The UAE’s first full-fledged real estate boom began back in 2002 when the government introduced the freehold concept, which attracted a large number of property buyers. In 2021, property purchases are back on the radar of foreign investors prompted by the attraction of long-term property visas in the UAE. The ten-year and five-year visas linked to property investments are expected to bring in a much-needed revival in the real estate market in the UAE, especially after the COVID-19 pandemic roiled the global economies.
Property investors, however, need to meet the specific conditions and requirements set out by the government to obtain long-term real estate visas in the UAE. Since property-linked visas are also viewed as a possible first step towards attaining citizenship in the UAE, understanding such conditions and requirements are imperative. Availing PRO services in Dubai reduces the investors’ trouble in obtaining a visa.
In this article, we provide you with first-hand knowledge about the conditions and processes associated with obtaining a long-term property-linked visa in the UAE. Read on.
The Standard Property Visa
The two-year visa is for individuals who purchased a property for a minimum value of AED 1 Million. The visa is valid for two years and the maximum period of a one-time stay is six months. The visa will only be granted if the property has been completed and the developer has handed it over to the investor in a ready-to-use condition at the time of application.
The property should be wholly owned by the investor and must have a monthly income of at least AED 10,000 or equivalent in foreign currencies. The investor can sponsor the dependents by obtaining the visa, provided that the apartment or villa must be spacious to accommodate the family of the investor. Consult with the best PRO firms in Dubai to get further information about the procedures.
Investor Residency Visa for Ten years
Getting a much-coveted renewable ten-year residency visa in Dubai requires the investors to make investments no less than AED 10 million in the UAE. However, there is a catch: the investment in the non-real estate shall not be less than 60% of the total investment. The investment should be wholly owned by the investors and should not stem from a loan.
The ten-year residency visa allows the investors to sponsor their dependents, including spouses and children. The investors can also sponsor domestic workers, but it should not be more than three workers. The investors can also obtain a residency visa for one of their senior employees for ten years with his or her family members. PRO firms in Dubai can help investors avoid the troubles in obtaining a ten-year residency visa.
Investor Residency Visa for Five Years
A real estate investor is eligible to obtain a residency permit for five years without a sponsor within the UAE under this visa. The investor can sponsor family members, including spouses and children. Similar to a ten-year visa, the investors are allowed to sponsor domestic workers up to a maximum of three workers. The investor should meet the following conditions to obtain a five-year real estate visa in the UAE,
- The investor must own one or more properties in the UAE totalling a value of at least AED 5 million
- The property should be fully owned and must not be mortgaged under any circumstances
- The investment must be maintained at least three years from the date of receiving the residency permit
- Must have an inclusive health insurance document for the investor and family members for the duration of the stay in the UAE
Is Buying a Property Now Feasible in the UAE?
The UAE has now turned largely into a buyer’s market owing to the uncertainties posed by the COVID-19 pandemic. A top market like Dubai faced a hard landing in 2020 due to the pandemic, and the lower prices mean a perfect time to buy properties. As per Damac Properties estimates (as quoted in CNBC), resale units could come 10% cheaper at this juncture in Dubai. The real estate firm confirmed that now is a great time to buy properties in Dubai. Also, the real estate market is likely to remain subdued for the next two years boosting the bargaining power of the buyers.
What are the advantages of UAE residency visas?
Residency visas tied to property purchases have gained traction in the wake of the reduced prices. However, apart from reduced property prices, there are multiple benefits of applying for a real estate investor visa in the UAE. The following are some of the benefits,
- Investors can spend as much time in the UAE during the validity period of the visa
- The investors can have access to UAE bank accounts and financial services
- The investors will be able to apply for a UAE driving license
- The possibility of visa-free travel to certain countries (subject to the changes and updates in travel rules)
How Can PRO Companies in Dubai Help?
As property prices have come in favour of the buyers, real estate investors can gear up to make their move into the UAE. The multiple visas linked to property purchases provide the investors with a great opportunity to move into the UAE. However, the regulations and requirements make it tough for investors to clear the visa process in the UAE. The right way to tackle this challenge is to apply for property-liked visas through PRO companies in Dubai, such as Jitendra Business Consultants (JBC).
By availing of JBC’s PRO services in Dubai, the investors need not worry about the procedure of dealing with the government authorities or immigration officials. JBC is one of the best PRO firms in Dubai, with years of experience in helping investors and entrepreneurs obtain visas of their choice. Consult with JBC today to obtain first-hand information about all types of visas in the UAE.