The government in the UAE is constantly creating opportunities to attract investors. One of the most recent creations was in 2019 with the implementation of a new system for long-term residence visas. These visas are known as property investor visas in Dubai. They have a duration of three, five, and ten years and you have the option to renew them.
In this article, you will see all the information related to the property investor visa in Dubai. Many foreigners are interested in these new long-stay permits; because it allows them to study, work and live in the UAE with the freedoms of a resident, without the need for a local sponsor. Also, you can have access to 100% ownership of the company you form in Dubai. Let us see about the UAE investor visa.
The UAE Investor visa applies to foreign citizens who want to start a business. However, it also applies to those who wish to invest in an existing business in Dubai. In this way, the holder of this visa will be able to reside in the UAE and will have the right to come and go as long as the visa is valid.
We can find that this visa is also known as the investment visa UAE. In addition, the holder will become a UAE tax domicile and will not be subject to tax by the country of their nationality. However, it will be subject to the different regulations of the country of origin of the person investing,
The person holding this visa will be eligible to apply for an Emirates ID and open a bank account. Plus, you will be able to purchase a driver’s license, sign up for mobile packages, and many essential services. Thanks to this visa, the holder has permission to sponsor his spouse, his children, and his parents so that they can enter the UAE.
It is important to note that any foreign investor who wants to start a business will need to obtain a UAE establishment card. In addition, this card will allow you to apply for a UAE residence visa for both yourself and your employees.
The Dubai investor visa has different categories, but there is one that is the most recognized. This is the Dubai property visa, however, this is a general definition, we can see more about these categories below.
For this property investor visa in Dubai, only people who invest in residential properties that have a value of AED 1 million or more can apply. In addition, with a maximum of 50% of the value of the property under mortgage. In addition, investors in joint ownership will be eligible to apply if their share is a minimum of AED 1 million.
To apply for this visa, the investment must only be in residential property and not in commercial properties. Furthermore, this visa will only apply to freehold residential properties. It will not be possible to apply for this visa if you have off-plan property. This visa has a duration of between 3 and 5 years.
The owner will be able to keep the visa as long as he owns a property in the country. Therefore, if you sell your property in the UAE you will not be able to keep this visa. On the other hand, the 3-year visa will only be available to people who bought a property of AED 1 million or more. Whereas, the 5-year visa will require possession of a property of at least AED 5 million.
This is another type of UAE property visa and applies to people who invested in or started a business in Dubai. It can be in mainland Dubai or one of Dubai’s free zones. However, it is necessary to know that to start a business in mainland Dubai, you will usually require a partner of nationality in the UAE.
In addition, this will be a majority shareholder or will be an agent responsible for liaison with the various government departments. However, due to recent changes, they have been allowed to see complete foreign ownership of companies in this territory. Thanks to the fact that this requirement of having an Emirati majority shareholder or agent was annulled.
The visa is granted to those investors who have shares in an existing company and the minimum value is AED 72,000. However, it can be granted to those who are establishing a business and have a capital investment of the same amount.
Starting a business in Dubai Free Zones does not require sponsors or local partners. In addition, these companies are exempt from taxes and foreigners may have full ownership of the company.
Those investors who meet certain specific criteria will be eligible for a residence of 5 or 10 years according to the size of their investment in the country. In addition, the spouse, the children, an adviser, and a manager of the investor are also eligible. For the residence visa for 10 years, a minimum investment of AED 10 million is required.
This can be through a deposit in an investment fund in the country or establishing a company in the UAE with a capital of this amount. However, you can also partner with an existing company or a new one whose share value is not less than AED 10 million; or who has a total investment of AED 10 million in the areas mentioned above.
On the other hand, the 5-year visa is for those investors in a property that has a minimum value of AED 5 million. However, entrepreneurs who have an existing project with a minimum capital of AED 500,000 and which is subject to additional jurisdictions may be eligible.
This long-term visa is granted only to those who meet a set of additional standards. Which are established by the General Directorate of Residence and Foreign Affairs of Dubai. Examples of recipients of this visa include people with specialized talents such as scientists and innovators in various medical fields.
This visa is designed for investors over the age of 55 who wish to retire in the beautiful lands of Dubai. In addition, it is a visa that lasts for 5 years and applies to those who invest in a property that has a value of AED 2 million.
However, people who have accumulated savings of AED 1 million are included. Or who simply have an active monthly income of at least AED 20,000.
Depending on the duration of the investor visa in the UAE, the eligibility criteria will vary. In this section, you will see these variations in detail.
-The applicant must have a property ready, it is not accepted that it is under construction in the UAE. In addition, it must have a price of at least 2 million dirhams.
-If the property is mortgaged, you must obtain a NOC letter issued by the bank. This must show what must be paid and what has been paid up to the day of the request. The settlement must be at least 2 million Dirhams.
-If the promoter mortgages the property, it requires a copy of the certificate of the initial sale. In addition, you need a statement of payment.
-Both husband and wife can participate in a property.
-A property that is completed and has a minimum purchase price of AED 1 million.
-You have the possibility of obtaining 5 years of residence in the UAE.
-You can have to renew the visa after the renewal period is over (as long as the established criteria are met).
-As with previous visas, you must have a property ready and not under construction in the UAE; but, with a minimum cost of AED 750,000.
-You must pay the 3-year investor visa Dubai Price, which is accessible to all entrepreneurs. If you pay by cheque, you must present the cheque bounce.
-If you have the property mortgaged, you must have a NOC letter from the bank, which must show the amount that has been paid and the amount that is owed to the bank.
-When the property completes its construction phase, they request a statement of payment with proof of payment of 50% of the total cost of the property; in short, a minimum of AED 375,000.
-If the developer mortgages the property, a copy of the certificate of initial sale is required.
-You need a certificate of good conduct and behavior which is issued by the Dubai Police. It should be addressed to the Dubai Land Department. This is an essential requirement for this category.
When you acquire an investor visa in the UAE, you have access to different benefits. Next, you will see the most outstanding ones.
-Living with your family in the UAE
Any person who makes a property investment or an investment in any other area can live or visit the UAE with their family as many times as they want. In addition, it is not mandatory that you reside in this country.
All income, capital gains, and property are exempt from tax. However, as of this year, a 9% tax must be paid for companies that have profits greater than AED375,000.
A person with a Dubai property investor visa has the option of opening bank accounts in different currencies. For instance, euros, dollars, dirhams, or any other currency. For that, you can hire the services of a corporate lawyer.
Foreigners with a property investor visa in Dubai or any other long-stay permit have the possibility of receiving medical treatment in the country; as well as their close relatives. In addition, your children can attend any of the universities or schools in the UAE.
Foreigners holding a property investor visa in Dubai have the possibility of obtaining citizenship in the UAE. To do this, they had to live in the country for a minimum of 30 years or perform some exceptional services.
As you can see, to obtain an Abu Dhabi investor visa or any other emirate, it is important that you obtain expert advice. This is because you need to obtain certain documents and for this, it is good that you hire an immigration lawyer. In addition, to obtain the property owner visa in Dubai you must have a property, and for that, it is best to contact a corporate lawyer.
At Connect Legal we have different lawyers that cover all the areas you may need. Thus, you can make us the legal consultation you need on the subject you require. If you want to get in touch with us, you just have to call us at +971 43 316 688. In addition, we have an email to which you can write to [email protected] for more information.