What you truly need to know about the UAE property visa
Dubai: home to hundreds of global corporations and millions of expats from around the world. It’s the city’s international flavour that gives it its unique buzz.
So why do so many businesses, investors and entrepreneurs come to Dubai? A hugely significant reason is that it's a really attractive place to invest with a great ROI on offer.
Property investment in Dubai is very appealing for a multitude of reasons.
The range of properties is copious; the city offers an incredible lifestyle for investors who wish to live in their property, and excellent rental yields for those who do not. The emirate has a proven track record of providing excellent returns for property investors. And, in the current pandemic situation, Dubai is also showing strong signs of recovery.
What are the new property visas?
The Dubai government has always been keen to attract foreign investment in property and other sectors, and its policies have consistently reflected this. One of its newest initiatives for 2020 is to offer long-term residency visas to property investors who buy in Dubai.
Read on to find whether you could be eligible and how you might benefit from this exciting new policy change.
Who can buy property in Dubai?
The seven different emirates have varying rules for property ownership and foreign nationals. However, anyone can buy a property in Dubai, providing they have the funds. You don’t need to live in the emirate, or work here, and there is no age limit.
Freehold properties can only be purchased in designated areas for foreign investment. This is not limiting, however, since there are many freehold areas across Dubai.
Foreign investors could therefore buy a property in Downtown Dubai, Dubai Marina, or in one of the new international golf communities, for example, amongst many others.
There is a vast array of property styles and locations that would appeal to overseas investors, including ready villas to buy in Dubai. And now, the new property visa is another great reason to consider buying here.
What property visas are available?
In early 2020, the UAE government announced new visa categories to appeal to investors, including those looking to buy UAE property.
The 10-year residency visa
The 10-year residency visa is available to any individual who makes an investment of at least AED 10 million into the UAE. It is stipulated that a maximum of 40% of the investment, or AED 4 million can be in real estate. This may be split across up to three properties to a total value of AED 4 million. The other 60% of the investment must be made in other sectors.
The 5-year residency visa
This visa can be obtained by investors purchasing property at a value of at least AED 5 million, which again may be split across up to three properties. Unlike the 10-year visa, you do not need to make additional investments.
Are there any conditions that I should be aware of?
Some conditions apply to those keen to have either of the two property visas. Firstly, you must agree to keep your property investments for three years. You must also prove that you have not borrowed money to make your purchases.
These residency visas are not currently available on any leasehold property or for any off-plan development. Any freehold and complete property is, however, eligible, which means options for investment are plentiful in Dubai.
Is the visa application process simple?
Yes. You will just need to gather the right documentation once your property purchase is completed and submit your application through the Dubai Land Department.
You will need to include various documents in your visa application to verify your identity and eligibility. These include copies of your passport, current UAE visa (if applicable), bank statements and utility bills, plus the title deeds to your new UAE properties. You will also need to provide a reference from the Dubai Police to certify good conduct.
You may also purchase property jointly with a spouse, in which case you need to supply a copy of your marriage certificate alongside the relevant documents above for both of you.
What are the advantages of UAE residency visas?
With all the above visas, the main benefits are the rights that all UAE residents benefit from. These include:
- Being able to spend as much time in Dubai as you like during the valid period of the visa and to come and go as you please.
- Having access to UAE bank accounts and financial services.
- Being able to apply for a UAE driving licence.
- Possible visa-free travel to certain countries.
The property investment visas above also allow you to sponsor your spouse and dependants so they can also enjoy the same benefits. If you are successful in obtaining a 10-year residency visa, you can extend your sponsorship to an executive director and one advisor, in addition to your family.
Both the 5-year and 10-year visas can be easily renewed, provide you continue to retain your investment.
Get in touch
DAMAC holds a number of completed properties ideal for investors looking to take advantage of the new 5- or 10-year residency visas.
Get in touch to find out how DAMAC can help you in identifying an incredible property and investment so you’ll be on your way to also getting your UAE residency.