One of the ways to get the opportunity to live in Dubai or another emirate for Russian citizens is to purchase an apartment or a residential building there. Buying a property is a good investment and allows you to quickly get a residency. The UAE resident visa through real estate is issued for 3 years with the possibility of repeated extension. At the same time, the investor can issue it not only for himself, but also for his family members.
Types of visas for foreign investors
Foreign investors have the opportunity to apply for several different visas, which differ in the validity period, as well as the requirements and conditions for obtaining.
For 3 years
To get it, you need to become an investor in the real estate sector, namely, to buy an apartment or a house that should be residential. At the same time, it is necessary to purchase housing at your own expense, without using loans, the cost of the object should be at least 1 million AED (approximately $ 272,000).
After the investor has received UAE residency through real estate, an identification card, he can apply for residency for his family. The investor does not have to be permanently in the Emirates, but at least once every six months he needs to enter the country.
For 5 years
A long-term 5-year is issued if the investor has invested 2 million dirhams in a purchase in Dubai or 5 million in another emirate. In addition to restrictions on the amount, there are also other requirements: you cannot purchase real estate on borrowed funds, on credit or mortgage. Investments must be maintained for a period of at least 3 years. The investor can also apply for resident visas for his family.
For 10 years
Available to those investors who can invest more than 10 million AED. At the same time, 40% of investments should be in the real estate sector. To receive it, it is necessary to confirm that the funds invested in the investment were not credit or financed by a third party. And investments have been maintained for at least 3 years without changes in the amount of investment and without the use of loans.
Unlike previous types of visas, a 10-year-old has an additional opportunity: an investor can apply for residency not only for family members, but also for an adviser and a manager (executive director).
The pension is issued to investors for 5 years, they must meet several requirements:
- be over 55 years old;
- have valid UAE health insurance;
- receive 20 thousand rubles a month as income AED;
- to purchase an apartment or a house at your own expense, whose cost is at least 2 million AED;
- have at least 2 million AED savings (for confirmation, you need a bank account statement for the last six months).
It can be renewed every 5 years, the condition is compliance with all the listed requirements. A pensioner can work and also act as a sponsor for a spouse and children (schoolchildren and students).
What should an investor consider?
If you decide to become an investor in the UAE real estate sector with the subsequent registration of residency in the country, you need to take into account a number of features:
- The cost of real estate in any case should be at least 1 million AED, this does not apply to the price on the market, namely the one at which they bought a house, apartment, etc.
- You need to invest in objects that are fully ready for use. The purchased apartment, house and other objects must be decorated with the right of ownership “freehold”.
- Investing in objects under construction or “leasehold”, collateral or at the stage of a dispute over ownership does not give the right to obtain residency through real estate.
- You can also apply for its registration in the case of investments in collateral objects. But the amount of the investment should correspond to a minimum of 1 million dirhams, and the bank should have no objections to the transaction.
- It is possible to invest 1 million dirhams in total not in one, but in several objects, a maximum of 3. Even in this case, the investor has the right to apply for residency in the UAE.
- In case of joint investments in real estate with a spouse, you can also apply for an investor visa by providing a marriage certificate.
A real estate resident visa does not give the right to work in the UAE. But at the same time, the applicant’s income must be at least 10 thousand AED each month, regardless of whether it was received in the UAE or outside the state.
Is it possible to obtain a visa when buying a mortgage?
It is impossible to apply for residency on the basis of the purchase of an object in a mortgage, since the investor must spend his own, and not borrowed or credit funds. It is necessary to spend at least 1 million dirhams or $ 272,000 of your own finances, without attracting sponsors or other source of funding. Only in this case, it is possible to obtain residency on the basis of investing in real estate both for the investor himself and for his family members in the future.
What documents will be required
To submit an application, you need to provide:
- a copy of the passport and the current visa, if any;
- documentary confirmation of the applicant’s property rights to real estate;
- object purchase and sale agreement (to confirm the transaction);
- 6 photos of the format as in the passport;
- certificate that the applicant has no criminal record;
- medical insurance;
- bank account statements;
- utility bills.
Depending on the type of visa (its validity period and other features), the package of documents can be adjusted, supplemented. Therefore, before submitting to the registrar, it is best to consult professionals to make sure that the documents are correct, that all the necessary certificates and papers are available.
How to apply
The application process takes place in stages:
- Applying to the Dubai Land Department with a passport and a copy of the current visa, a document of ownership.
- Receipt of a letter of recommendation, transfer it to the local police department to obtain a certificate that the applicant has no criminal record.
- Applying to the Department of Economic Development for a license.
After that, you can apply for the right type of investor visa.
How much does the registration cost
On average, you will need 13-15 thousand AED, this amount includes:
- various fees (420);
- certificate that the applicant has no criminal record (220);
- application processing costs (3000);
- the cost of an entry permit (1000);
- medical insurance and an identification card (2490).
This is an average amount, but it may differ more or less depending on the circumstances, additional expenses, for example, for extending contracts with partners or sponsoring family members, spouses (5-6 thousand dirhams).
You also need to pay for the extension of the residence of each family member if they have a residence permit and they want to stay in the emirates (250 for each).
What do family members need to get a visa?
If an investor has a UAE resident visa issued through real estate, he can make it for family members as well. You can apply after receiving an identification card. You will also need to legalize a marriage and birth certificate. To become a sponsor of a family, you need to prove a sufficient level of income and its compliance with the established norm. The apartment or house should be fully ready to move in, and their area should correspond to the number of family members. If it is issued for a wife and children, an apartment for 1 million dirhams is enough. For example, if the owners of an apartment or house are 2 brothers, then the cost of real estate for each should be 1 million, that is, in the amount of 2 million dirhams.