How to Become a Property Investor and Get a Residence Permit in the UAE

The United Arab Emirates attracts not only tourists and investors but also those who dream of finding their place in the sun and living in a modern city on the coast of the Persian Gulf. To stay in the UAE for an extended period, however, you need a residence permit. One way to become the proud holder of a long-term visa is to purchase a home in Dubai or Abu Dhabi. Here’s how it works.

• General Terms for Foreign Property Owners
• Visas Issued in Dubai
  
• Necessary Documents
  
• How Much It Costs
  
• How to Get an Abu Dhabi Visa for Real Estate Investors
  
• Five-year Visa for the Retired
  
• Why Obtain a Residence Permit

General Terms for Foreign Property Owners

According to the general terms on the UAE government’s official website, foreign citizens may obtain a long-term residence visa by purchasing non-commercial property in the country. However, several requirements must be met:

• Total cost of property or properties must be no less than 2,000,000 AED ($545,000).
• Property investment must be verified by a certificate issued by the Land Department of the emirate where the property is located.
• You can only take out a mortgage for the property from a handful of local banks approved by the authorities.

If you meet these conditions, you are eligible to apply for the Golden Visa, which is valid for five years and can be renewed for the same period, provided that the property owner continues to meet all the criteria.

ATTENTION. Foreigners looking to invest in real estate in the UAE cannot purchase villas, townhouses, and apartments anywhere they please. Both Dubai and Abu Dhabi have designated special areas where expatriates are allowed to buy property on a freehold basis. In a freehold area, you enjoy full, indefinite ownership rights and the freedom to manage your property as you see fit. Fortunately, there are numerous freehold areas located in the prime districts of both cities.

Furthermore, it's important to bear in mind that the UAE, similar to the United States, is a federal state, and as such, each of its seven emirates has its own set of laws and regulations. This extends to the issuance of residence visas.

Visas Issued in Dubai

A property investor can use the Dubai Land Department website to apply for a residence visa valid for two or 10 years.

To acquire a two-year visa, you are required to invest in Dubai real estate worth a minimum of 750,000 AED ($204,000). In cases involving a mortgage, you must deposit either half of the sum or a minimum of 750,000 AED with the bank before being eligible for a residence permit. You will also need to obtain a no-objection certificate and provide a statement from the bank that issued the loan, detailing the amount already paid and outstanding.

Married couples are permitted co-ownership of property. A husband and wife may obtain visas if they buy property for the sum required of a single person.

ATTENTION. The migration authorities recognize the cost of the property at the moment when the contract of sale is signed.

To be eligible for a 10-year residence visa, a foreigner must possess property or multiple properties with a total value of 2,000,000 AED ($545,000) or more. Sole ownership is not mandatory; the residence permit is granted to those who own a share equivalent to the specified amount. This also applies to individuals who financed their property purchase through a mortgage, provided the bank raises no objections.

Necessary Documents

If you wish to obtain a residence permit in Dubai, you will need to submit the following documents:

• Passport.
• Electronic copy of the real estate deed.
• Photo.
• Health insurance.
• Original Emirates ID (if available).
• Copy of the last visa issued in the UAE (if available).
• Certificate of no criminal record (issued by the Dubai Police).
• Power of attorney (if the applicant is not the one submitting documents).

Foreigners who have applied for a residency status may serve as “sponsors” of their closest relatives (wife, husband, children, parents). To move to Dubai with your family, you will need the following additional documents:

• Notarized father’s permission (if the mother is the sponsor).
• Certificate confirming that children over 18 are not married.
• Health insurance.
• Notarized marriage certificate.
• Notarized birth certificates.
• International bank account number.
• Bank statement for the preceding three months (in some cases).

To apply for a residence visa, you need to visit one of the service centers in Dubai, submit all the necessary documents and pay the fees. There you will also go through a medical examination (no foreigner over 18 can get a residence permit without one) and a passport with the new visa.

An applicant must visit the service center themselves. If you file an application via a representative, you can upload the documents on the Land Department’s website. If the documents are in order, you should receive the visa within seven to 10 business days.

How Much It Costs

Individuals applying for a single visa will incur a fee of approximately 10,000 AED ($2,700). This fee covers the expenses associated with the medical examination, production of the Emirates ID and visa, as well as two government fees.

Depending on the type of visa, you will also need to pay an additional fee ranging from 6,000 AED to 9,000 AED ($1,600 to $2,450) for each relative. If the sponsor obtains a 2-year visa, their parents, husband, and sons over 18 will be granted a 1-year visa, while the sponsor's wife and children under 18 will receive a 2-year visa. If you apply for a 10-year visa, your relatives can also obtain residence permits for the same period.

How to Get an Abu Dhabi Visa for Real Estate Investors

The official Abu Dhabi Residents Office website states that homeowners in Abu Dhabi are eligible for a 10-year Golden Visa if they meet the following criteria:

• Must purchase property or properties for a minimum total of 2,000,000 AED ($545,000).
• Must not sell the investment for at least two years after the issuing of the Golden Visa.
• Mortgages are permitted for properties worth more than 2,000,000 AED. However, you will only be issued the visa after you deposit 2,000,000 AED. For instance, if you bought properties for 7,000,000 AED, your outstanding debt cannot exceed 5,000,000 AED.

To apply for a residence permit in Abu Dhabi, in addition to the basic package (passport, photo, ID), you will need to submit one of the following documents:

• Real Estate Unit Value Certificate issued by the Department of Municipalities and Transport (DMT) or any other competent body.
• Copy of the Purchase Agreement registered with the DMT.
• Certificate issued by the DMT confirming the real estate unit is valued at no less than 2,000,000 AED, was not mortgaged and is not subject to confiscation.

You can apply for a residence visa in Abu Dhabi online, but you will have to register for the UAE Pass. The issuing of the visa will take seven business days.

Five-year Visa for the Retired

A special long-term visa in the UAE is designated for retirees. You can acquire this visa if you own properties worth no less than 1,000,000 AED ($272,000), possess financial savings of 1,000,000 AED, or have a monthly income of 20,000 AED ($5,445). To qualify for the retirement visa, you must be 55 years old or older and have a minimum of 15 years of work experience anywhere in the world.

Why Obtain a Residence Permit

A residence visa gives you the right to:

• Live in the UAE.
• Work and invest.
• Open a bank account.
• Take out a loan.
• Obtain a driver’s license.
• Obtain health insurance and access to local healthcare.
• Enroll your children in a private or state school.

In a Nutshell

Acquiring real estate is not the sole method to obtain a residence permit in the UAE, but it can be one of the most fulfilling. Firstly, you gain a new home or property to vacation at, separate from your primary residence. Secondly, you make a sound investment. Thirdly, you secure the opportunity to reside in the UAE whenever and for as long as you desire. Although the application process may demand a lot, the benefits appear to be well worth it.

Cover photo: v.ivash (freepik)