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Get investor residency visa by purchasing a property in Dubai
If you want to know how the process of getting Dubai property visa works, you can read it here.
You can buy property in Dubai but you will not get residency automatically. There is a separate procedure which you have to follow.
First requirement is to buy a property worth AED 1m or above, so you can start the process to obtain the residence, and this will be valid for three years, you have to renew your residency visa every three years. This investment can be in multiple properties however all properties should be ready and have a Title deed issued by Dubai Land Department.
The government has recently announced a 5-year visa for real estate investors, 10 year visa for investors/ business owners and 5-year visa for retirees, but these visas have not become applicable yet and once government will issue more details.
You can buy any kind of property in Dubai but you will not get residence visa on all those properties. In order to qualify for investor visa, the property you purchase has to be in a Freehold community or area, must be Ready and not Off-Plan Residential or Commercial property, and to have a Mortgage or a Joint Ownership is conditional. Villas, Apartment, Hotel Rooms, Serviced Apartments, are all properties you can buy and after apply to obtain the Resident Investor Visa.
If you decide to buy properties in Dubai in joint ownership, there are few conditions to obtain the resident visa: if jointly owned property with your wife/ husband and the total value of purchase is AED 1m, you can get residency, of course attested marriage certificate to be attached. If you buy a property in joint ownership with anyone other than your wife/ husband, your individual share in the purchase has to be AED 1m or above for you to qualify for Dubai property visa. If the property will be on your company’s name, you can get a visa through that company.
If you buy a property in your wife/ husband’s name, she/he becomes the owner of property and can get UAE investor vis, and sponsor you after getting residency in UAE. If you are so lucky, and gifted of a property, you cannot apply for investor visa request.
What about Commercial properties and Land / Plot in Dubai?
Yes, you can get Dubai Property Visa on commercial property, like also offices or warehouse this is not possible immediately if you buy a land/ plot. Since an empty piece of land/ plot is not habitable, the UAE investor visa will not be granted in this case.
What Documents Are Required For Dubai Property Visa?
Good conduct certificate from Dubai Police
Original Title Deed
1x Passport Size Photos (white background)
Entry/ Current visa copy, if you are on an entry/ tourist/ resident visa in UAE
Cancellation Paper, if you had a resident visa which you cancelled
Emirates ID Copy, if you had Emirates ID before
Attested Marriage Certificate, if property is jointly owned between husband and wife
Which costs you will have?
First procedure is to buy a property in Dubai if you don’t already own one here. In addition to paying the purchase price of the property, you will spend on average 6.5% on top. 4% of that will go to Dubai Land Department for Registration and 2% will be brokerage commission. Remaining 0.5% will be consumed in other small expenses like utility registrations, service charges, cleaning and some small repairs if needed in the property.
As for as the cost of getting residency visa is concerned, that would be approximately AED 15,000.
As per Dubai Land Department, if you have a mortgage on your property, you can still get an investor visa provided you have either paid 50% of your mortgage against the property which was purchased for AED 1m or at least AED 1m against a property which was purchased for more than 1m and you still have not paid 50% of the capital. Let’s say that you bought a property for AED 1m and you have already paid 60% or the capital which qualifies you for Dubai property visa.
One last thing to see is, who is the owner of the property as per title deed?
Some banks will only issue the title deed in your name once you have paid 100% and some banks will issue the title deed in your name regardless of how much you have paid. In this case, if the property is in bank’s name, Dubai Land Department will not accept your investor visa application.
To Complete Residency Process, if you have all documents required, and if everything goes well without any delays/ complications along the way, you could be done with your residency application in three weeks time.
If you sell your property in Dubai whenever you want. However, when you have a property visa on the same property, there are certain things which have to be done first. You will have to cancel your visa against that property, cancel the trade license with Department of Economic Development (DED), change the title deed in your name and then proceed with the transfer of ownership.
What Is Trade License For In Dubai Property Visa?
In Dubai, for anyone to get a residency visa, there has to be either a sponsoring person/ entity. Since your property itself is not an entity, Dubai Land Department (DLD) has coordinated with Department of Economy and Development (DED) to issue a trade license against your property in your name. Once the trade license is issued in your name, the title deed of the property will be transferred from your name to the trade license. Your visa is then sponsored through your trade license, it’s validity is four years.
Important is to know that there is no requirement to live in the property you buy for investment, and that you can rent it and decide to live wherever you want. You can sponsor your family on your investor visa in Dubai, but you can sponsor only: Parents, Wife/Husband, Male Child (Up to the age of 18, or 21 if he is studying in UAE), Female Child (As long as she is not married). And you can also sponsor domestic workers: House maid, Cook/ Chef, Driver, Nanny.
Patrizia Marin is journalist and chairman of Marco Polo Experience, a leading agency specialising in strategic communications, public affairs, marketing and media relations, with twenty years of experience in business internationalisation strategies, communication campaigns, media relations, mapping of the decision makers and community of interests’ relations. Patrizia has been advisor to the Italian Presidency of the Council of Ministers for Communication, Publishing and Information. As regards the logistics and infrastructure sectors, she has been Head of Communications for the Venice Port Authority; Media Relations Consultant for Aeroporti di Roma; International pr advisor for Atlantia while Vice-President at FBC. Patrizia is Contract Professor in Leadership and International Relations at the IULM University of Milan and has a degree in Law and International Political Science.