Residence permit when purchasing real estate in Dubai

Dubai is the most attractive region of the UAE and at the same time the record holder for the growth of the real estate market in the Middle East. Since 2019, the emirate has been providing a “golden visa” for investors when purchasing real estate, which is a full-fledged analogue of a residence permit. Let's take a closer look at its advantages and design nuances.

Benefits of a Resident Visa in Dubai

A residence visa opens up a lot of advantages for investors:

• The right to move to the UAE. The investor, as well as his family members, will be able to move to the Emirates, whose prestige in the international arena is beyond doubt.
• Tax optimization. Dubai exempts taxes on income, inheritance, real estate and gifts. Compared to the EU, the UAE can be considered a tax haven for both businesses and investors.
• The right to open a bank account. The investor will be able to easily benefit from the developed financial system of the Emirates, the services of which are in demand throughout the world.
• Access to government services. Resident status allows you to send your children to schools and universities in the UAE and receive medical care at local clinics and centers.
• Right to citizenship. The period for naturalization is set at an impressive 30 years. But the investor will have the opportunity to obtain a passport from a prestigious country.

In addition, a resident visa opens up many opportunities for work and business. In fact, it is a simplified version of a residence permit, which can be issued in a short time and without unnecessary bureaucratic red tape.

What kind of real estate should I invest in to obtain a residence visa?

The legislation of the Emirates provides for 2 types of resident visa for investors:

• For 10 years. The minimum cost of real estate is 545 thousand USD.
• For 2 years. The minimum investment amount is 204 thousand USD per person (for spouses - 272 thousand USD if the object is purchased as joint ownership).

Regardless of the type of visa, a foreign investor can buy real estate only in Freehold zones - special territories where these transactions are permitted. In Dubai specifically, there are several dozen such areas. You can note such popular “freeholds” as Arjan, Barsha Heights and Bluewaters Island. Each area has its own attractive aspects and market conditions.

Important: the property itself must be registered as suitable for sale under a resident visa. Registration is carried out by the Dubai Land Department (DLD). It does not matter whether the project is completed - UAE legislation allows investing in projects under construction. For the latter, you can apply a profitable scheme: first invest the amount to obtain a two-year visa, and then, in the future, add the missing funds to obtain a ten-year visa. The cost of real estate may be higher than these values, but the amount contributed to the purchase should not be lower than them.

Please note that recently UAE banks have become more willing to issue mortgages to foreigners. Two tangible conditions are confirmation of the level of income for the last 6 months and the need to make a down payment of 50% of the cost of the property.

Can relatives of an investor apply for a residence permit?

A residence visa is beneficial not only for the investor himself, but also for his relatives. The spouse and children also become eligible to participate in the residency program. In addition, an investor can become a sponsor for his parents - in this case, they are issued a visa for a period of 1 year.

For spouses, obtaining a visa is possible subject to the following conditions:

• majority - age over 18 years;
• no criminal record;
• absence of dangerous diseases.

There are some distinctions regarding children. Unmarried sons under the age of 25 can get a visa. Unmarried daughters, on the contrary, can apply for a residence permit regardless of age.

Thus, a resident visa in Dubai for an investor is an extremely attractive way to settle in a prestigious jurisdiction with a global reputation as a financial center, all the benefits of civilization and a visa-free regime with more than 170 countries when obtaining citizenship.