Global investors have been actively looking to expand their real estate portfolio, and Dubai has been recognized as one of the top cities to invest in during the pandemic. In 2019, the Dubai Land Department publicized the facilitation of two categories of residency visas for the property possessor and his dependents thereby, opening up a thrilling new method of life that has made an investment in off-plan properties in Dubai more attractive.
What is Residency Visa?
The property investment Residency Visa is concentrated on high net worth expatriates who want to purchase a residence in Dubai by acquiring a property. Currently, investors are eligible to apply for three year or five-year property residency visa as enabled by DLD. If you wish to have a residency visa of your own and want to become an investor in Dubai, then DLD has made the processes more easy.
The property owner is authorized to apply for a residency visa for himself and his immediate dependents can be improved indefinitely as long as the property owner is maintained according to the existing rules. In developmental area Dubai introducing new thrilling residential projects such as the Six Senses Dubai at Palm Jumeirah.
Documentation
- Six passport copy
- Title deed
- Current valid visa
- Photograph of applicant (6 x 4).
- Utility bill
- Bank statements
- You can get medical and health insurance
- Good Conduct Certificate (you are directed to the correct department during your application)
- If you are mortgaging property, a NOC must be written in Arabic. At the bank, a stamped loan document will be attached.
- You must show proof of income that your monthly income is not less than AED 10000, regardless of where and when you work.
To register for a property permit, you must meet all requirements. The processing time for the property license is maximum 30 days.
The licensing process starts once you have the approval. You will need to submit your property title deed in order to be officially linked with the license. Then you will be issued an entry permit. You must keep your property investor visa valid for at least two years before it can be renewed. An investor visa cannot be granted for properties off-plan, disputed properties or land plots.
It is a good idea to have a power-of-attorney in case you need it. By doing this, you can ensure that the visa application process does not end before your arrival.
Investment Required for Residency Visa:
An investor is eligible for a three-year Residency Visa subject to at least AED 1 million (approximately US$250,000) property investment and a five-year Residency Visa in return for a lowest of AED 5 million (approximately US$1.4m) property investment.
The government fees for a three-year Residency Visa are presently in the range of AED14,000 (approximately US$4,000) and for a five-year Residency Visa around AED4,000 (approximately US$1,000).
Requirements of Residency Visa:
The eligibility requirements for a Residency Visa, based on our negotiations with the DLD, are the following:
The off-plan properties in Dubai are owned in the individual volume of the property owner. In other words, ownership via a corporate method does not qualify for a Residency Visa request.
Possession of the property must be complete, as shown by a title action distributed by the DLD in favor of the property possessor. Thus, purchasers of off-plan properties in Dubai are not qualified to apply for a Residency Visa until the property is complete.
An individual cannot get a five-year Residency Visa who is buying the property using financing. Once the property is clear of all mortgages etc., the possessor becomes eligible to submit a visa application. However, in the case of the three-year Residency Visa, the property owner can apply for the Residency Visa so long as he can pay either 50% of the loan amount or can pay a minimum of AED 1million to the mortgagee bank or the seller.
The property possessor will need to be present in Dubai in person for the visa submission and issuance of a power of attorney to an official representative will not be acceptable.
The property possessor will require providing health insurance with UAE reporting.
In the case of multiple properties possession, as long as the cost of off-plan properties in Dubai adds up to the least investment conditions, the property possession will be eligible to apply for the Residency Visa.
Residency Visa Issuance:
Once you get the Residency Visa, DLD will register a restriction over the property which will show that you are buying a property to get a Residency Visa. The purpose of the limit is to stop the investor from disposing of the real estate during the time of the Visa and thereby protect the least investment edge.
If the investor wishes to sell his property during the term of the Visa, the DLD will cancel the Residency Visa. In the cancellation, the investor can exchange it with an additional property. The property possessor must be present in Dubai at least once every six months. In this way, it will keep it active which is a standard requirement for all UAE visas.
Looking forward:
Looking forward, Dubai continues to retain its top position as being an attractive destination for well-off investors. The buyers can acquire property investment visas which are currently subject to slight criteria. These visas do not even need a language test. As some countries consider increasing their taxes on the rich, the Dubai Residency Visa options offer an excellent chance for potential tax savings. It also offers a luxurious lifestyle with abundant sea and sunshine.
Dubai Investor Visa in Real Estate
Investors have many options in Dubai’s real-estate market. You have many options, from modern and stylish apartments to beautiful grand villas, townhouses, and commercial buildings.
As a long-term or short-term investor in Dubai, you will enjoy flexible and hitch-free payment options. The payment options can be no or very low service charges, and lower DLD fees. This is especially true for projects that are not on the plan.
Dubai property investors can choose one of the following options:
- Multi-entry visa valid for six months
- Three-year residence visa
- Visa valid for 5 years
- Ten-year residence visa
