Dubai residence visa by buying property
Foreign investors can obtain a residence visa in Dubai according to the new laws of this country. If They intend to invest in real estate in Dubai, they can apply for long-term residence and, in the following stages, for UAE citizenship. Since 2019, foreigners have obtained a long-term residence permit in Dubai. This Visa, issued through property purchase, is an easy way to obtain UAE citizenship. Getting UAE citizenship through many methods, such as work and education, is almost impossible. But you can apply for citizenship by buying real estate in Dubai. If you want to know the conditions of a residence permit in Dubai by buying a property or residence visa by buying property, read this article from jasper real estate.
Let’s know a little more about the UAE:
The UAE comprises seven autonomous emirates that gained independence from the British protectorate in 1971. The government structure of this country is similar to the government system of Switzerland, where each kingdom is considered an independent kingdom, but it is placed in a united federation. Dubai and Abu Dhabi are the largest cities of the UAE, and the Crown Prince of Abu Dhabi is the head of the government.
Although the UAE has strict citizenship laws, it has a good situation regarding granting short-term stays to foreigners. This way, 9 out of 10 people in this country are foreigners. The drinking water consumed by the people and industries of this country is prepared from seawater through evaporation or membrane filters. The national currency of the UAE is called Dirham, whose international name is AED. The value of one UAE dirham against the US dollar has been stable since 2002. Since then, the value of one UAE dirham is equivalent to 0.27 US dollars.
UAE Residence Visa:
UAE Residence Visa is one of the Types of Visas In UAE, a long-term permit for living in the UAE. This residence permit was launched in 2019 as a program For International investors to buy properties in Dubai. In April 2022, the government softened the situation by lowering the investment threshold and allowance for buying properties under construction and using mortgages. In this type of residence permit, investors’ family members, like spouses and children, can also get long-term visas.
The time required to get this Visa is about two or three months, and it will be valid for ten years. After that, they can extend the validity of the Visa for another ten years. After repeating these processes for the third decade, the Investor can request citizenship of Emirates for himself and his family.
In the new laws of residence permits, buying a property in Dubai is unnecessary to live in Dubai to get that residence permit. Before this law update, the residence visa holder must live for at least six months in UAE, but now this is optional to be there.
Conditions for obtaining for Residence permit in the UAE:
If an investor wants to buy a property in UAE, he should obtain specific conditions to receive a residence permit. The minimum investment amount should be 2 million dirhams, or as a dollar exchange; it should be 545,000 dollars. The valid real estate you can buy for achieving ten years of residency should be a finished property or a property under construction by a proper constructor.
The Applicant and his family should pass a medical examination at an accredited clinic in Dubai or other cities of UAE. Another thing to do is to get health insurance in Dubai for foreigners. After that, they can quest a long-term residence visa. Remember that residence visas are automatically granted, and you should apply for this Visa after buying a property in a freehold area in Dubai.
Who can apply for a UAE residence visa?
The following people with the noted conditions can apply for a long-term residence visa in Dubai.
Investors over 18 with legal income and no criminal record can apply for a UAE residence visa. Body health is important too. He shouldn’t have any dangerous diseases like tuberculosis or HIV.
If the spouse of the Investor wants to apply for a UAE residency visa, she should obtain the same conditions as the Investor himself. She should be over 18 years old, with a valid income, and no criminal records. Like the Investor himself, the spouse should have a healthy body and no dangerous diseases like HIV or tuberculosis.
· Spouse’s parents
If The Investor and his spouse get a UAE residency visa, their parents can get one year visa to be with their children.
The condition for receiving a UAE residency visa for the children of investors is different for sons and daughters. Unmarried Sons under 25 years, unmarried daughters of any age, and disabled children of any age, dependent on the Investor, can get a UAE residence visa with their parents. Married children cannot include in the residency permit program by their parents.
UAE residence visa benefits:
Obtaining a residence visa by buying property will benefit the Investor and his family. In this section of Jasper Real Estate Group’s article, we want to introduce you to some of the benefits of investing in Dubai real estate.
· Tax optimization
The UAE has no income tax, property tax, or dividend tax. Also, there will be no business tax until 2023. However, from June 2023, a 9% corporate tax rate will be applied.
· Access to UAE government health services
Investors and their families can use the medical services of this country. If you have any disease, you will be able to be treated in the clinics of the UAE. Medical services are provided at low-cost medical clinics in the UAE for health cardholders. A health card is issued to citizens and long-term residence visa holders by the Emirates Health Services (EHS) Department.
· The possibility of using health insurance in the UAE
Another advantage of having a residence permit in Dubai is the possibility of using health and medical insurance. Although it is not mandatory in some emirates of this country, it is recommended to use Emirates health insurance to reduce possible medical expenses in the future.
· Receive an Emirates ID card
As we mentioned earlier, obtaining a residence visa by buying property is the best way to get UAE citizenship. Of course, this method is too long. However, you should know that this method is most likely to be successful despite the length of the visa application process.
· Opening a bank account
Another advantage of having a residence visa by buying property is the possibility of opening a current or savings account for people with this Visa. As a person who has permission to stay in Dubai, you can benefit from a bank card with maximum facilities like the citizens of the UAE.
· Obtaining a UAE driver’s license
Another thing you can do with a residence visa by buying property is to get an Emirates driver’s license. You can get a driver’s license and drive a car like other citizens on the streets of this city.
· Work permit in Dubai
Another benefit of a residence visa for purchasing a property in Dubai is granting a work permit. You can create your own business or work in another company with this residence permit.
· Visa-free travel to many countries of the world
With a residence permit in Dubai, you can travel to many countries worldwide without a visa. You may also pick up your Visa at the destination airport in many other countries.
· Obtaining UAE citizenship
As we mentioned earlier, obtaining a Residence permit in Dubai by buying a property is the best way to get UAE citizenship. Of course, you may think that this method is too long. However, you should know that this method is most likely to be successful despite the length of the visa application process.
· Studying in public or private schools in the UAE
Another advantage of obtaining a Residence permit in Dubai is buying a property. Your children can use international private and public schools in Dubai. In this city, many international schools from America and Europe teach according to the educational system of those countries.
· Full ownership of the purchased property
One of the advantages of investing in Dubai real estate is that a foreign investor can buy an apartment house in freehold areas completely. It is interesting to know that only purchasing property in free zones of Dubai allows foreigners to own property in Dubai and obtain residency through it legally.
In this article, you get acquainted with a residence visa by buying property and its benefits. The housing market of the United Arab Emirates is one of the most demanding markets for foreign investors. This market is always facing growth and brings an excellent rate of investment return to its customers. If your goal of buying a property in Dubai is a more profitable investment, it is better to look for properties that have a high demand for rent.
The lawyers of Jasper Real Estate Group can guide you in choosing the best property according to your desired budget among Jasper Group’s projects. You can contact the company’s experts through the site’s first page to receive these instructions.