UAE Property Market continues to attract investors from all around the world. World-class infrastructure, flexible visa rules and promising rental yields are some of the main reasons why UAE always rules the roost when it comes to real estate investment. If you are also planning to invest in property in UAE and are wondering which type of visa you can possibly apply for, read on below to get a clear idea of your eligibility for property visa:
2-YEAR RESIDENCE VISA FOR PROPERTY INVESTORS
If you are planning to invest a minimum of AED 1 million or more in a freehold property like the one in Madinat Jumeirah living, Emaar Beachfront or any other freehold community, you will be eligible to apply for a 2-Year Residence Visa which you can easily renew – with the condition of maintaining the ownership of the property. The best part is that you can obtain the 2-year residency visa, irrespective of the emirate you are investing in as it is applicable to all the seven emirates in UAE.
5-YEAR RESIDENCE VISA FOR PROPERTY INVESTORS
Applicable to all the seven emirates in UAE, the 5-year residence visa can be obtained with an investment of AED 5 million or more in a freehold property. The good news is that the visa is renewable – with the condition of maintaining the ownership of the property.
5-YEAR RETIREMENT VISA FOR PROPERTY INVESTORS
This year onwards, UAE ex-pats aged over 55 years will be able to obtain a 5-year retirement visa – according to an official Govt. announcement. The announcement has received a lot of appreciation from the ex-pat community as this would allow them to retire in a city they call home. Applicable to ex-pats aged 55-years old or above, the 5-year retirement visa can be obtained if you make a property investment of AED 2 million or have savings worth AED 1 million or have a monthly income of at least AED 20,000. The retirement visa is renewable if you continue meeting the eligibility criteria.
10-YEAR RESIDENCE VISA FOR PROPERTY INVESTORS
If you are making a public investment of AED 10 million or more in any of the seven emirates in UAE, you will be eligible to apply for a 10-Year Residence Visa. The investment should be held and not sold for at least 3 years and at least 60% of it must be a non-real estate.
Both the two year property investor visa and the six month renewable visa will require the following documents:
- Title Deed on the property
- Passport copy of the applicant
- Current visa status/copy
- Passport photos (x6)
- Certificate of Good Conduct (from Dubai Police)
- Bank Statements
- Utility Bill
The emirate has always been a hot market for investors from all over the world due to strong capital appreciation and high rental yields. Now that you know the visa options you have, it is time to start considering a property purchase in Dubai!