As per the regulations of the Dubai Land Department, individuals who purchase a property in Dubai of a minimum value of AED 1,000,000 are entitled to apply for a UAE residence visa.
The property must be a freehold property (located in a freehold area) and not under construction (off-plan) as it must be in a habitable condition. Investors who lease properties, including 99-year lease agreements, are not eligible to apply for the relevant residence visa as they are not considered as the rightful owners of such properties.
Types of property accepted when submitting the Property Investment Visa application include apartments, serviced apartments, villas/townhouses, hotel apartments, hotel rooms and commercial properties such as offices and warehouses.
Property Investment Residence Visa options available for investors are as follows:
- 6-month multiple entry visa: considered as a ‘tourist visa’, whereby the investor will not be granted the Emirates Identity Card (‘Emirates ID’). The value of the purchased property(ies) must be of at least AED 1,000,000 (low fees and short processing time, if applying for this option).
- 3-Year Visa: the investor will receive all the perks of being a Resident in Dubai, such as being granted the Emirates ID. The value of the purchased property(ies) must be at least AED 1,000,000.
- 5-Year Visa: the investor will receive all the perks of being a Resident in Dubai, such as being granted the Emirates ID. The value of the purchased property(ies) must be at least AED 5,000,000. (It is important that the property(ies) must not under any circumstances be mortgaged).
It should be noted that the above options are Residence Visas, so the investors applying (including sponsored family members) will not be permitted to work within the UAE.
The Regulations of the Dubai Land Department are constantly updated and the relevant requirements may vary.
The content of this article is valid as at the date of its first publication. It is intended to provide a general guide to the subject matter and does not constitute legal advice. We recommend that you seek professional advice on your specific matter before acting on any information provided. For further information or advice, please contact Alexia Rosgovas, Associate at Alexia.Rosgovas@kyprianou.com