Last Updated on 23rd December 2022
The United Arab Emirates has traditionally attracted foreigners and fashion influencers due to it’s climate and luxury lifestyle. Dubai can be considered as the place of concentration of expats from all over the world. A large part of the population of the emirate is foreigners, so accommodation is always in demand.
In the metropolis there are several dozen free zones, where non-residents can buy housing in full ownership and dispose of it at their discretion. The most beneficial are various types of property in Business Bay the UAE, Dubai Marina, on the island of Palm Jumeirah. And these are just a few options for locations considered by foreigners to move to permanent residence and as an investment. Innovations in visa laws have made immigration to the UAE even easier.
Definition and benefits of the UAE resident visa
The UAE resident visa is a document that allows the holder to officially live in the UAE, leave the country and enter at any time; obtain tax residency status, work or study. A residency visa provides the same opportunities as a residence permit in other countries.
It is open for the period from 6 months to 10 years, it depends on the grounds. Resident visas in the UAE can be extended an unlimited number of times.
What does residency status in the UAE entitle you to?
- You can officially reside in the country.
- You can obtain a Tax Resident Certificate from the Ministry of Economy to avoid paying taxes in your country of residence.
- You can rent a place to live.
- You can connect to cell phone and internet services.
- You can open a bank account.
- You can get a driver’s license.
- You can enrol your children in school.
- You can apply to government agencies in the UAE.
Resident Visa for the purchase of real estate in Dubai
Since 2019, foreign property owners in Dubai can be qualified for a multi-year residency visa. Initially, the entry threshold for it was set at 1 million dirhams ($272 thousand), and the period of validity – two years, but by the fall of 2021 the minimum amount was reduced to 750 thousand dirhams ($204 thousand), and also increased the validity of the visa.
There are several conditions to the purchased objects. The housing must be suitable for habitation, that is, complete and in good condition. The applicant must have a title. If the property is purchased on a mortgage, the amount paid to the bank must be at least AED 750 thousand or 50% of the value of the object.
The resident visa is issued for three years. During all its validity the investment in Dubai real estate must be maintained. Visa can be extended. It is assumed that its holder will live permanently in the emirate, but the long-term residence by itself does not give him the right to citizenship.
Golden Visa for the purchase of apartments in Dubai
“Golden Visa” is a ten-year residence permit that can be obtained by investors, businessmen, qualified professionals, gifted students and simply talented individuals.
The new rules for buyers of real estate:
- The lower threshold of home value will be 2 million AED ($ 544 thousand). Earlier to get a residence permit the buyer had to invest 10 million AED.
- Purchasing a house is allowed by attracting a mortgage from a local bank approved by the state.
- Investors can buy not only ready-made homes, but also facilities under construction.
Other visa processing options for those planning to move to Dubai for permanent residency
New rules for businessmen
Foreigners wishing to become a partner in a start-up registered in the UAE in the category of small and medium-sized enterprises and bringing in an annual income of at least AED 1 million ($272,294), can also apply for the “golden visa”.
In order to obtain a ten-year residence permit, foreigners in this category must obtain approval of the idea from the official business incubator, the Ministry of Economy or the competent authorities.
New rules for specialists
Qualified specialists in the fields of medicine, science and technology, management and business can apply for the “golden visa”. Applicants must have a valid employment contract with a local employer and belong to the first or second professional level in accordance with the classification of the Ministry of Human Resources and the International Classification of Occupations ISCO. Applicants must have an education level equivalent to a Bachelor’s degree and a monthly salary of at least AED 30,000 ($8,168).
Scientists and researchers with achievements in their field may be granted a residence permit based on the recommendation of the Council of Scholars. The candidate must have a degree or have demonstrated significant scientific achievement.
Only exceptionally gifted individuals are eligible. Status is awarded on the basis of talent; the level of qualification need not be proven. Talented people in the fields of culture, art, sports, digital technology, inventors, and figures in other vital areas can apply for this type of residence permit.
New rules for students and schoolchildren
– The “golden visa” for up to ten years can apply to students with high performance in high schools in the UAE, the outstanding graduates of local universities and the top 100 universities in the world.
New rules for relatives
The age limit for children included in the application has been relaxed. Previously, a male child could be included up to age 18, but under the new rules the age limit is 25. Female children or children with disabilities are no longer subject to age restrictions at all.
There are other benefits for family members that allow them to remain in the country in the event of the death of the main applicant before the expiration of the residence permit.
Professional help in choosing and buying real estate in Dubai
Emirates.Estate website offers a wide selection of residential properties in all popular locations in the emirate. Search system allows you to set filters through which you can choose the type of property, location, price in different currencies. Specialists are ready to advise on how to find a home for permanent relocation, as well as for investment purposes. Start choosing your dream home now!
