Can You Get a UAE Residency When You Buy Real Estate Property?

Author

Aquilina Zarour

Date of publish

Aug 04, 2022

Can You Get a UAE Residency When You Buy Real Estate Property?

UAE Residency

UAE residency is what many people around the world dream of. The reason is quite simple; you get to come and go whenever you feel like it, and enjoy all the UAE has to offer. Expats consider that living in the UAE is one of the best options, therefore, UAE residency is very important, since they can live the luxury life and benefit from one of the best and most respectful countries in the whole world.

Nevertheless, what many do not know is that getting a UAE residency is not as hard as it might seem, especially for individuals who have a job in any of the emirates and if they own an expensive real estate property.

That being said, investing in real estate in UAE is indeed one of the most rewarding decisions ever made. They get to enjoy a UAE visa, or even better, UAE residency privilege.

Can You Get a UAE Residency When You Buy Real Estate Property?

UAE residency is one of the rewards one can get when buying real estate property. And according to the UAE investor visa program, getting a UAE residence permit is achievable if the property is completed upon purchase and if its value is AED1 million, at least.

That being said, if you are a foreigner who wishes to invest in the UAE, one of the best countries in the world, you can get a UAE residency and benefit from all the country has to offer. The UAE residency can last up to 3 years and more, and you have to renew the visa, based on your UAE residency type. Therefore, getting a permanent or a lifetime residency visa in UAE is not available.

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UAE Residency Types

There are many types of UAE residency, and they are:

1. 6-Month Multi-Visa Entry

To get a 6-month multi-visa entry, you must purchase a residential property of at least AED1 million. This UAE residency visa allows you to travel to the 7 emirates of the UAE and you can make many entries to the country during this period of time. It has to be renewed every 6 months, and it is not issued by the Dubai Land Department.

2. 3-Year Residency Visa

To get a 3-year UAE residency visa, you have to purchase a residential property that is worth over AED1 million. What makes it different than the 6-month UAE residency visa is that it is issued by the Dubai Land Department and it typically costs anywhere between AED13000 and AED15000. This can get you to own an Emirates ID card and a driving license. However, to remain eligible, UAE residency holders must not spend more than 6 consecutive months outside the United Arab Emirates.

3. 5-Year Long-Term UAE Residency Visa

To get a 5-year long-term UAE residency visa, one must make an investment of at least AED5 million in real estate. This UAE residency type typically offers its holders the same benefits as the 3-year UAE residency visa. And to be eligible for a 5-year UAE residency visa, investors must not refer to loans to buy a property. They must not even mortgage a property. Also, investors are called to keep their investment for 3 years, as a minimum.

4. 10-Year Long-Term UAE Residency Visa

A 10-year long-term UAE residency visa is obtained if the investment is worth AED10 million and with not less than 40% real estate investment. However, investors who refer to loans to purchase real estate properties or who do not retain the investment for 3 years at least cannot be eligible for the 10-year UAE residency visa.

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Can Foreigners Own a Real Estate Property in UAE?

Owning a real estate property in the United Arab Emirates is possible for foreigners who wish to invest in one of the best countries in the whole world. There are specific areas in the UAE that are designed as freehold, which means that it makes it possible for expats to buy a real estate property, and can either live in it, or rent it out.

That being said, UAE residency can be obtained by foreign investors under certain conditions, which means that they can get to come to the country, whenever they feel like it, for a certain period of time.

Using this asset in a wise way is mandatory; you can buy a real estate property in UAE and use it in a smart way. You get to choose whether you want to live in it, or invest in it by renting it out and getting monthly payment, without doing anything.

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UAE Residency Requirements for Foreigners

There are some conditions and requirements that are mandatory to get a UAE residency, and they are:

· Property type

· Property value

· Property state

· Property location

· Property Title Deed

· Proof of Income

· Visa status

· Passport

· Bank statements

· Certificate of Good Conduct

· Utility bill

· Medical insurance

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Why UAE?

Investing in the United Arab Emirates is rewarding on so many levels. The benefits of buying a property in the UAE is far more beneficial than simply getting UAE residency, as they include the following:

· High Rental Yield

It is known that rent in the UAE is very high. This means that when one decides to invest in any emirate in the UAE, they will be offered the chance of renting the property out and getting monthly payment.

· Includes Cosmopolitan Hubs

The UAE includes one of the top cosmopolitan hubs, such as Dubai. Living in Dubai and in any other emirate means living in a luxury region that offers the fancy lifestyle everyone wishes to live, not to mention that it attracts many tourists all over the year.

· Luxury Lifestyle

From restaurants to cafes, resorts, hotels, and beaches, all the emirates in UAE offer its citizens the luxury lifestyle that cannot be found elsewhere. Getting a UAE residency, in addition to living THE life, is indeed one of the most obvious benefits of investing in UAE.

· Tax-Free State

In the UAE, there are no taxes to be paid. This indeed makes investing in the UAE one of the best decisions, as you will get to enjoy all the benefits, in the tax-free state that makes it possible for you to enjoy your life to the fullest.

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