How to Obtain a Residency Visa Through Property Investment in Dubai
Dubai’s real estate sector has played a pivotal role in boosting the emirate’s economy, with new regulations and policies designed to benefit investors. These measures have made the property market more stable, creating a favorable environment for those interested in investing. To further attract investors and enhance confidence in the market, the government has introduced a series of visa options tied to property ownership. Investors can now obtain residency visas by purchasing property in Dubai, with several options available depending on the investment amount and terms.
Currently, there are several types of residency visas available based on property investment. These include a short-term 6-month visa, a 3-year residency visa, a 5-year long-term visa, and a 10-year long-term visa. Each option caters to different investment preferences and offers varying benefits. The process of obtaining a visa through property ownership is relatively straightforward, and as an investor, you will not face major obstacles when applying.
Residency Visa Options for Property Investors
- 6-Month Multi-Entry Visa:
This visa is designed for those who seek flexibility, allowing multiple entries over a six-month period. It is available for properties valued at AED 1 million or more in any of the seven Emirates. Issued by the immigration authority, this visa does not involve the Dubai Land Department. The visa fee is relatively low, approximately AED 2,300, and it requires renewal every six months for a fee of AED 1,100, along with an additional AED 250 for sponsorship and renewal. - 3-Year Residency Visa:
The 3-year residency visa is issued by the Dubai Land Department for those investing in property valued at over AED 1 million. This visa allows the holder to become a UAE resident and enjoy benefits such as an Emirates ID, driving license, and family sponsorship. The visa typically costs between AED 13,000 and AED 15,000. It is important to note that this visa holder cannot spend more than six months consecutively outside the UAE. - 5-Year Long-Term Residence Visa:
Investors putting more than AED 5 million into Dubai’s property market are eligible for a 5-year residence visa. This option comes with specific requirements, such as no use of mortgage or loans for the property purchase and maintaining the investment for a minimum of three years. The total cost of this visa is also in the AED 13,000 to AED 15,000 range, offering an excellent option for long-term investors. - 10-Year Long-Term Residence Visa:
For investors contributing a minimum of AED 10 million, with at least 40% of the amount invested in real estate, the 10-year residency visa is an appealing choice. Like the 5-year visa, the investment must be free of loans and must be retained for three years. Holders of this visa also enjoy the benefit of including their children, spouse, executive directors, advisors, and even business partners in the application, provided each partner meets the minimum investment threshold of AED 10 million.
Required Documents for Obtaining a Residency Visa
To apply for a residency visa through property investment, investors must submit several documents, including:
- Property title deed
- A copy of the applicant’s passport
- Current visa copy
- Six passport-sized photos
- A certificate of good conduct from Dubai Police
- Bank statements
- Utility bill
- Health insurance
Important Conditions to Keep in Mind
- The property must be worth at least AED 1 million.
- Only freehold and ready properties are eligible for residency visa applications.
- Properties that qualify include residential apartments, serviced apartments, hotel apartments, villas, townhouses, and even commercial properties such as warehouses and offices.
- Investors can apply for a residency visa with a mortgaged property, as long as it meets the minimum AED 1 million value. A No-Objection Certificate (NOC) from the bank is also required.
- For multiple properties, if the total value is AED 1 million or more, the investor is still eligible for a residency visa.
- Property investors are not automatically entitled to work in the UAE.
- If applying with a spouse, a marriage certificate must be provided.
- Investors must show a minimum income of AED 10,000 per month, with proof of income from within or outside the UAE.
Steps to Obtain a Residency Visa Through Property Investment
Here’s a step-by-step guide to obtaining your residency visa:
- Visit the Dubai Land Department: Bring the necessary documents, including your passport, title deed, and current visa copy. At this stage, you will request a reference letter from the Dubai Land Department.
- Obtain a Police Clearance Letter: Take the reference letter to Dubai Police to get a certificate of good conduct.
- Apply for a Trade License: Visit the Dubai Economic Department with the required documents to apply for a trade license.
- Submit Documents to the General Directorate of Residency and Foreign Affairs (GDRFA): After obtaining the trade license, apply for your residence visa with the GDRFA.
- Family Visa Application: Once your residency visa is approved, you can apply for visas for your family members under your sponsorship.
Visa Fees and Costs
The total cost of obtaining a residency visa typically ranges between AED 13,000 and AED 15,000. Below is a breakdown of some of the costs involved:
- Police clearance letter: AED 220
- Administration fees: AED 420
- Application costs: AED 3,000
- Typing and entry permit fees: AED 1,100
- Dubai Economic Department (DED) license issue: AED 8,440
- Medical tests, Emirates ID, and stamping: AED 2,490
- Annual renewal and family sponsorship: AED 5,000 to AED 6,000
Where to Apply for Your Residency Visa
In response to the needs of investors, the Dubai Land Department introduced Cube in 2017, a centralized service designed to streamline the residency visa application process. Cube offers a convenient, time-saving way to apply for residency visas, addressing all the important steps in one location.
In conclusion, obtaining a residency visa through property investment in Dubai is an accessible process that requires following the proper steps and fulfilling the necessary conditions. By investing in real estate, you not only gain a valuable asset but also the opportunity to secure long-term residency in one of the world’s most vibrant and dynamic cities.
