For investors from all around the world, the United Arab Emirates has long been the most spectacular place. For those interested in investing here, it provides top-notch infrastructure, substantial rental yields, and liberal visa rules. The option of living and investing in the UAE has become more easier and more tempting thanks to the Property Visa. To maintain investor confidence and increase foreign direct investment, the UAE government takes certain steps and implements regulations consistently.
Who is eligible to own property in Dubai?
The United Arab Emirates is well-known around the world for the vibrant lifestyle it provides to its residents and citizens. When it comes to the property market in the UAE, an investor has a wide selection of possibilities to pick from, making it the most suitable investment location and contributing significantly to the economy. Anyone with sufficient funds can acquire a property in the UAE.
What are the different types of property visas available in the UAE?
Investors and property buyers are typically granted a property visa. A minimum investment in any freehold property is required to be eligible for this visa. The buyer must have it renewed on a regular basis, and property ownership must be maintained for the term of the visa.
- UAE property visa for five years: If the owner has made a Dh2 million investment in a property, they can easily apply for a 5-year residency visa in the UAE. Furthermore, the investment should be kept for at least five years. The owner of a 5-year resident visa can also sponsor his or her family and dependents. The 5-year property visa UAE, out of all the visa schemes, has sparked a lot of interest from investors all over the world.
- UAE property visa for three years: People interested in investing in a property worth Dh1 million or more in the UAE can get a 3-year property Visa UAE from the Dubai Land Department. With this Visa, the investor becomes a UAE resident and gains access to a variety of benefits, including the ability to sponsor his or her family and obtain a driver’s license and an Emirates ID.
The following are the terms and conditions for acquiring a property visa in the United Arab Emirates:
- Property owners should be aware of certain UAE visa restrictions when applying for a property visa.
- Only residential and freehold properties are eligible for a UAE Property Visa.
- The property’s value should be equal to or greater than Dh1 million.
- A mortgaged property can be used to apply for a visa, but it must meet the minimum investment criteria. A NOC from the bank must also be obtained and supplied with the application file.
- A person who owns multiple homes for a total of Dh 1 million is eligible for a residency visa (Subject to approval).
- Visa holders should be aware that they are not permitted to leave the country for more than 365 days in a row.
- The benefits of obtaining a resident visa in the United Arab Emirates
- There is no requirement for local sponsorship.
- A person can spend as much time as they like in the UAE throughout the visa’s validity period, and travel to and from the UAE is hassle-free.
- A person can open a bank account in the United Arab Emirates and gain access to local financial services.
- Obtaining a UAE driver’s license is simple.
- Travel to specific countries without a visa.
- Support their family and dependents by becoming a sponsor.
- The 5-year and 3-year visas can both be easily renewed as long as the investor keeps their investment.