taxes, such as:
- Personal income tax
- Capital gains tax
- Taxes on inheritance and gifts
- Ease of opening local bank accounts. Any investor with an effective residency permit can open a bank account in dollars, euros, dirhams, and many other countries in any local bank.
- Healthcare access in the UAE. Expats with UAE residency can be treated in local clinics. This country is renowned for its dentistry, reproduction, orthopedics, and many other healthcare services.
- Access to the local educational system. The children of investors are free to attend the local schools and universities. Some international schools operate in the UAE, while most programs are in general English.
- Dubai is a highly comfortable place overall. It has well-developed infrastructure, transport, shopping facilities, and many attractions. There are also many convenient places to live. These are only a few reasons why an expat living in the UAE stands out among all other options.
On top of that, residents who hold a Golden Visa, the investors may later apply for citizenship in the UAE. Naturalization becomes available after 30 years of living in the country. The UAE passport allows its owners to travel freely across the globe, visiting more than 170 countries without needing a visa or any other permit. The list of these countries includes the UK, Canada, and all the EU countries.
Buy a Promising Real Estate in Dubai and Enjoy Numerous Benefits!
Obtaining a real estate residency in Dubai is one of the shortest and most promising options to immigrate to the country. It is open to investors from all corners of the world, provided that they confirm the sources of funds and sufficient health.
Afterward, expats open numerous opportunities inside the country. These include superior living conditions, convenient infrastructure, excellent education and healthcare, etc. Freehold properties are 100% available to investors. Given the increasing demand for residential property, these are especially valuable options in growing districts such as Jumeirah Garden City and Jumeirah Village Triangle. Recent real estate market trends confirm this point.
Pick your apartment. Make a wise investment in a smart city. Owning Dubai real estate is a superior choice for business or living. A renewable visa is a decent bonus as well. Apply and enjoy a variety of benefits in the fast-growing and innovative environment!