The city of skyscrapers is observing a large influx of expatriates, creating a strong demand for rental properties and resulting in attractive investment opportunities for real estate investors. However, “Is it possible to obtain a residency Dubai visa if I own real estate in Dubai?” is a common query among international real estate investors. The answer to this query is yes, and this blog will provide detailed information about it.
Investing in Dubai’s Real Estate Market by Purchasing a Property:
The tax-free environment, rapidly growing economy, and business-friendly legal and regulatory framework make the city of skyscrapers a good place for investment in the UAE. The real estate market has significantly grown in recent years and offers advantages like higher rental yields and no minimum investment requirements. A foreign investor can purchase a property in the city through a property investor Dubai visa.
Eligibility Criteria for Different Types of Property Investor Dubai Visa:
Purchasing property in Dubai provides a stable investment choice and enables foreign expatriates to live there lawfully. The UAE visa authority offers different types of real estate investor visas for investment in Dubai’s real estate market, which are:
1. 2-year and 3-year Property Investor Dubai Visa: Foreign nationals who purchase a residential property in the freehold property zone of the city for a minimum value of AED 750,000 or more are eligible for a 2- and 3-year Property Investor Dubai visa. These visas legalize their residency in the city for 2 or 3 years, respectively.
2. 5-year Property Investor Dubai Visa: A five-year property investor Dubai visa is available to foreign nationals who buy residential property in the city’s freehold property zone for at least AED 1 million. This visa legalizes their residency in the city for 5 years.
3. 10-year Property Investor Dubai Visa or Golden Visa: Foreign nationals who invest in a residential property in the city’s freehold property zone with a minimum value of AED 2 million or more can apply for a 10-year Property Investor Dubai visa or Golden Visa.
What are the Requirements for a Property Investor Dubai Visa?
A property investor visa by Dubai Visa Services allows foreign expatriates to live in the UAE legally and invest in up to three residential properties in freehold property zones. The following requirements must be satisfied for a property investor visa in Dubai:
- Property Value: A foreign national must invest in the real estate market of Dubai by purchasing a property worth between AED 750,000 and AED 2 million, depending on the different visa types.
- Property Type: For a property investor Dubai visa, foreign nationals must purchase property in an area where foreigners are allowed to own properties. The property must be residential and freehold.
- Property Ownership: You can’t get an investor visa by investing in an off-plan property, which means a property that will be constructed in the future or is still under construction. If you’re buying a mortgaged property, then you need to provide an NOC certificate from the bank you’ve taken the mortgage.
- Financial Requirements: For a property investor Dubai visa, a foreign national needs to have a minimum monthly income of AED 10,000, which can come from any employment or rental yield.
- Medical Checkup: You and your family members over 18 must undergo a medical examination to be tested for infectious disease at any licensed UAE clinic.
- Project Registration: Before investment, foreign nationals must ensure that the property they’re investing in is part of a project or development registered with RERA (Real Estate Regulatory Agency) Dubai.
What are the Documents Required for a Property Investor Dubai Visa?
To apply for a property investor Dubai visa foreign investors must have the following documents:
- A copy of a valid passport to verify your identity during the purchase.
- You need to provide a certificate or other proof to prove you’ve invested in a residential property of a Dubai-based development or project.
- The title deed is a must for a property investor visa in Dubai, which is the proof of a foreign national’s legal ownership of the property.
- A reference letter from Dubai’s Land Department needs to be submitted.
- A copy of the medical fitness certificate and evidence of health insurance.
- Proof of monthly income for evidence of financial stability.
- If you’re already a UAE resident, then you need to provide a copy of your Emirate’s ID.
- Three passport photographs with a white background.
- Obtain a good conduct certificate from the Dubai police.
What are the Advantages of Purchasing a Property in Dubai?
Purchasing a property in the major global financial hub, Dubai offers many advantages, including:
- Tax-free Rental Income: No tax is imposed on the personal, rental, or corporate incomes of residents and non-residents in Dubai, UAE. This allows foreign investors to gain 100% profit from their rental income, which can increase their overall return on investment.
- High Rental Yields: Another major advantage of purchasing a property in Dubai is the higher rental yields that typically range between 5 and 15%. With the highest rental yields in the world, a property investor UAE visa services offers a great way to foreign investors who wish to grow their wealth.
- Legal Residency: One of the most prominent advantages of purchasing a property in Dubai is that it legalizes the living of a foreign national in the city till the investor visa is valid.
- Diverse Property Options: Dubai offers a diverse range of property choices, including studio flats, apartments, villas, townhouses, etc., to meet the budget constraints and preferences of different investors.
- Stable and Strong Market: Located strategically at the crossroads of three continents, Europe, Asia, and Africa; Dubai guarantees a safe, stable, and strong real estate market.
- Sponsor Visas of Family Members and Close Relatives: A property investor Dubai visa holder is eligible to be the sponsor for the visa of his/her family members, close relatives, and domestic workers. The number of sponsored visas depends upon the value of investment and visa type.
Conclusion:
Apart from legalizing the residency of a foreign national, purchasing a property in Dubai offers personal and financial benefits also. However, it is crucial to understand the necessities, visa type, and other regulations. Disha Global Tours can help you by providing professional assistance throughout the application process for a property investor Dubai visa. You must analyze and do thorough research about the current market trends to ensure you invest in the right property. The quality of the property depends on the reputation of its developer, so research the developer of the residential property development you’re buying a property in.
