One of the common questions asked even in casual discussions about buying a property in UAE is whether the owner will also be entitled to the country’s coveted nationality or at least a Residence Visa.
Here are some quick facts collected on this topic. However, of course, these can change if the government decides to amend any of the laws. So, it is highly recommended that you seek professional help at the time of making any transactions or commitments.
As the owner of a property in Dubai worth AED 1 million or more per shareholder, you can apply for a residence visa. Conditions include that the project must have been formally completed, ready for occupancy and handed over to the owners. Other major conditions include that this visa does not allow the person, or his dependents to work in UAE on this visa.
Broadly speaking there are two type of visas, the 6-month multiple-entry, and the 2-years Residence Visa.
Both of them require the property to be worth more than a million-dirhams per owner. If there are co-owners or shareholders in a single property, then its worth should be AED 1m per person or higher.
This can only apply to residential property, and not commercial ones.
The visa allows the owner to sponsor the family members for their respective periods.
Both visas require renewal every 6-months, costing AED 1,100. The 2-yrs residency also requires additional cost of AED400 administrative fee. Sponsoring the family members would be additional AED250 every 6-months for former, while it would be AED6,000 per member in the case of 2-yrs residency.
The 2-years residency also requires a monthly income of AED 10,000+ credited into the owner’s account, and an investor’s trade license that costs AED 2,000.
Sponsoring of maid would not be allowed in either of them.
Documentary requirements include:
- Property Owner’s Passport Copy
- Title Deed of the Property
- Sale & Purchase Contract
- Passport sized 6 photos
- Copy of the current visa
Its best to consult professional help before taking any decisions. Please contact us to discuss your specific situation.
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