Applying For A Property Owner Residence Visa In Dubai

Real estate continues to boom in the United Arab Emirates. In Dubai, for instance, secondary sales in June 2021 were higher by 43% year-on-year. The upward trend continued, growing by 31% in the next two months.

Since the real estate market is cyclical, peaks are usually followed by troughs. This means a general expectation of a real estate slowdown after the real estate highs.

Surprisingly, however, the UAE did not follow this pattern. Dubai, in particular, defied (and continues to defy) expectations.

The State of the Dubai Real Estate Market

Real estate developers in Dubai continue to build, while Dubai real estate prices remain high and continue to rise. Property sales transaction volumes registered a 53% increase year-on-year in May 2024, while the value of these sales transactions has increased by 38%.

Moreover, the supply seems to be keeping up. By 2029, a total of 260,000 more units are expected to be added to Dubai’s real estate market inventory.

What’s causing the persistently optimistic outlook for Dubai real estate? The Dubai population is growing, and this is expected to continue in the long run.

It seems Dubai is no longer just a place people go to for breaks and holidays to experience the emirate’s unique sights and sophisticated lifestyle. Although the emirate remains a popular tourist destination, it’s also now a place for people looking to settle down and live with their families – and this is driving the demand for real estate in the Dubai market.

What does this mean for you? If you’re looking for a change and a new place to start a life with your family, consider Dubai in the UAE.

Enjoy 100% Property Ownership

Foreign expatriates can buy and own property in Dubai. In other words, even non-UAE citizens can buy an apartment, penthouse, duplex, townhouse, or villa in Dubai and have absolute ownership and control of it. They can sell, rent, renovate (subject to the building or community’s owners’ association rules), and do whatever they want (subject to legal boundaries) with it.

Note that the concept of 100% foreign ownership applies only to government-designated freehold projects. This should not matter, however, because freehold areas are among the most popular neighborhoods in Dubai. Below is a list of communities (with freehold property) that are popular among foreign expatriates living in the city:

• Business Bay
• Jumeirah Lakes Towers
• Jumeirah Village Circle
• Dubai Marina
• Dubailand
• Dubai Sports City
• Dubai International Financial Centre
• Emaar Beachfront

The above is not an extensive list of the freehold areas in Dubai. However, it should give you a good start when exploring your options.

Investor Residence Visa (Taskeen)

Taskeen is an investor residence visa program for foreign investors by the Dubai Land Department (DLD). It grants property owners a two-year residency permit, subject to certain conditions.

To qualify for Taskeen, you must purchase property worth at least AED 750,000. Put another way, you must have invested AED 750,000 in a property to benefit from Taskeen.

What if the property is mortgaged to a bank? In this case, you must own at least 50% of the property equity – and your share of equity should be equivalent to at least AED 750,000. Additionally, there should be a letter certifying that the bank does not object to the divulged mortgage account for the property and the mortgagee living in and occupying the property.

If your property purchase meets the minimum investment threshold, you can go to a DLD service center and submit the residence permit program requirements. These are:

• Passport
• e-Certificate of Title / title deed
• Photo
• Health insurance
• UAE ID (if any)
• Current residence visa or entry visa, if any
• Certificate of good conduct from the Emirate of Dubai addressed to the DLD

Once you have a residence visa, you can sponsor your family and apply for a family residence permit under Taskeen. When sponsoring your spouse and children, you must submit the following requirements for every family member:

• If you (the sponsor) are the mother, a letter of no objection from the children’s father
• Proof of marital status (issued by the Dubai Courts) for daughters over 18 years old (you can only sponsor unmarried daughters)
• The sponsor’s (your) passport – original and copy
• Recent photo
• Health insurance
• Marriage contract, certified
• Birth certificate, certified
• IBAN

You may also sponsor your parents’ residence permits. Parents’ residence permits are available under one-year renewable terms. To do this, you will need to submit the following documents:

• Your ID (original)
• Your passport (original)
• Dependency certificate, certified by the consulate
• A recent photo
• Health insurance
• Bank statement (for the last three months)
• Birth certificate, certified
• IBAN

Note that parents’ residency permits have a one-year term, while family and investor residence visas have an effective period of two years.

Golden Visa for Investors

The UAE also has a golden visa for real estate investors. This is an option if your property investment is worth at least AED 2,000,000. It can be a single property or multiple properties as long as the DLD certifies that the value of your property (or the cumulative value of your various properties) meets the AED 2,000,000 threshold requirement.

The golden visa provides more privileges than a regular residence visa. It has the following benefits:

• A six-month entry visa you can use for multiple entries while your golden visa application is being processed
• A renewable visa with a five-year term
• The privilege of being able to stay outside the UAE for more than six months without losing the validity of your residence visa
• The ability to sponsor family members
• The ability to sponsor as many domestic helpers as your household needs
• The privilege of sponsored family members being allowed to complete the duration of their residence visas even if the golden visa holder – their sponsor – has passed away

Move to and Live in Dubai

If you’re looking for a fresh start outside your current country of residence, consider moving to the UAE, particularly the emirate of Dubai. Contact real estate agents in the UAE and inquire about buying property in a Dubai freehold area.

A property purchase in Dubai can be an absolute freehold ownership. Additionally, you can use your property investment to apply for a two-year residence permit via the Dubai investor residence visa program or a five-year residence permit via the UAE golden visa program. Either one will let you sponsor family members so they can live and stay with you in Dubai.