November 18, 2024

Procedure for Obtaining a Real Estate Investor Visa in Dubai

Dubai has become one of the top destinations for foreign real estate investors due to its strategic location, tax-free environment, and high rental yields. To encourage long-term investment, the UAE government offers a Real Estate Investor Visa, also known as the Property Visa, to individuals who invest in property in Dubai. This visa allows investors to live and work in the UAE while benefiting from the country’s stable economy and lifestyle.

This guide will take you through the step-by-step procedure to obtain a real estate investor visa in Dubai, including eligibility requirements, costs, and other important factors to consider.

1. Types of Real Estate Investor Visas in Dubai

Dubai offers different types of real estate investor visas depending on the value and type of the property investment:

  • 3-Year Property Investor Visa: For those investing at least AED 750,000 in a freehold property.
  • 5-Year Long-Term Investor Visa: For investors who purchase real estate worth at least AED 2 million.
  • 10-Year Golden Visa: For property investments of AED 10 million or more, with the possibility of including other types of assets, such as shares or company investments.

Each visa type has different requirements and benefits, including varying lengths of stay and the ability to sponsor family members.

2. Eligibility Requirements for a Real Estate Investor Visa

Before applying for a real estate investor visa, investors must meet certain criteria:

  • Freehold Property: The property must be located in a designated freehold area where foreign nationals are allowed to own property.
  • Minimum Investment:
    • For a 3-year visa, the minimum property value must be AED 750,000.
    • For a 5-year visa, the property value must be at least AED 2 million.
    • For a 10-year Golden Visa, the investment should be AED 10 million.
  • Ownership: The property must be fully completed, and not under construction. The investor must have full ownership or a share that meets the minimum value requirements.
  • Mortgage Requirements: If the property is financed through a mortgage, at least 50% of the loan must be paid off. A No Objection Certificate (NOC) is required from the bank for the visa application.
  • Property Type: Only residential properties are eligible. Commercial properties and off-plan properties are not eligible for the visa.
  • Joint Ownership: For jointly owned properties, the share of the applicant must be at least AED 750,000.

3. Step-by-Step Process to Obtain a Real Estate Investor Visa

A. Purchase the Property

  1. Find an Eligible Property: Choose a property in one of Dubai’s designated freehold areas that meets the minimum value requirement for the type of visa you want to apply for.
  2. Complete the Purchase: Ensure the property is fully paid for, or if financed, you must meet the mortgage requirements (at least 50% paid off). Obtain a Title Deed from the Dubai Land Department (DLD).

B. Open a Bank Account

For visa applicants who need a UAE bank account (for financial transactions, etc.), open an account with a local bank after purchasing the property. You will need this account for salary deposits or other transactions while residing in the UAE.

C. Apply for a Visa Eligibility Certificate

  1. Visit the Dubai Land Department: Visit the DLD to request a Visa Eligibility Certificate, which is required for the visa application. The certificate confirms that the property meets the eligibility criteria for the real estate investor visa.
  2. Documents Required:
    • Original Title Deed of the property
    • Passport copy
    • No Objection Certificate (NOC) from the mortgage provider (if applicable)
    • Good Conduct Certificate (issued by Dubai Police)
    • Proof of health insurance (must cover you in the UAE)
  3. Pay the Fees: There are processing fees for obtaining the Visa Eligibility Certificate, which vary depending on the property value.

D. Medical Fitness Test and Health Insurance

  1. Medical Fitness Test: All visa applicants are required to undergo a medical fitness test at an authorized center in Dubai. The test typically includes a blood test and chest X-ray.
  2. Obtain Health Insurance: Health insurance is mandatory for all UAE residents. You will need to purchase a health insurance policy that complies with UAE regulations.

E. Apply for the Real Estate Investor Visa

Once the Eligibility Certificate and medical fitness results are received, you can proceed to apply for the investor visa. You can do this either:

  • Directly through the Dubai Land Department, or
  • Online via the General Directorate of Residency and Foreigners Affairs (GDRFA).

F. Visa Issuance and Residency

  1. Submit Application: Submit the visa application along with all required documents to the General Directorate of Residency and Foreigners Affairs (GDRFA).
  2. Pay Visa Fees: Fees vary based on the type of visa and the applicant’s nationality. The costs may range from AED 4,000 to AED 14,000, depending on the visa duration and other factors.
  3. Receive Residency Visa: Once approved, the investor will receive a 3-year, 5-year, or 10-year residency visa, depending on the investment.

G. Emirates ID Application

Once the visa is approved, investors must apply for their Emirates ID at the Federal Authority for Identity and Citizenship (FAIC). The Emirates ID is mandatory for all residents and is used for official identification purposes within the UAE.

4. Costs Involved

There are various costs associated with obtaining a real estate investor visa, including:

  • Property Purchase: Varies based on the property value (minimum AED 750,000).
  • Dubai Land Department (DLD) Fees: Typically 4% of the property value.
  • Visa Processing Fees:
    • For a 3-year visa, fees range from AED 4,000 to AED 7,000.
    • For a 5-year or 10-year visa, fees range from AED 8,000 to AED 14,000.
  • Health Insurance: Costs vary based on coverage but typically start from AED 1,000 per year.
  • Medical Fitness Test: AED 300-700 depending on the type of test and health center.
  • Service Fees: There may be additional service fees if you hire a visa processing company to assist with the application.

5. Benefits of a Real Estate Investor Visa

  • Long-Term Residency: Investors can reside in Dubai for 3, 5, or 10 years, depending on the visa type.
  • Sponsoring Family Members: Investors can sponsor their spouse, children, and other dependents under their visa.
  • Work in the UAE: The visa allows investors to work, start a business, or live in Dubai while managing their investment.
  • No Tax on Income: Dubai offers a tax-free environment for both personal income and capital gains, which is beneficial for real estate investors.

Conclusion

The Dubai Real Estate Investor Visa is an attractive option for those looking to invest in the emirate’s booming property market. By following the correct procedures and ensuring that your property meets the eligibility requirements, you can enjoy long-term residency and benefit from Dubai’s robust economy and real estate opportunities. Make sure to conduct thorough research and seek professional advice if needed to ensure a smooth and successful application process.