Want Dubai Citizenship? Buying a Property in UAE Can Be Your Solution
Expats are eligible to get various property linked visas available in the UAE. The basic condition for the visa is that the investment value must be fully paid. In other words, purchasing a property for Dh950,000 with a mortgage does not meet the eligibility criteria. The investment amount must be in the form of equity in the property.
Various property linked visas available for expats include:
1) Golden Visa
This is the primary visa in the UAE linked to the property ownership. This visa provides a five-year validity period and does not require renewal every two years. It also allows its holder unlimited time that can be spent outside the country. To be eligible for the Golden visa, individula must own property or properties with a minimum equity value of Dh2 million.
Applications for UAE Golden visa must include a completed application form along with supporting douments and enough funds. This visa is valid for 10 years and can be renewed thereafter. Even if you reside outside the UAE, this visa remains valid.
Once the initial due diligence checks have been completed and the retainer paid, then the application for UAE residence can be submitted to the government.
After meeting all the requirements and application approval, the successful applicant receives a six-month multiple-entry visa so that they can travel to UAE to apply for their ID card and undergo a medical check.
The processing time for the residence application takes over eight weeks.
Benefits of Golden Visa
Right to live in any of the seven emirates of the UAE
Gateway to Africa and the Middle East, Asia, and Europe due to the country’s strategic geographic positioning
Applicant’s spouse and unmarried children of any age may be added at no additional investment
Favorable tax regime for investors
Good value from real estate investments
Streamlined, efficient residence permit system
Member state of the United Nations, the Gulf Co-operation Council, and the Arab League
2) Property Investor Residence Visa
To be eligible for this visa, an individual needs to invest Dh7,50,000 in property that's registered under their name or Dh1 million if they want to register it under their spouse's name. The visa owner needs to return to the country once every 180 days and is due for renewable every two years.
To avail this visa, you will require a good conduct and behavior certificate issued by the Duabi Police. It should be addressed to the Dubai Land Department.
If you moving to a property that's mortgaged, then an NOC from the bank is required and it must show the total paid amount and remaining amount If the property is mortgaged by the developer, a copy of the initial sale certificate would be required. If the property is completed and not under construction, a payment statement with a proof of payment for 50% of the entire property value or AED 375,000 is required.3) Retirement visa
This visa is crafted for individuals who are above the age of 55 and want to retire in UAE. It is a five-year long visa and makes you eligible if you want to invest in a property worth AED 2 million, or own accumulated savings worth of AED 1 million, or have an active monthly income of at least AED 20,000.
