How to get a residency visa through Investment in real estate in Dubai?

As you know, Dubai has become a major business hub in the world in the last few years. UAE attracts a large number of property investors every year. Because this successful Middle Eastern city offers many benefits to investors from all over the world. One of these benefits is getting a Dubai residence visa. Read it till end to know more about it

Getting a residency visa in a city called Dubai is every person’s desire and goal. There are many methods and people who are searching for it. Foreigners who start a business or invest in an existing company in Dubai mainland or free zones are eligible for a residence visa. That is why here we are going to discuss what residency visa is and how to get a property residency visa through investing in real estate business and related other information.

The first thing we are going to discuss here is what is meant by a residency visa. A resident visa is issued to a foreigner upon entry into the country using an entry permit. Buying real estate in Dubai may get a residence permit for the buyers. The property investment residency visa is targeted at high net worth expatriates who wish to acquire residency in Dubai by purchasing a property. Presently, investors are eligible to apply for three or five year property residency visa as facilitated by the Department of Land and property in Dubai (DLD)

The Dubai government has put forward some conditions on how much money the investor should invest to get a residency visa. An investor, who is eligible for getting a three year residency visa subject to a minimum property investment of Dh 1 million ( approximately 250,000 US Dollar ) and five year residency visa  subject to minimum Dh 5 million ( approximately 1.4 million US dollar ) property investment. Currently, there have government fee for three year residency visa is Dh 14,000 (about 4,000 US Dollar) and for five year residency visa is about Dh 4,000 (about 1000 US dollar)

Now let us check the requirements for residency visa

1. Ownership through corporate vehicle is not eligible for a residency visa , in other words property is owned in the personal capacity of the owners is eligible for a residency visa application

2. Property ownership must be complete as evidenced by the title deed issued by the Department of land and property in Dubai (DLD) in favor of the owner of the property. Therefore, off plan property buyer are not eligible to apply for a residency visa until the completion of the property

3. The owner of the property is needed to provide medical insurance with UAE coverage.

4. A person who has purchased property using financing cannot be issued a five –year residency visa. The owner is eligible to submit a visa application once the property is cleared of all the mortgages. In case of a three year residency visa, as long as the owner of the property can prove that they have settled fifty percent of the loan amount or have at least Dh 1 million  the property owner is eligible to apply for a residency visa. The mortgage is paid to the bank or seller

5. In case of multiple property ownership, the owner of the property is eligible to apply for a residency visa as long as the properties as stated in the title deed ads up the minimum investment criteria

Therefore, if the investor wants to sell his property during the duration of the visa, the department of land and property in Dubai (DLD) will cancel the residency visa unless the investor is able to replace it with a replacement property. At least once in every six months, the owner of the property must be present in Dubai, which is a standard requirement for all UAE visas to remain active.

To qualify for the five year visa, you must invest in a property in Dubai. Grant of visa is subject to the following conditions:

• the property where invest, must have cost of 2 million or more
• If the property is mortgaged, a minimum  property value of AED 2 million must be paid to the bank hold the property for at least 3 years
• Property must be retain for at least 3 years

To eligible for the 3 years visa, it is subject to the following conditions:

• The value of the property must be 750,000 AED or more
• If the property is mortgaged, 50% of the value of the property or at least 750,000 must be paid to the Bank
• A husband and wife an share a property, the value of the property is one million dirhams or more
• You cannot spend six consecutive months outside the country

Buying real estate in Dubai may require a residence permit for the buyer. According to the UAE Investor visa program, the property must be completed and worth at least AED 1 million at the time of purchase. 

The required documents to obtain residency visa are

• Title deed
• Passport copy of the property owner
• Contract of sale and purchase
• 6 Photographs ( passport size)
• Current visa copy 
• Good Conduct Certificate provided by Dubai Police
• Bank statements
• Utility bill
• Health /medical insurance

The property investor visa comes under the Golden visa scheme, which grants long term visas to investors for themselves and their dependents, subject to additional conditions related to capital and investment size

Property visa is not available if you buy real estate or plot in Dubai. The residential or commercial property you are buying should be in ready and habitable condition. As the vacant land or plot is uninhabitable, UAE investor visa will not be granted in this case

As for the cost of property investor visa in Dubai, it includes the following

1. The total cost is in the range of  13,000- 15,0000 dirhams
2. Costs for police clearance certificate : 220 dirhams
3. Application fee : 3000 dirhams
4. Administration fee : 420 dirhams
5. Cost of Typing & entry permit : 1100 dirhams
6. DED licence issue cost : 8400 dirhams
7. Stamping / emirates ID/ medical  cost :2490 dirhams
8. Additional charges for renewal/sponsoring spouses or dependents : 5000-6000 dirhams

In 2017, Dubai land department (DLD) made it a point to launch ‘cube’, a new service centre operating from its headquarters. The aim was to introduce less leverage to investors and enable them to complete the process without putting them under any undue pressure. Having all the services available at a single premises helps have some precious time and money, which in a way benefits the property investor. For the benefits of all, the centre is home to the General Directorate of residency & Foreign affairs (GDRFA), Department of Economic Development (DED), Federal Authority of identity & citizenship (FAIC), Dubai police general command and medical centers, insurance & printing offices

By getting a property investor visa we get may benefits, which are

• Warm climate
• No direct personal taxes
• High quality of life
• Business friendly policies
• Low taxes
• Excellent investment opportunities
• Right to reside in the UAE
• Including family members
• Faster process from four weeks
• No need to work in UAE

If you have previously purchased a property in Dubai and the value rises above Dh1 million, this will not make you eligible for residency. UAE only considers the cost of your investment and not the current value of the property

By obtaining a residency visa in a big city like Dubai, we can improve our quality of life and businesses. Because Dubai is a city with such high development and living conditions

With your property investor visa you can sponsor some of family members. Let us take a look at who are the family members you can sponsor and who you can’t sponsor.

Family members you can sponsor are 

• your Parents
• your Wife
• your Male child ( up to the age of 18)
• your Female child ( As long as she is not married)

Family members you cannot sponsor are 

• your Brother or sister
• your Uncle or Aunt
• your Grandparents
• Your in- laws

While there are a few things to keep in mind while getting a UAE residency visa, one you get them there are many benefits you will get..