Understanding the 3-Year Property Investor Visa Rule In UAE
Dubai ranks among the top choices for real estate investment. Its sparkling skyline, world-class infrastructure, top-notch facilities and amenities, tax incentives and visa-related benefits make it a premier investment destination, attracting investors from all over the world. As a foreign investor, you should have information about property-related regulations such as the 3-year property ownership rule.
A property investor visa is considered one of the core advantages for people who are passionate about real estate investment in Dubai, UAE. Besides owning property in one of the prime destinations, investors also enjoy residency rights in Dubai, UAE. If you are interested in buying property in Dubai, UAE then give it a read to understand the concept of Dubai Property Investor Visa.
Overview of Property Ownership Rules in Dubai
The Dubai Property Investor Visa is a residence permit issued by the government to people who invest in real estate or buy properties for sale in Dubai, UAE. People who purchase properties in the United Arab Emirates and surpass the set limit become eligible to apply for a property visa. The government introduced this concept to attract foreign investors and facilitate foreigners who intend to purchase real estate or live in Dubai. This renewable visa opportunity allows property investors to stay here for an extended period.
Types Of Dubai Property Investor Visas
3-Year Property Visa:
People who purchase property worth AED 750,000 become eligible to apply for a 3-year property visa. People who obtain this visa are allowed to stay in the city for about 3 years. Once a term finishes, one can renew their visa if the value of his property meets the set criteria.
5-Year Investor Visa:
People who purchase property worth AED 2 million can consider obtaining a 5-year investor visa in the United Arab Emirates. It also offers a long-term residency as this visa is also renewable, attracting investors and enabling them to consider a long-term stay in the UAE.
10-Year Golden Visa
If you purchase a property or properties worth AED 2 million or more then you can also obtain a Dubai Golden Visa. This visa program is aimed at attracting high-net-worth individuals, talented individuals and entrepreneurs.
Benefits Of Property Ownership Visa In Dubai: UAE
Residency Rights
By buying property in Dubai, you can apply for a renewable residency visa. If the cost of a purchased property is AED 750,000 then you can obtain a 3-year residency visa and if the value of a property is AED 2 million then you can consider applying for a 5 or 10-year residency visa. This visa program gives you residency rights in Dubai. As a visa holder, you can also have access to public amenities and government facilities.
Family Sponsorship
In the first place, they do not need a local sponsorship to enter the United Arab Emirates and also this visa holders are allowed to sponsor their immediate members such as spouses, children and parents. Given this, visa holders can live with their families in Dubai.
Tax Incentives
There are no property and capital gain taxes in Dubai. It means individuals can also capitalize on tax benefits by obtaining significantly high returns on investments as they are not bound to share their profit with their government.ย
Business Opportunities
Visa holders also enjoy business opportunities in Dubai. They can establish or expand their businesses, engage in trade activities and take advantage of Dubaiโs strategic location, tax advantages and the cityโs captivating business environment.
Access To Financial Services
Property visa holders in Dubai can also enjoy seamless access to financial services. They can seamlessly open bank accounts, obtain loans and mortgages and get credit cards, enabling them to consider further investment ventures in the United Arab Emirates.
Detailed Explanation of the 3-Year Ownership Rule
The 3-year ownership rule in Dubai indicates rules that qualify foreign property owners in Dubai to have access to certain benefits such as a Dubai residency visa. Under this rule, if an expatriate or foreign investor buys property worth at least AED 750,000 and meets other requirements then he becomes eligible to obtain a renewable property-linked visa which allows him to live and work in Dubai.
The validity of this visa is 3 years and it can be renewed if the person still meets the eligibility criteria. Considering its renewable trait, this visa program encourages foreigners to buy property for sale in Dubai to start or expand their businesses, take advantage of its business opportunities and live a comfortable and exciting lifestyle along with their families.
The 3-year property ownership rule incites people to purchase properties worth AED 750 million to obtain a 3-year residency visa. This development not only attracts foreign investors and increases the scope of the property market but also stabilizes the Dubai property market.ย
Letโs Explore The Eligibility Criteria
- For a 3-year residency visa, the value of the purchased property must be AED 750,000 and for a 5-year residency visa, the value of the property must be AED 2 million.ย
- An expat or foreign investor can only invest and own freehold real estate in Dubai. So, the property must be freehold to apply for a residency visa.
- Normally completed properties or properties that are ready for occupancy are considered. Certain conditions are required in the case of off-plan real estate.
- You must own the property and if you have joint ownership then your property share must meet the minimum requirements.
- You must have paid around 50% of the mortgage if your property is mortgaged.ย
- If you intend to apply for a 3-year residency visa in Dubai then the monthly income requirement is AED 10,000.
How To Apply For A Residency Visa In The UAE?
- First of all, you are required to purchase a property or properties to meet the set criteria. You must own a property worth at least AED 750,000 to become eligible to apply for a 3-year residency visa. In case of joint ownership, your share must be worth AED 750,000.
- Following making a purchase, you need to register the title deed with the Dubai Land Department (DLD). A title deed is basically a proof of property ownership and it is required at the time of the application.
- You can visit the authorized department or also submit an online visa application. Visa documents include the title deed, passport copies, photos and proof of income.
- The applicant is also required to undergo a medical examination to ensure his eligibility.
- Following the visa process, you need to apply for an Emirates ID to have access to facilities and public services.
Considerations Before Applying For A 3-Year Property Visa In Dubai:
- First of all, you must evaluate the growth prospects of the market before making any decision. It is necessary to analyze the current real estate market condition to avoid the risk of value fluctuation and obtain maximum advantages.
- You are also suggested to consider legal advice to ensure that your investment is secure and legal.ย
- You must ensure that you have finances to cover additional costs such as visa processing fees, medical tests and mandatory health insurance. You must also be committed to holding the property for at least three years to maintain your eligibility.
- It is also necessary to understand the market liquidity, demand of a certain type of property and resale value of your chosen property before making a purchase to avoid any hassle.
- This is a renewable visa. It means you can renew it when its validity ends. You will have to meet the eligibility criteria again to renew your property visa.
The Bottom Line:
The 3-year property ownership rule allows property investors to secure a renewable 3-year residency visa in Dubai. If you own a property worth AED 750,000 in Dubai then you become eligible to apply for this renewable visa. This development is aimed at attracting foreign investors and facilitating them as they can then enjoy public services. This residency visa offers a secure and prosperous future in the thriving global hub.
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Kelt and Co Realty is a prominent real estate agency in Dubai. This property company offers a range of residential and commercial real estate investment opportunities. No matter whether you are a local or foreign investor, we can help you find the most feasible investment option based on your specific requirements because we believe in offering tailor-made solutions to exceed the expectations of our clients.
How does property ownership work in Dubai?
Two types of properties are available in Dubai: leasehold properties and freehold properties. Ownership is limited in leasehold areas. Properties are available for a long-term lease, offering limited ownership rights. On the other hand, freehold properties offer complete ownership rights, enabling owners to use such properties as per their desire and these properties can also be transferred.
How to obtain a 3-year residency visa in Dubai?
If you purchase a property worth AED 750,000 in Dubai then you become eligible to obtain a 3-year residency visa. This is a renewable visa program that facilitates property investors in Dubai, UAE.
What is a Golden Visa in Dubai?
If you purchase a property worth AED 2 million then you become eligible to apply for a Golden Visa. This is a renewable visa that allows property holders to live and work in Dubai. A Golden Visa holder can also sponsor his immediate relatives.
Is Dubai a suitable place for real estate investment?
Yes. Dubai is one of the best places to consider for real estate investment. It is mainly known for its magnificent skyline, perfect living and business environment, high-end amenities and significant returns on investment.