In this article, we will address the conditions applicable to real estate owners who wish to obtain a five-year residency visa in the UAE.
Encouraging Real Estate Investment
The recent laws amending the residency status of certain real estate owners in the Emirates was a huge leap step towards attracting foreign investment in the real estate sector in the UAE, and greatly contributed to stimulating economic growth in the region.
Conditions for Obtaining Residency for Real Estate Owners
In terms of the amendments, real estate owners are one of the categories of non-citizens who are eligible to apply for a five-year residency visa in the UAE, subject to conditions:
- The total investment value of the real estate must be equal to or more than AED 5 million;
- The aforementioned amount invested in the real estate may not be the subject of a loan;
- The Real Estate Investment must be retained for at least three years;
- The investor should not be insolvent or a debtor or have financial issues and civil trials that diminish his financial competence.
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Buying and Owning Real Estate in Dubai
Laws and procedures for expatriate ownership of real estate may differ from one emirate to another, but most are similar in respect of the rules and principles that regulate the process of purchasing real estate in each emirate.
In Dubai, foreigners are permitted to own property in designated freehold areas. Non-resident foreigners and expatriate residents may obtain ownership rights in respect of property located in freehold areas without restriction, usufruct rights, or leasehold rights for a period of up to 99 years.
To this end and pursuant to Article 3 of Regulation No. 3 of 2006 for Determining Ownership by Non-Nationals of Real Property in the Emirate of Dubai, certain land plots are identified and designated as freehold properties for purposes of such foreign ownership.
In accordance with existing regulations and procedures, title deeds in respect of the property are issued by the Dubai Land Department (“DED”) and at present, there is no age limit specified restricting the ownership of property in Dubai.
Request for Residency Visa for Real Estate Owners via DED website
The DED offers a service via its website portal whereby a property owner may apply for a 5-year residency visa in cases where the purchase value of one or more of their properties is equal to or more than AED 5 million.
Required Documentation
- Title Deed;
- A copy of a valid passport of the applicant;
- A copy of the current residence permit or visa of the applicant;
- A recent photograph of the applicant;
- Proof that the applicant has health insurance coverage.
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Service Procedures and Requirements
The application process takes approximately one business day to finalize.
As mentioned above, the applicant must be a resident within the UAE and own one or more properties with a value equal to or more than AED 5 million. It must be reiterated that the properties must not be subject to loans or mortgages.
