Get Your UAE Residency Visa by Investing in a Property Today

June,2022

    /BLOG/Buying and Selling Your Home

Are you thinking of relocating to UAE soon for a certain period of time? UAE is one of the most luxurious countries in the world. It is known as a multicultural country that offers an exceptional quality of life. It’s international-standard education, tax-free living, highly developed infrastructure, modern accommodation, high standard of healthcare and attractive job opportunities, make the UAE an ideal place to live in.


To start relocating, you need to acquire your Residency Visa. In this article you’ll find out the process of how to obtain your Residency Visa, the different types of visas and the benefits of obtaining it.


All You Need to Know About a Residency Visa

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A Residency visa is given to foreigners who want to live in the UAE for a certain period of time. It may be renewed according to the person’s needs. There are many types of visas, such as: the Golden Visa which allows individuals with foreign talents such as investors, outstanding students, entrepreneurs and scientists to live, work, or study for a long period of time. There’s also the Green Visa which allows one to sponsor himself for five years without the need of a UAE national or employer to sponsor him. The holder of this visa can also bring his family to the country during his stay in the UAE.

When you obtain your residency visa and officially become a resident, you will enjoy a lot of benefits, including:


• Opening a bank account in the UAE.
• Accessing financial facilities.
• Obtaining a driving license from the Emirate you obtain the visa from.
• Enjoying the benefits of health insurance.
• Enrolling your children in governmental or private schools.
• Giving you the ability to work in any company and invest in many businesses.


There are several ways to obtain a Residency Visa in the UAE, such as setting up a business, getting employed, enrolling in a college or university, or investing in a property.


In this article, we will focus on obtaining a UAE residency Visa by investing in a property.


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Types of Residency Visas for Those Who Want to Invest in the Real Estate Market

There are several types of visas the government offers for those who want to invest in a property in the UAE. Let’s start by taking a look at the general requirements.


General Requirements:

• The property bought must be completed. If it’s under construction, you will not be able to obtain a Residency Visa.
• The property must be located in freehold areas such as Business Bay, Jumeirah, and Arabian Ranches in which foreigners can buy a property.
• If the property is mortgaged, you have to submit the No Objection Certificate letter (NOC), a letter issued by a bank declaring that there are no dues towards the lender, in order to be able to obtain the visa.


6-Month Visa

The 6-Month Visa is similar to the tourist visa.


Requirements:

• Buy a residential property for not less than 1 million AED in any of the seven Emirates. If the unit is bought by several buyers, each one of them must not pay less than 1 million AED.


Points to Consider:

• This type of visa is not issued by the Dubai Land Department.
• Obtained from the immigration authorities.
• Renewed every 6 months.
• You will not become an official resident nor have an Emirates ID


Benefits:

• Can be obtained in a short period of time.
• Not expensive.
• Allows you to travel to any of the seven Emirates and make multiple entries to the country during the 6-month of the visa validity.


3-year Residency Visa

Requirements:

• Buy a residential property for more than 1 million AED.
• Pay at least 50% of the property value if the property is mortgaged.


Points to Consider:

• Issued by the Dubai Land Department
• Cannot spend more than 6 successive months outside the UAE.


Benefits:

• Become an official UAE resident and have an Emirates ID.
• Obtain a driving license.
• Sponsor family members and dependents.


5-year Residency Visa

Requirements:

• Invest 5 million AED in any real estate property (can be split across 3 properties).
• Cannot use a mortgage loan to buy a property.


Points to Consider:

• The investment must be kept for at least 3 years.
• You are not allowed to work. If you want to then the visa status must be changed and the company, you’re working at has to issue the sponsoring visa.


Benefits:

• Gain the same benefits as the 3-year residency visa for a longer period of time.


10-year Residency Visa

Requirements:

• Invest 10 million AED, of which 40% must be in real estate (can be split across 3 properties).
• Cannot use a mortgage loan to buy a property.


Points to Consider:

• Keep the investment for at least 3 years.


Benefits:

• Gain the same benefits as the 5-year residency visa for a longer period of time.
• Besides sponsoring family members and dependents, you can also sponsor a executive director and advisor.


Required Documents:

In order to obtain a residency visa, visit Dubai Land Department’s office and submit these documents:
• Title deed
• Contract of sale and purchase
• Passport of the property owner
• Current visa
• Passport size photos
• Bank statement for the last 6 months
• Valid license
• Good Conduct Certificate from Dubai office
• Utility bill
• Health and medical insurance
• Immigration card & Emirates ID
• Proof of patent
• Proof of Accrediation


If you want to obtain a residency visa by purchasing a property, contact one of our professional RE/MAX UAE Agents today by calling +971 4 589 7376.