Residency visa in Dubai:This article focuses on how to get a residency visa in Dubai through property purchase, what type of property is required.
What are the property requirements in order to get a residency visa
First and foremost, it must be a residential property, not a commercial. Only the residential property enables you to get a residency visa. This type of property can only be purchased in areas, where an owner of freehold property for foreigners is allowed.
The value of the purchased property must be not less than 1 million dirhams. If a unit is bought by several buyers, the value of each buyer’s stake must be no less than 1 million dirhams.
In 2019 there was an important amendment to this law. If before this was applicable to one property with the given minimum value, now this can be a total value of two properties together.
Moreover, the residency visa over property is now also possible over purchasing an office or other commercial property in Dubai as well – when buying such you can also obtain a residency visa in the UAE.
The construction of a property must be completed. Units that are still under construction, regardless of their final value after construction, do not grant the right to receive a residency visa until the construction is completed.
How long is the validity of this type of visa?
The visa which is issued on the basis of property ownership is valid for 2 years with an option for prolongation.
What documents are required?
The following documents are required to obtain this type of visa
Title Deed
Contract of sale and purchase
Passport copy of the property owner
Current visa copy (tourist or visit)
Photographs (passport size)
The advantages and disadvantages of this solution
This type of visa requires a property purchase in UAE. If such an acquisition meets your plans, then it’s an ideal solution.
The property visa does not grant the right to work in UAE, whereas a visa through a company does provide such a right.
If, as mentioned above, the property purchase meets your plans and financials and you don’t have the requirement to do business through a company in UAE – the property visa is simple and cheaper. In all other cases, a residency visa through the company is more favorable.
