For those of you who may not know, working in the UAE is not the only way to obtain a resident visa. Indeed property investors can apply for either a 2 years residence permit or a 6 month multi-entry visa.
The 2 year renewable residence permit, issued by Dubai Land Department, allows you to apply for an Emirates ID, a driving license and let you sponsor your family (direct dependants). However this visa is only available in Dubai.
The 6 months multi-entry visa is issued by the relevant immigration authority and is also renewable. You cannot apply for an Emirates ID nor a driving license but you can still sponsor your family. The key benefit to this option is that it applies to property purchase in all seven Emirates.
Things that you need to know:
- The property must be worth more than AED 1 million
- If the property is bought by multiple owners, each shareholder should own AED 1 million worth of shares
- The property can't be off plan
- Only residential properties are permitted for the purpose of those visas
- It has to be in a freehold area
- The property can't be mortgaged
- This is considered as a tourist visa which means the holder neither his/her dependants are allowed to work
Dubai is globally known as a real estate investment hub due to its strong capital appreciation and its high rental yields.
Here at Engel & Völkers, we are working with all major developers in Dubai and can help you find the suitable real estate investment.
For more information, please do contact us.