OBTAINING RESIDENCY IN DUBAI THROUGH PROPERTY INVESTMENT
Dubai and the wider UAE have broadened their residence opportunities for foreign nationals, with a focus on attracting more property investors, healthcare professionals, scientists, and individuals with exceptional talents to enhance the country’s economy.
The two primary visa options are the Property Investor Visa, valid for 2 years, and the Golden Visa, which has a 10 year validity. These visas not only grant investors the right to reside in Dubai, but also provide tax optimisation opportunities, high-quality lifestyle benefits and numerous other advantages. The introduction of these visa programs has made Dubai an even more attractive option for investors looking to establish a second home in this dynamic city.
Here, we will guide you through the process of obtaining a residency visa in Dubai through real estate investment.
BENEFITS OF GETTING A DUBAI RESIDENCY VISA
Dubai boasts a robust economy, a stable political environment, and world-class infrastructure. Its status as a global hub for business, finance, and tourism elevates its appeal as a prime destination for living and investing.
Securing residency in Dubai, and by extension, the UAE, opens the door to multiple benefits that are attractive to investors and individuals looking to live and work in the city. Here are some key reasons why someone might want residency in Dubai residency is a sought-after goal for many:
Tax optimisation
- No Capital Gains Tax: Dubai does not levy capital gains tax on investments, including property sales or investments in financial markets. This allows investors to fully realise gains from their investments without incurring additional tax liabilities.
- Zero Income Tax: One of the most significant advantages is the absence of personal income tax. Residents of Dubai are not subject to any income tax on their earnings, whether from employment or investments. This tax-free environment can significantly boost an individuals’ disposable income.
- No Wealth or Inheritance Tax: Dubai also does not impose wealth taxes or inheritance taxes, providing residents with peace of mind regarding their assets and estates.
Quality of life and lifestyle
- Luxurious lifestyle: Dubai is known for its luxurious lifestyle, offering world-class amenities, high-end shopping, fine dining, and entertainment options. Residency allows individuals to enjoy the opulent and cosmopolitan culture of the city.
- Safety and security: Dubai is consistently ranked as one of the world’s safest cities, with low crime rates and a well-developed security infrastructure. This provides residents with a sense of safety and peace.
- Education and healthcare: Dubai boasts a high standard of education and healthcare facilities. Residents can access top-tier international schools and world-class medical services for themselves and their families.
- Diverse and inclusive society: Dubai is a diverse and inclusive part of the world, with expats from various nationalities living and working together every day.
Business opportunities
- Thriving business hub: Dubai is a global business and financial centre, strategically located for companies looking to expand into the Middle Eastern market and beyond. Residency allows entrepreneurs to tap into these opportunities.
- Ease of doing business: The UAE is celebrated for its business-friendly environment, with streamlined processes for setting up and operating businesses. Residency provides investors with the ability to actively manage and grow their businesses within a supportive and efficient system.
Access to public services
- Healthcare: Residents have access to high-quality healthcare services provided by both private and government facilities. Many comprehensive health insurance options are available to cover any medical expenses.
- Education: Families can enroll their children in reputable international schools that follow various international curricula including British, American, and IB programs.
- Infrastructure: Dubai is renowned for its world-class infrastructure, including modern transportation systems, road networks, and public services, ensuring convenience and ease of living.
WHAT ARE THE RESIDENCY VISA OPTIONS FOR REAL ESTATE INVESTORS?
2-YEAR PROPERTY INVESTOR VISA
As outlined by the Dubai Land Department (DLD), this service allows a real estate investor purchasing a property of AED 750,000 or more to apply for a 2-year renewable residence permit. The investor’s husband or wife, children and parents can also be sponsored.
To qualify for this visa through a property investment, you need to meet the following criteria:
- Investment amount: You must invest a minimum of AED 750,000 in a property.
- Investment proof: You need to provide documentation demonstrating proof of your property investment.
- Mortgaged properties: 50% of the value of the property must be paid to the bank (or the equivalent of AED 750,000), with a no-objection letter from them stating that they do not object to issuing a residence permit on the property, specifying the paid amount and the mortgage balance.
- Ownership: A husband and wife can share ownership of one property, if its value is AED 750,000 or more. A certified copy of the marriage contract must be provided.
For the most up to date information, including the process and requirements for sponsoring family members, we recommend visiting the Dubai Land Department’s website here.
10-year golden visa
As outlined by the Dubai Land Department (DLD), this service allows a real estate investor purchasing a property of AED 2 million or more to apply for a 10-year renewable residence permit. The investor’s husband or wife, children and parents can also be sponsored.
To qualify for this visa through a property investment, you need to meet the following criteria:
- Investment amount: You must invest a minimum of AED 2 million in a property and it must be wholly owned by the investor (the named applicant).
- Investment proof: You need to provide documentation demonstrating proof of your property investment.
- Mortgaged properties: a bank letter indicating AED 2 million paid amount and a no-objection letter from them stating that they do not object to issuing a residence permit on the property, specifying the paid amount and the mortgage balance.
- Location: The investor must be inside the UAE.
For the most up to date information, including the process and requirements for sponsoring family members, we recommend visiting the Dubai Land Department’s website here.
THE VISA APPLICATION PROCESS
1. Acquiring a property: Investors buying property (even with the bonus of a Dubai visa) should research and select a property that fits their budget and investment goals.
2. Required documents: According to the DLD’s website, the required documents are as follows:
- Passport
- e-Certificate of property title / title deed
- Passport photographs
- Health insurance
- UAE ID (if any)
- A copy of current residence / entry visa (if any)
- A certificate of good conduct issued by the Emirate of Dubai (addressed to the DLD)
3. Visa application: Complete the visa application, submit required documents and pay the fees via the relevant DLD service centre.
4. Medical: The investor attends a medical examination including blood tests.The clinic issues a health certificate for the visa application.
5. Biometric data: Attend a biometrics appointment, where fingerprints and a photograph are taken.
6. Approval and issuance: If an application is approved, the investor will receive their residence visa, allowing them (and any sponsored family members) to reside in Dubai or the wider UAE for the duration of their visa.
The process typically takes between 7-10 business days.
Associated fees
The cost of obtaining a UAE residence visa by property purchase includes a number of expenses:
- Property purchase: The property investment itself, which varies based on your chosen property.
- Registration fee: Depending on the emirate, a registration fee is applicable. In Dubai, this fee is around 4% and is typically paid by the buyer.
- Document translation and notarisation: Costs associated with translating and notarising documents.
- Medical insurance: Required for the visa holder and all sponsored family members.
- Visa issuance fees: This covers the cost of the visa application processing, medical examination, and issuance of the visa and national ID card. Fees listed on the DLD website are:
2-YEAR PROPERTY INVESTOR VISA FEES
- Investor residence for 2 years:
- AED 9,912.50
- Family residency permit for 2 years:
- AED 7,082.25 fee for the wife
- AED 7,082.25 for a daughter over 18 years old
- AED 6,382.25 for children under 18 years old
- AED 6,701 for a son over 18 years old for one year only
- AED 7,082.25 for the husband for two years
- Parents residence for 1 year
- AED 8,882.25 for one year only
- AED 318.75 for opening a sponsorship file for the family
Note: Figures quoted are from the Dubai Land Department (DLD) website as of November 2023. For the most up to date fees and information, please visit the DLD website here.
10-YEAR PROPERTY INVESTOR VISA FEES
- 10 years residency permit:
- The total is AED 9,684.75
- AED 700 fee for medical examination
- AED 1,153 fee for UAE ID (10 years)
- AED 2,656.75 fee for confirmation of residency permit (10 years)
- AED 4,020 fee for the Land Department
- AED 1,155 administrative fee
- The total is AED 9,684.75
- Family residence permit for 10 years
- AED 5,668.50 fees
- AED 318.75 fee for opening a family sponsorship file
- A residence permit for the parents for 10 years
- AED 5,668.50 fee for 10 years
Note: Figures quoted are from the Dubai Land Department (DLD) website as of November 2023. For the most up to date fees and information, please visit the DLD website here.
THE DIFFERENCE BETWEEN VISA RESIDENCY AND CITIZENSHIP IN THE UAE
The UAE has a relatively small population of Emirati citizens compared to its expatriate population. Therefore, citizenship is not readily available to foreign nationals. In the United Arab Emirates (UAE), there is a clear distinction between residency and citizenship. Here are the key differences:
Residency in the UAE
Residency in the UAE is typically obtained through a residency visa. This visa allows foreign nationals to live in the UAE for a specified period, which can range from one to ten years, depending on the type of residency visa and the circumstances.
Most UAE residency visas are renewable, allowing individuals to extend their stay in the country as long as they meet the renewal criteria.
UAE residency visas provide various benefits, including access to healthcare, education for children, and the ability to open a bank account in the UAE. It also serves as a legal basis for residing and working in the country.
Citizenship in the UAE
The UAE has stringent criteria for granting citizenship, and it does not offer a straightforward citizenship-by-investment program like some other countries. In the UAE, citizenship is typically acquired through birth to Emirati parents or through long-term residence in the country with exceptional merit.
Pathway to Citizenship (Naturalisation)
While uncommon, long-term residents may have the opportunity to apply for UAE citizenship through naturalisation after 30 years of continuous residence in the country, or earlier for individuals with exceptional merit. This can provide access to additional benefits, such as visa-free travel to many countries.
One of the requirements for UAE citizenship through naturalisation is that the applicant must renounce any other citizenship they hold, so while pursuing UAE citizenship is an option for some long-term residents, most foreign nationals in the UAE will maintain their residency status through visas rather than becoming Emirati citizens.
EXPLORE YOUR INVESTMENT FUTURE IN DUBAI WITH EXPERT GUIDANCE
Embarking on the journey of property investment and residency in Dubai opens doors to a world of opportunities. Whether you’re looking at the 2-Year Property Investor Visa or the prestigious 10-Year Golden Visa, our team is here to help guide you through the process of finding a perfect property to invest in.
Contact us today and let’s find a suitable investment for your property investment journey in Dubai.
