The economy of the UAE is proof that it is a booming country. This is one of the reasons why expats trying their luck in the country to find work, career growth, and better compensation. While there are people who focus on getting jobs, there are some who venture into investing in the UAE. And in case you want to ask about investments, yes, expats can be investors too in this country. The number one investment portfolio expats eye for is real estate. Since properties have high returns, it’s becoming a top choice for expats who want to earn more while they are working here.
For your information, a real estate investment can connect you getting your own UAE residence visa. Owning a property in the UAE allows you to have a residence visa instantly but it depends on the qualifications of the type of property you own. There are processes that need to be followed. In this article, we are going to share with you how your purchase of a real estate investment can grant you the residence visa you.
How to Apply for a Residence Visa for Owning a Property in UAE
You can easily purchase a real property in the UAE provided you have enough money to buy it. Even if you are an expat, you can put your money into good use by spotting properties in good locations to serve as your residential home, business, or investment.
The government allows the acquisition of real estate as long as the expat can provide all the requirements needed. In the UAE, there are 7 Emirates and each of them observes different processes when an expat buys a property. Now, let’s take a look at some places where there is a frequent sale of real properties to expats.
Properties in Dubai
The government is allowing a foreigner to own properties in Dubai in a freehold area. According to the rules and regulations of the city, expats can own properties in the said location for up to 99 years. The Land Department in the Emirate is the one issuing the title of deeds to expats who purchase properties.
Properties in Abu Dhabi
Like Dubai, expats can only own properties in the freehold areas too in Abu Dhabi. Some of the types of properties are apartments and floors.
Properties in Sharjah
Meanwhile, in Sharjah, you can have your own real estate property through its Usufruct system. Expats and foreign companies have the right to purchase. The properties can be owned for up to 100 years after the Sharjah Real Estate Registration Department registered your usufruct right.
Dubai, Abu Dhabi, and Sharjah are the major Emirates in the UAE where you can choose to invest. These cities have dedicated freehold areas for expats, which means that there are restricted places that you can’t own while you are living or working in the country. For those who choose to put their money in good use, these are pretty great options already. These three Emirates are rich cities where you can find almost everything including malls, jobs, etc.
Properties and Residence Visa in Dubai
In Dubai, you will be granted two types of visas if you become a property investor in the city: the Six Months Residency Visa and the Property Investor Visa.
Just recently, a new regulation was passed, allowing expats to apply for a 5-year or 10-year investment visas. With this information, you can get a chance to avail of 4 different visas depending on your residency needs.
The Six Months Residency Visa
The Six Months Residency Visa is issued by the Dubai Land Department and it is considered as a six months multi-entry visa. With this visa, you will be allowed to enter the country multiple times.
The Property Investor Visa
Like the Six Months Residency Visa, the Property Investor Visa is issued by the Dubai Land Department as well. But, the validity of this visa is different because it has a two-year validity and it can be renewed.
How To Get A Six Months Residency Visa or The Property Investor Visa
There are general requirements before you can get either of the two visas mentioned above. These are the requirements you need to secure before you apply.
- The property of the value you are going to buy should be at least AED 1 Million.
- You will be entitled to apply for a visa provided the property is residential, not a commercial project.
- The value of the property will be based on the purchase price stated on the title deed. The current property value is not considered.
- Before you can apply for a visa, the property should be ready to occupy and completed. Off-plan properties are not considered.
- If you and your spouse will share the property, the value of it must exceed AED 1 Million.
- For joint ownership, the property will be on one title deed only, which means that you can’t get an investor visa.
What Are Long-Term Visas Connected To Property Investments?
In order to boost foreign investments, the government of the UAE came up with 2 other visas expat can get: a residence visa that is valid for 5 years and another one for 10 years.
5-Year Residence Visa
This visa is granted only to expats who purchased a property worth AED 5 Million or above. The rules said that the property can’t be availed through any type of financing. And, it should be kept under standard liability for 3 years or more.
With this visa, you can already sponsor your own dependents, live a luxurious life, hire your own domestic workers, and stay in Dubai as long as you can. But for you to do that, you should renew your visa as well.
10-Year Residence Visa
This visa can only be granted if you are an expat in the UAE working as a doctor, engineer, or other positions in the similar industry. You should have at least AED 10 Million as your asset, which will compose of 40% of real estate, deposits, shares in Dubai, and company ownerships. If you will meet all of these, you will be entitled to a 10-year residence visa.
What’s great about the details mentioned above is the overall concept that the UAE is allowing expats to purchase their own properties while offering them opportunities to be residents of the country. Those who choose to stay here and live the UAE life may do so as long as they have enough savings and assets to prove that they can keep up to the living standards of the country. So, if you have enough money and you want long-term investments, consider reviewing this regulation.