In 2002, expatriates were allowed to purchase property in Dubai. Since then, issues of getting a residence via property purchase have become of great interest. Now, buying a property is one of your best options to secure the residency without the need of sponsors.
Moreover, in 2019, local authorities upgraded the visa's terms. They increased the residency period, added extra new visa types, and simplified the conditions.
So, at present there are three options related to getting a residency by the property:
Three-year investor visa;
Five-year investor visa;
Five-year retirement visa.
As always, property value is the core of all visa-obtaining requirements. As there are a few visa types you can get via property, let's differentiate its minimal value separately:
AED 1 million for a tree-year investor visa;
AED 2 million for a five-year retirement visa;
AED 5 million for a five-year visa.
In this post we will explore further intricacies related to getting the visa with a mean of real estate.
Special residence visa conditions via purchasing real estate in Dubai
If you pursue the UAE residence via property sponsorship, you need to be aware of its certain specificities. Here are some of intricate conditions for residence eligibility via real estate purchase in Dubai:
Property value
Due to recent changes in visa legislation in 2019, you may buy up to three property units providing you reach the required value in total. For example, you can buy three apartments of AED 335,000.00 each to apply for a three-year investor visa. Any other combinations are also welcomed. Also, you are entitled to apply for a five-year residence visa with, for example, one real estate unit of AED 2 million and one of AED 3 million.
Ownership interest
It is always quite pretty if you are the only owner of the property. But, you can have a share in it providing your share is worth of the stated minimum. However, in case you share the property with your spouse, one of you is still entitled to get the visa even with a smaller share.
The possibility to finance purchasing real estate
Whether you can finance your real estate purchase to have right for getting a UAE residence or not depends on the exact visa type. For example, for a three-year investor visa you can buy your flat or villa via mortgage scheme will need to pay off at least 50% of the mortgage. However, for a five-year investor visa any financing is not allowed. That is to say, you need to have enough savings to pay for the desired real estate.
Property type and condition
First, since 2019, for visa purpose, you can own not only residential real estate unit, but a commercial one as well. So, it could be:
Flat;
Villa;
Office;
Hotel room;
Warehouse.
Second, it shall be in Dubai free hold areas. Third, the property under which sponsorship you apply for the visa shall be ready-to move in. To clarify, you can't get the visa with an off-plan flat or office or that is under reconstruction or unsafe.
Income proof
For a two-year investor visa you need to prove you monthly earn in the UAE at least AED 10,000.00. For a five-year retirement visa, your monthly earnings in the UAE shall be at least AED 20,000.00.
How to secure a residence by real estate?
Getting a residence visa in the UAE via property purchase is not automatic. In contrast, this is a long procedure that deals with meeting all administrative requirements. Your basic steps here are the following:
Visit Dubai Land Department (DLD) with following documents:
Title deed;
Copy of your passport;
Your photographs;
Copy of your current residency or your visa;
Health insurance;
Attested marriage certificate (in case jointly ownership by spouses).
Here you will get a reference letter for a good conduct certificate you need to obtain.
Visit Dubai Police to obtain the good conduct certificate. This certificate is your proof of compliance with the law. No country wants to grant a residence permit to a person who is not abiding the law.
Visit your bank if the property is mortgaged. You need to get a No Objection Certificate or a letter from them to prove you have already paid off at least 50% of the loan.
Go to the DLD once again with the documents to apply for residence license. This time you need to apply to Immigration section of the DLD and typing pool to get a two-month entry permit and change your visa status as well.
Visit a Medical Fitness Center. Here you need to accomplish following procedures:
Medical examination;
Blood test;
X-ray.
Visit DLD's Immigration section with the documents to complete you application and get the visa.
Get residence visa by property
If you set your mind to live in the UAE, the residence by property is what you need. Note residing in the country is one of the main requirements of your visa validity for a three-year investor visa. However, your abroad travelling and its' period is unlimited with a five-year investor visa.
Moreover, as recent changes allow buying two or three real estate units, you can benefit even more. Thus, you are able to implement both investment strategies:
Buy-for-own;
Buy-for-rent.
It means, you can live with your family in one flat or villa while renting out another your flat, office, etc.
In case you decide to wear a landlord's hat, you, definitely, need to find a reliable property management company to make your leasing experience as easy as a pie. So, reach BSO, sign a contract, and sit back with money flowing into your pocket and no rental troubles to worry about.
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