Purchasing Real Estate in Dubai and Moving to Permanent Residence: What You Need to Know About Residence Visa in 2022
by Sumona Real Estate 23 September 2022
The United Arab Emirates occupies a leading position among countries attracting foreign investors. There are more than 50 areas in Dubai only where non-UAE residents can purchase real estate as an investment or move to permanent residence.
Among them are prestigious properties for sale in Dubai Hills the UAE, Dubai Marina, Palm Jumeirah, and many other communities equally popular among foreigners. The migration policy of the country is loyal to foreign investments.
This year, there have been further changes in the legislation that have made property in Dubai even more accessible for relocation.
What are the Advantages of Dubai
The main advantage is affordable real estate prices. If we compare prices on the local market with the cost of housing, for example, in London, then we can clearly see this. The cost of apartments in the emirate starts from $150,000.
If you have this amount, you can buy a property at the start of sales in a modern and comfortable residential community.
If you have $1,000,000, you can buy a spacious premium apartment with several bedrooms or a villa. In London, if you have $1,000,000, the best you can obtain is 2-bedroom apartments. Among other advantages, it is worth noting:
- An actively developing country’s economy, which opens up wide business opportunities;
- High quality of living: medicine and education in the country are at a decent level;
- Safety and security. Strict norms of the current legislation help to almost completely eradicate crime. In the list of safe countries to live in 2021, the UAE is ranked second;
- Favorable taxes. There are no taxes on personal income at all. This applies to any activity. You can rent an apartment out and make a net profit;
- Comfort. The UAE climate allows you to forget about winter and swim all year round. And the housing stock quality is fully consistent with modern concepts of convenience.
It is not necessary to reside permanently in the UAE to maintain resident status. An investor can simply come to the UAE several times a year, not leaving the country for more than 180 consecutive days. The rest of the time you can rent your existing property out and receive recurring income.
What Do You Need to Move to Dubai
To stay in the country legally, permission from the authorities is required. Obtaining UAE citizenship for foreigners is almost impossible, but this does not negatively affect the living quality and the possibility of obtaining the rights that residents have.
There are no residence permits in the country, its alternative is a residence visa. It is issued for different periods, depending on what criteria the applicant meets. Moving to Dubai became even easier in 2022.
What rights do you get if obtaining a residence visa
- Obtaining an Emirates ID certificate. It is a kind of identity card and is necessary to solve not only large but also small household issues. For example, to connect to the Internet, you also need an Emirates ID.
- Possibility of opening a local bank account in any currency. Besides, a resident can use credit services.
- Getting a local driver’s license. This license is also valid in 50 more countries, including the USA, Great Britain, and Germany.
- Registration of your child in a local school. There are two school types: public and private. Only UAE citizens can study for free.
- Using medical services.
“Golden visa” in the UAE, What has Changed in 2022 for Property Buyers and Other Categories
“Golden” refers to a visa that allows you to live in the Emirates for 10 years. In 2022, the conditions for obtaining this visa have been changed and the number of persons who can obtain it has been expanded. The main advantage is not only in terms but also in the fact that there are no restrictions on the least allowed time of staying in the state’s territory.
Residence for Foreign Real Estate Investment
The changes affected the value of the purchased property. Previously, a 10-year visa could be obtained in case you purchase a property worth AED 10,000,000, which is just over $2.7 million. Now the cost threshold has been reduced by 5 times and is only AED 2,000,000 currently. Anyone who has invested more than $544,000 in real estate will be able to apply for a 10-year residence in the Emirates. Other changes have been introduced:
- Previously, obtaining a residence visa was allowed only for owners of completed properties, now you can invest in an off-plan (under-construction) real estate;
- One property does not have to cost $544,000. It is allowed to buy several apartments;
- You can use not only cash but also credit payments. Previously, this was not possible. But the creditor bank must be included in the list of state-approved banks.
Visa obtaining rules have not changed for people planning a less expensive purchase. Owners of properties worth more than $204,000 can apply for a residence permit for up to 3 years. In the future, it can be repeatedly extended by paying the fees established by the state.
The cost threshold is indicated for 1 owner. Purchasing an apartment for two persons or writing down all the family members in the sale-and-purchase contract for the sake of obtaining a visa will not work. The share of each owner must not be lower than the minimum real estate price established by law.
The only exceptions are the applicants who meet the Taskeen program requirements. This program allows co-ownership of real estate worth $204,000 or more by spouses who can provide an official marriage certificate.
Is It Possible to Move to Dubai Not Purchasing a Property
Ten-year visas are also available for investors and talented professionals with proven qualifications. You can apply for a sponsored visa, usually used to move the rest of the family.
For each group, there are some requirements for education, wages, or the investment amount. For more details about the visa conditions in the UAE, please visit the official website https://emirates.estate/.
There you can also find pages with on-offer real estate in different areas of Dubai.