Residence visa in Dubai is hard to get unless you are a property owner or a UAE national. Residence visa in Dubai is the best option for people who want to stay long term in Dubai. Without residence visa you can not buy or sell property, open a bank account or get a job in Dubai. You have to apply for Dubai residence visa from your home country. For getting residence visa you must have NOC (No Objection Certificate) from the company that you are working with. Residence Visa In Dubai For Property Owners
In the recent past it was quite difficult for an investor or homeowner to acquire a residence visa within Dubai, as property owners were only allowed to enter and exit the country once every six months. Seemingly, this restriction has now been resolved and will allow property owners in Dubai to freely travel outside the UAE.
The Dubai residence visa aims to encourage investors to buy a property in dubai. This is an exclusive visa that offers different facilities for the property owner or investor who has a valid residence visa in the UAE. It gives you the opportunity to get a residence visa for you and your family, plus obtain an Investor’s Visa upon arrival in Dubai.
Residence Visa In Dubai For Property Owners
If you are thinking about buying property in Dubai, or a villa in Dubai, you may also be contemplating how to obtain a residence visa in Dubai. In this article, we will help you understand the advantages of having a residence visa in Dubai.
Residency Visa Rules (2021) at a glance for Dubai Property Investors
When it comes to the Dubai-based property market, there are multiple options for you to choose from. Starting with sleek and modern apartments, elegant townhouses and grand villas as well as various commercial buildings, you will get access to a wide range of options. Perhaps, this is what makes Dubai a great investment destination and by and large, it is also contributing a lot to its economy.
Both buyers and small-time investors also benefit from easy and flexible post-handover payment plans, service charges waiver and relaxation on DLD fees, especially in the context of off-plan projects.
What makes Dubai a prime destination of choice for property buyers is the visa rules, which has been amended, keeping in mind the large benefit of all. The Dubai government has revised is revising and implementeding the visa policy with the aim to retain investor confidence, apart from increasing the flow of FDI into the market.
Here’s some useful information on the visa rules that will mutually benefit the Dubai property investors as well as the Dubai real estate market. that bnifits the real estate investors in the Emirate.
Types of Visa you can choose from:
- 6- month multi-entry visa
- 3 – year residence visa
- 5 – year long term residence visa
- 10 – year long term residence visa
6 – Month Multi-Entry Visa:
Almost functions like a tourist-visa but comes with a lot more benefits. For a change, it gives the holder the ability to make multiple-entries for 6 months. The visa is also applicable for any property that is worth more than AED 1 million and applicable in any of the seven emirates. For your information, the visa is issued by the relevant immigration authorities and has got nothing to do with the Dubai Land Department.
3 – Year Residence Visa:
This visa is primarily issued by Dubai Land Department for those who are interested to buy or invest in a property worth more than AED 1 million in Dubai. In doing, you are then considered eligible to become a UAE resident and avail the many benefits that include the likes of Emirates ID, driving license and family sponsorship. The cost of the visa is normally in the range of AED DH13, 000 to -AED DH15, 000 and is valid for a period of 3 years.
Those with the 3 years visa also get the freedom to sponsor their family and dependents
Most important of all, being a holder of this visa doesn’t permit you to spend more than 6 months consecutively outside the county.
5-Year Long Term Residence Visa:
If you are interested to invest in property worth more than AED 5 million, in that case, you are eligible for a 5-year residency visa. As in the case of all visa options, there are certain conditions that you are required to keep in mind. For starters, you cannot purchase the property with a mortgage or by availing any sort of loans or financing. In addition to these, the investment should be retained for a period of at least 3 years.
But then, those with the visa also get the freedom to sponsor their family and dependents, as well.
10-Year Long Term Residence Visa:
For those who are investing more AED 10 million (minimum of 40% in Property), they are considered eligible for the10 year residency visa. You have to provide ample proof that the amount invested is not financed or loaned and you will further have to retain the investment for a period of 3 years.
Being an investor with a 10-year visa will include an executive director, and an advisor apart from family members and dependents.
The visa can be extended to include business partners if they are further interested to contribute an amount of AED 10 million.
Terms & Conditions to Obtain Residency Visa
There are certain factors that you need to keep in mind, as far as obtaining the visas are concerned:
- The property value should be more than AED 1,000,000 or more (Purchase price and not necessarily the current market value)
- Investor Visas are only made available for freehold and residential properties
- Properties that offer residency visa includes: Residential and Serviced Apartments, Hotel Apartments, Villas & Townhouses, Offices & Warehouses
- Property types that do not offer any visa include disputed & leaded properties, land-plots, and off-plan.
- It is also possible for you to apply for a visa with a mortgaged property. However, it should meet the minimum investment amount of AED 1,000,000. Keep in mind to submit a NOC from the bank along with the application file.
- You are also eligible for a residency visa if you have multiple properties (more than 3) having a total value of AED 1 million or more’
- Having an investor visa does not necessarily entitle or give the right to work anywhere in the UAE
- In case, the property is bought as a joint venture with your spouse ( husband & wife), then you do have the right to apply for an investor visa. However, you are then required to attach the marriage certificate, along with the application
You are also required to provide proof of income and it should be at least AED 10,000 or equivalent per month. It doesn’t matter where you earn the income and is of course not location-specific. However, it is a must for you to provide adequate income proof, as a part of the whole process.
Addition Documents Required to Apply:
- The title deed of the property
- Your passportPassport copy
- Current visastatus copy
- 6 passport size photos
- Certificate of good conduct from the Dubai Police
- Bank statements
- Utility bill
- HealthMedical insurance
Important Steps to Follow While Obtaining the Visa:
- Being a property owner, you need to start by visiting the Dubai Land Department. Do bring along your original passport, an original title deed, and a copy of the current visa page. Most important of all, please request for a reference letter at the Dubai Police.
- Once the letter is issued by the DLD, you are then required to approach the Dubai Police department with the request to issue a certificate of good conduct.
- You are then required to follow up by visiting the Dubai Economic Department along with the appropriate documents, so as to apply for a trade license.