In this article, we will go through the requirements for real estate owners. Who wants to apply for a five-year resident visa in the UAE.
Investing in Real Estate Is Encouraged
The recent regulations altering the residence status of certain real estate owners in the UAE were a tremendous step forward in attracting foreign investment in the UAE’s real estate sector and contributed significantly to the region’s economic growth.
Conditions for Real Estate Owners Obtaining Residency
Real estate owners are now one of the non-citizen categories eligible to apply for a five-year resident visa in the UAE, subject to the following conditions:
- The entire investment value of the real estate must be equal to or greater than AED 5 million;
- The aforementioned amount invested in the real estate may not be the subject of a loan;
- The Real Estate Investment must be held for at least three years;
Real Estate Purchasing and Ownership in Dubai
Although the laws and procedures for expatriate real estate ownership change from one emirate to the next, the rules and principles that govern the process of purchasing real estate in each emirate are generally the same.
Foreigners are allowed to own property in Dubai’s designated freehold neighborhoods.
Non-resident foreigners and expatriate residents may obtain ownership rights, usufruct rights, or leasehold rights in freehold regions without restriction for a duration of up to 99 years.
To this aim, specific land parcels are classified and designated as freehold properties for such foreign ownership under Article 3 of Regulation No. 3 of 2006 for Determining Ownership by Non-Nationals of Real Property in the Emirate of Dubai.
The Dubai Land Department (“DED”) issues title deeds in respect of the property by existing legislation and processes, and there is now no age restriction on property ownership in Dubai.
Real estate owners can apply for a residency visa via the DED website.
A property owner can apply for a 5-year resident visa through the DED’s website portal if the acquisition value of one or more of their properties is equal to or greater than AED 5 million.
Documentation that is required
- A copy of the applicant’s valid passport;
- A copy of the applicant’s current residence permit or visa;
- A recent photograph of the applicant;
- Proof that the applicant has health insurance coverage.
Procedures and Requirements for Service
The entire application procedure takes about one business day to complete.
As previously stated, the applicant must be a UAE resident who owns one or more properties valued at or exceeding AED 5 million.
The properties must not be encumbered by debts or mortgages, it must be stated again.