Residence visa through property ownership in Dubai
The residence visa through real estate ownership, also known as the real estate residency visa, is a popular programme for foreigners who wish to live and invest in Dubai. This visa offers the opportunity to reside in the United Arab Emirates (UAE) as long as the relevant property ownership criteria are met. In this article, you will learn everything you need to know about the requirements, benefits and process to apply for this visa.
Requirements for the residence visa through property ownership
In order to obtain a residence visa through property ownership, some basic requirements must be met:
- The investor must purchase a property in Dubai that is worth at least AED 1 million (approximately USD 270,000).
- The property must be free of any debts or liabilities.
- It is required that the property is registered with the Dubai Land Department (DLD).
- A valid passport is also required.
- The applicant must not have any criminal convictions.
Advantages of the residence visa through property ownership
The residence visa through property ownership offers many advantages for foreigners wishing to live in Dubai:
- Long-term residence: the visa allows holders to reside in Dubai for up to 2 years, with the possibility of renewing it upon expiry.
- Family members: Family members can also be included in the visa application to live in the country.
- High quality of life: Dubai offers a high standard of living, excellent infrastructure and a wide range of leisure activities.
- Economic incentives: Dubai does not levy income tax, which brings economic benefits for residents.
The process of applying for a residence visa
Applying for a residence visa through property ownership is a multi-step process:
- Purchase a property in Dubai that meets the minimum requirements.
- Submit the required documents to the Dubai Land Department (DLD).
- Apply for your visa through the Dubai Municipality or the Dubai GDRFA.
- Complete medical requirements and a security screening process.
- Receive your residence permit.
Illustrative example on the topic: Residence visa through property ownership
Imagine Maria, an investor from Germany, has decided to buy a property in Dubai to live and work there. She finds a modern flat in Dubai Marina with a price tag of AED 1.2 million. After the purchase, she immediately starts the application process for the residence visa through property ownership.
Maria submits all the required documents to the Dubai Land Department and attaches the title deed and proof of financial security to her application. Once the visa is approved, she can now live in Dubai and get her family to apply for residency as well.
She proudly enjoys the city’s diverse cultural offerings, the impressive quality of life and the pleasant climatic conditions. By owning property, Maria has not only fulfilled her longing for a new home, but has also invested in Dubai’s flourishing economy.
Conclusion
The residence visa through property ownership is an attractive option for investors and foreigners looking to settle in Dubai. With clear requirements and a structured application process, it not only opens up opportunities for long-term residency, but also for a high quality of life in a dynamic city. If you would like to find out more about the Dubai property market or are interested in further property reviews, click on the relevant links and discover what Dubai has to offer.
