- March 10, 2022
- Posted by: DBS
- Category: Dubai Business Services
Table of Contents
UAE Resident Visa including 750k Property Visa
UAE is one of the most exciting countries to live and work in. The country is safe and entertaining for family life. However, you need to have a Residence visa to stay and work in Dubai.
However, the residence visa policies don’t make it easy for everyone to apply for it. To encourage everyone to work and live in Dubai as an ex-pat, the Government has launched a new visa scheme known as the residency and golden visa scheme that allows foreigners to live, work and study in the UAE without requiring any Emirati sponsor.
The Government of Dubai has made it easy for the investors to acquire a 3-year visa, reducing the minimum financial investment from 1 million Dirhams to 750,000 Dirhams. The news was updated on the Dubai Land Department’s website.
This visa option is only available from the Dubai Land Department Taskeen Programme, where the investor is expected to buy a freehold residential property for a minimum of 750,000 Dh or more. The visa also enables the owner to sponsor family and is valid as long as the investor has the property under his possession.
This makes the prospect of living and investing in Dubai appealing and easier than before.
Who can Buy Property in Dubai?
According to the new policies, anyone can invest in the real estate sector of Dubai if they have got the money. You don’t have to be an Emirati or work as an ex-pat to buy a property. There is also no age bracket for the investors. However, the freehold properties are available for purchase in the specifically designated areas to earn foreign investment for the country. But the good news is that there are various freehold areas across Dubai.
What type of Property will be Considered, and for what value?
The properties available for sale are the ones that are 100% ready and not undergoing construction. Secondly, they shouldn’t be going through a dispute. The purchase value, which is mostly different from the current market value of the property, must be a minimum of AED 750,000 or more. You have paid at least 50% of the payment and have the property transferred under your name.
You can apply for a UAE investor visa if you have 750,000 AED or more and want to invest in single or multiple properties.
If multiple people are the owners, then everyone is eligible for the Dubai investor visa, considering that each of the owners has a share of 750,000 AED or more in the purchase value.
If a property is owned by a husband and wife together, then both can apply for a UAE investor visa even if the total purchase value of AED 750,000 is divided between them. However, the only additional requirement is an attested marriage certificate in a husband-wife joint property case.
What are the Types of Property Visas Available in Dubai?
There are different types of property visas available in Dubai. Here is a brief overview of each visa type. Let’s get started:
Six Month Multiple Entry Dubai Property Visa
The visa is inexpensive compared to the rest and can be acquired easily. But, you wouldn’t be given an emirates ID. This makes it similar to a tourist visa. However, the six-month visa can be used for completing the process of golden visa residency.
Three Year Dubai Property Visa
Three Year Dubai Property Visa is issued for 3 years and is renewable before or after expiry at an affordable price.
The Dubai Land Department has reduced the minimum financial requirement to apply for a 3-year investor visa from AED 1,000,000 to AED 750,000, which is equal to 205,000 USD.
The visa offer is only for the people who are interested in purchasing a residential property to reside in Dubai. You will get the 3-year visa after the construction is 100% done, and the property is handed over to you for occupancy.
The investor needs to share a passport an electronic copy of the title deed certificate to apply for this visa type. In the case of a mortgaged property, the investor needs to pay at least 50% of the real estate value or a minimum of 750,000 AED at the application time. A NOC letter in Arabic is also required with a mortgage bank statement.
In the case of joint ownership, the investors can apply for a 3-year visa only if each share is mia minimum of 750,000 AED. Moreover, the investment must be in one residential property and not in commercial units.
The visa is valid as long as the investor owns the property. Other requirements include retaining the property for at least 3 years, and the amount invested must not be on a credit basis.
Spouses can only share one real estate, but if they can provide an attested marriage certificate. A power of attorney is needed to apply by a third party on behalf of an investor. If the sponsor is a mother, then she must provide a letter with NOC from the father and certify it by a notary to apply for children’s visas.
An unmarried letter is required for sponsoring a daughter above 18 years of age. A study certificate is needed for sponsoring a son over 18 years of age.
All the necessary documents can be submitted online through the DLD value website. You can submit the documents through the Dubai REST app. The rest of the procedure is done by contacting the investor on approval of the request.
After the approval of a 3-year visa, the applicant should go to the Cube Centre in the mean office of DLD to pay the required fee.
The fee of all the services for a 3-year investor visa is AED 15,000. It also requires a medical checkup in an actual centre. The turnaround time for all the services is almost a week (3 to 5 business days).
Five Year Dubai Property Visa
You can qualify for a five-year Dubai property visa if you have invested a minimum of 5 million AED in properties, and that doesn’t include any mortgage on the properties. However, you don’t need any additional investments in this case.
It is a resident visa and doesn’t allow your family to work. If you or anyone in your family wants to work, then you would need to change the visa status. The organization which offers the job needs to sponsor the visa.
Ten Year Residency Visa (Golden Visa)
The 10-year residency visa known as the Golden Visa is available to individuals who can invest at least 10 million in UAE. The 40 per cent of the investment can be done in real estate, splitting across up to three properties with an individual value of AED 4 million.
The 60% of the other investment has to be done in other sectors. A six-month visa with multiple entries is issued for the application, which can be used to acquire the golden residency. This visa can be extended to complete the golden residency visa process.
UAE Retirement Visa
This visa enables the resident ex-pats over 55 years of age to stay in the Emirates even after retirement. They can acquire a long term residence visa for 5 years with renewal if they meet the following criteria:
- Invest in a property worth 2 million AED.
- Have got a financial savings of at least 1 million AED.
- Have an active income of a minimum of 20,000 AED per month.
The Advantages of Having A UAE Residency Visa
- There are many advantages of acquiring a UAE residency visa. You can spend as much time as possible in Dubai and the other states during the visa’s valid period and come and go during this period as you like.
- You get access to UAE bank accounts and financial services.
- You can apply for a UAE driving license.
- There is also a possibility to travel visa-free in specific countries.
- You can sponsor your spouse and dependents.
- You can also extend your sponsorship to the executive director or advisor in case of a successful 10-year residency visa.
- The 5-year and 10-year visas can be renewed easily, considering that you continue to retain your investment.
The 3-year visa applicable on the investment of 750,000 AED or more is a breath of fresh air for many residents and investors looking to extend their stay in the UAE. It will encourage a lot of sales in the real estate sector of UAE for the real estate investors as well as foreigners who want to enjoy a safe and high-end living in the country.
At DBS Business Setup, we have helped many individuals and businesses obtain their tax residency certificates and would be happy to assist you as well. Contact us today for more information.
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