Do You Get a Residency Visa If You Buy Property in Dubai?

Purchasing property in Dubai with a minimum investment of AED 750,000 qualifies you for a 2-year residency visa, while investing AED 2 million qualifies you for a Golden Visa. The property must be fully constructed and registered with the Dubai Land Department.

Joint ownership with your spouse is allowed if you provide proof of marriage. Additionally, you must meet the minimum income requirement of AED 10,000 monthly and have health insurance within the UAE.

By following the precise application process and submitting the necessary documentation, you can obtain residency through property ownership. There are further nuances to this process that you may want to explore.

Key Takeaways

• Purchasing property worth at least AED 750,000 grants eligibility for a 2-year residency visa in Dubai.
• A property investment of AED 2 million qualifies for a 10-year Golden Visa in Dubai.
• The property must be fully constructed and registered with the Dubai Land Department.
• Health insurance and a minimum monthly income of AED 10,000 are mandatory requirements.
• Joint property ownership with a spouse is allowed, requiring proof of marriage.

Eligibility Requirements

To obtain residency in Dubai through property ownership, you must invest at least AED 750,000 for a 2-year visa or AED 2 million for a Golden Visa. The property should be fully constructed, registered with the Dubai Land Department, and located in an approved freehold area. Joint ownership with a spouse is allowed with marriage proof. A minimum of 50% mortgage payment is required, with all payments up to date. Your monthly income must be at least AED 10,000, and you must have health insurance in the UAE. The Golden Visa offers a 10-year residency, making it a highly attractive option for property investors looking for long-term security. It's important to register with the Dubai Land Department to ensure your property ownership is legally recognized. Ensure compliance with these requirements for residency eligibility.

Necessary Documentation

To secure residency in Dubai through property investment, prepare necessary documents: passport, passport-sized photos, UAE visa (if applicable), bank statements, and utility bills. Include property documents like the title deed and e-Certificate of Title. For mortgaged properties, get a no-objection letter, mortgage account statement, and proof of 50% payment. For a five-year Residency Visa, ensure the investment is unfinanced to meet eligibility criteria. Other required documents are a certificate of good conduct, health insurance, and UAE ID, if available. Submit these to the Land Department, complete a medical exam, and pay the relevant fees. Once processed, your residence permit will be emailed to you.

Family Sponsorship Options

When pursuing family sponsorship in Dubai through property investment, ensure your property is valued at least AED 750,000 for a 2-year visa. The main applicant can sponsor their spouse and children if they meet the monthly income threshold of AED 4,000. Higher earners (AED 20,000+) can also sponsor parents. A certified marriage contract for a spouse and birth certificates for children are required, along with health insurance for all dependents. Unmarried daughters can be sponsored at any age. Fees vary by family member type, and a sponsorship file opening fee of AED 318.75 is required. Medical examinations are also necessary. Maintaining property ownership is crucial for visa renewability, ensuring long-term residency benefits for the family.

Application Steps

To obtain a residency visa through property investment in Dubai, ensure the property meets the AED 750,000 minimum value requirement. The service is available for real estate investors with property value equal to or greater than AED 750,000. Gather necessary documents: valid passport, property ownership certificate, certificate of good conduct, health insurance, and a recent photo. Register the property with the Dubai Land Department. Submit your residency visa application at a service center like ALMANARA Center. Complete a medical exam and provide biometric data at an authorized GDRFA or Amer center. Processing takes 7-10 business days, and the residence permit is emailed to you, contingent upon continued ownership.

Costs and Obligations

Securing a residency visa in Dubai via property investment requires understanding specific costs and obligations. The Dubai Land Department charges 4% of the purchase price plus a AED 580 administration fee. Agency fees are 2% of the purchase price, with an additional 5% VAT. Conveyancing costs range from AED 6,000 to AED 10,000, and the property valuation fee is AED 2,500 to AED 3,500, including a 5% VAT. Additionally, registration fees for properties valued over AED 500,000 are AED 4,000 plus 5% VAT, which is important for legal ownership transfer. Obligations include a minimum property value of AED 750,000, the property must be fully constructed, only residential properties qualify, and there are ongoing service and maintenance fees. Family residency options are also available.

Frequently Asked Questions

Can I Rent Out My Property While Holding a Residency Visa?

You may rent out your property while holding a residency visa, provided ownership is maintained. Guarantee compliance with local real estate laws, and consider any applicable taxes or fees. Rental income doesn't affect visa validity or dependent sponsorship.

What Happens to the Visa if I Sell the Property?

Upon selling your property, the residency visa is voided. You must acquire a substitute property meeting minimum value requirements to reinstate the visa. Failure to reinvest results in visa cancellation and potentially affects family sponsorship provisions.

Is There a Minimum Stay Requirement in Dubai for Visa Holders?

Yes, for 2-year or 3-year visas, you can't leave the UAE for over six consecutive months. Failure to comply results in revocation. A 10-year Golden Visa imposes no minimum stay requirement, remaining valid regardless.

Can I Work in Dubai With a Real Estate Residency Visa?

You can't work in Dubai using a real estate residency visa alone. You must obtain a separate work visa, complying with employment regulations. The residency visa permits business investments, but employment requires additional visas, adhering to legal stipulations.

Are There Any Tax Implications for Property Owners With Residency Visas?

When you acquire property, tax obligations arise. Residential properties are VAT-exempt, but commercial properties incur a 5% VAT. Consider indirect taxes like the 4% registration fee. Consult a tax advisor to navigate these legal obligations effectively.

Conclusion

Purchasing property in Dubai can make you eligible for a residency visa if you meet certain criteria. Ensure all required documentation is accurate and complete.

Sponsoring your family is possible, but it requires meeting additional requirements. Carefully follow the outlined application steps to improve your chances of approval.

Be mindful of the costs and obligations involved, as compliance is necessary for legal residency status. Thorough preparation and adherence to legal stipulations are crucial for a successful application process.