In May of 2019, the UAE launched a NEW LONG-TERM RESIDENCY AND GOLDEN VISA SCHEME, enabling foreigners to live, work and study in the UAE without Emirati sponsorship. It allowed property investors the benefit of reduced financial requirements to apply for a 3-year investor visa in dubai. Increasing the prospect of investing and living in Dubai, making it easier and more appealing to apply.
Who can buy property in Dubai?
Anyone is allowed to purchase a property in Dubai and it is not limited to people living and working here. Non-GCC residents and foreigners’ can only purchase property in designated areas for foreign investment and are categorized by “Freehold” (100% ownership of the land) or “Leasehold” (99-year lease on the land) areas.
In order to obtain a property visa, certain requirements are applicable:
This visa costs less and can be obtained quickly. However, you will not be issued an emirates ID, so it is technically similar to a tourist visa. The six-month visa can also be used to facilitate the completion of obtaining a golden residency.
The visa is issued for a three years period and can be renewed before or upon expiry at a nominal cost.
The Dubai Land Department (DLD) has announced the reduction of the minimum financial requirement to apply for a 3-year investor visa from AED 1,000,000 (USD 272,300) to AED 750,000 (USD 205,000).
This visa offer is available only when purchasing a residential property ready for occupancy. If you are considering purchasing an off-plan property, you will only obtain a 3-year visa after all the construction work has been completed and the property is handed over for occupancy. The investor must provide a passport and an electronic copy of the title deed certificate to apply for a visa. If the property is mortgaged, the investor must pay the bank at least 50% of the real estate value or at least AED 750,000 at the time of application. It is also necessary to provide a no-objection letter (NOC letter) in Arabic and a mortgage bank statement.
Investors in joint ownership can apply for a 3-year visa only if the share of each individual constitutes at least AED 750,000. In addition, investments should be strictly made in one residential property and not in any commercial units. The validity period of the investor visa is maintained as long as the investor owns real estate in the country. Another requirement for the application is that real estate must be retained for at least three years, and the amount invested in the property must not be on a credit basis.
Spouses can share one real estate only if they provide an attested marriage certificate. A power of attorney (POA) is required to submit an application by a third party on behalf of the investor. If the sponsor is the mother, she must provide a letter without objections (NOC) from the father, certified by a notary, to obtain children’s visas. The unmarried letter is necessary for the sponsorship of a daughter over 18 years old. A study certificate is required to sponsor a son over 18 years old.
You can submit all the necessary documents for a visa application online by uploading them to the DLD Vault website or through the Dubai REST app. If the request is approved, the investor will be contacted to complete the procedure. After the approval of a 3-year visa, the applicant must go to the Cube Centre in the DLD main office and pay the required fees. The total service fees for a 3-year investor visa are about AED 15,000 (USD 4,100). The medical examination is obligatory and is conducted in the actual center. The service time takes 3 to 5 working days.
If you have invested at least AED 5 million in properties (can be split across three properties) and have no mortgage on any of the properties, you can qualify for a five-year Dubai property visa. Unlike the 10-year visa, you do not need to make additional investments.
This visa is a resident visa which means you or your family members will not be allowed to work on that visa. If you or any of your family members wish to work, the visa status will have to be changed, and the organization which offers the job will have to issue a sponsoring visa.
This visa is available to any individual who invests at least AED 2 million into the UAE. It is stipulated that a maximum of 40% of the investment, or AED 2 million, can be in real estate. This may be split across up to three properties to a total value of AED 2 million. The other 60% of the investment must be made in other sectors. A six-month multiple entry visa can be issued for the applicant and used to facilitate obtaining a golden residency. This visa can be extended to facilitate the completion of the process.
This visa offers resident expatriates and foreigners over the age of 55 the opportunity to stay in the emirate even after completing work. It is a long-term residence visa for 5 years with the possibility of renewal if they meet the following eligibility criteria:
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