Dubai has become a sought-after metropolis thanks to reasons like stunning architecture, a luxurious lifestyle, endless career opportunities, and a booming business landscape. People across the globe who visit Dubai as tourists often aspire to live and invest in this prosperous city. One of the most straightforward ways of obtaining residency in Dubai is through property investment in the city. However, the process of obtaining residency through property investment is not as simple as it might seem, and there are a few considerations and requirements that you must remember before deciding to reside in Dubai.

Residency in Dubai Through Investment in Property

Dubai gives an option of residency through the visa program that is linked with property investment. Investors can acquire residency through this program and for their dependents by buying a property that meets the required criteria. This is seen as a lucrative option as not only do you secure property but also get residency in the UAE.

Threshold of Investment and What to Expect?

The following are three residency options that are directly linked with property ownership. Foreign nationals are not allowed a lifetime residency in Dubai.

1. Ten-Year Residency Visa

Also known as Golden Visa, this new type of visa allows residency of up to 10 years, enabling the individual a longer stay in Dubai. This visa application has the criteria, which require an investment of at least AED 2 million. The Golden Visa can be applied for with the Dubai Land Department (DLD). The most essential of the criteria for obtaining this much sought-after visa is the establishment of an investment of not less than AED 2 million in a Dubai property. The property has to be retained for a period of at least 2 years. However, for properties that are valued below AED 4 million and owned by a married couple jointly, only one person is allowed this visa. Also, the partner with more shares of the total will be deemed as the main visa holder of your family. In case the property is divided equally between the spouses then either of the two individuals can apply for the visa. It is also important to remember that the spouse can also be sponsored by the visa holder. Ensure that you meet the criteria of holding a valid passport that has its validity for six months at a minimum.

2. Two-Year Residency Visa

This kind of visa would require you to purchase a property of AED 750,000. However, if this property is owned jointly by spouses, the investment combined by both spouses should be AED 1,000,000 (USD 272,000 approx). The spouse can also be sponsored by the visa holder. The passport should hold a validity of at least 6 months. The property should not be either commercial or an off-plan property. Finally, in case the property is mortgaged, at least 50% of the total value should be already paid.

3. Five-Year Retirement Visa

This investment is valid for retirees who are looking to gain residency in Dubai for at least 5 years. They need to invest in a property that is valued at AED 1 million irrespective of the fact that it is mortgaged or not. This visa can also be obtained if the person applying has a sustainable income, a fixed deposit of three years, and also owns a property valued at AED 500,000.

It is also important to note that a title deed issued by Dubai Land Development is important for holding these properties and for retaining the residency.

Important Factors to Remember Beyond the Price of Property

Requirement of renewal

As Dubai does not allow permanent residency visas for expats, all the aforementioned visas require renewal after their validity periods lapse. In order to renew the visa, maintaining ownership of the property as well as proving that you have sufficient funds to meet living expenses is important.

Visa sponsorship for dependents

The residency visa also allows the resident to sponsor the visa for spouses as children under the age of 18 with the submission of additional documents and fees that might be involved.

Conclusion

The current property-linked program to receive residency is an attractive way to get residency for investors. However, it is equally important to get a clear approach to the process to meet the requirements, financial risks involved, and long-term plans you might have to make an informed and safe decision to align it with your dream of investing in Dubai. If you are looking for professional assistance to buy property in Dubai, InZone Properties is here to walk you through the process and help you gain residency in Dubai.