If you’ve ever thought about owning a home in the exciting city of Dubai and wondered if it could help you get residency, you’re not alone. The United Arab Emirates, especially the city of Dubai, is known as a popular destination for investment and luxurious living. Staying in Dubai by buying a property is an excellent option for those who want to live in a city with modern facilities and unique economic opportunities. This option not only allows people to own a home in one of the most advanced cities in the world but also lets them get long-term residency in Dubai, thanks to new rules. In this article, we will look at the benefits and steps for getting residency in Dubai by buying a property.
Can I Buy Property in Dubai and Get Residency?
Yes, you can get residency by buying Property in Dubai. To get Dubai residency through property purchase, you need to buy a property worth at least 750,000 AED. By buying this Property, you can get a residency visa for 2 to 5 years, which you can renew. We’ll talk more about the types of visas below.
Keep in mind that this residency is directly linked to your Property. This means you will keep your residency visa as long as you own the Property. This visa also allows you to travel to Dubai and live there, but it does not permit you to work in the UAE.
Types of residency in Dubai through the purchase of Property
Getting residency in Dubai by buying Property comes in three main types:
- Two-Year Residency: If you buy a property worth at least 750,000 AED, you can get a two-year residency visa.
- Five-Year Residency: For a five-year residency, you’ll need to invest in a property worth about 1 million AED. (This option is perfect for those who are 65 or older and retired.)
- Ten-Year Residency (Golden Visa): According to the latest rules, if you purchase a property valued over 2 million AED, you can qualify for a ten-year residency. You just need to make a down payment, but the Property must be ready to move into. This more extended residency option is known as the Dubai Golden Visa.
Conditions for Obtaining Dubai Residency by buying Property
There are requirements that you need to obtain residency in Dubai through property ownership, including the following:
- Applicants must provide documents that show them. They don’t have any criminal record or history.
- Applicants must be at least 18 years old.
- Sufficient financial means are required to invest in Dubai and purchase Property. You have various options, such as villas, apartments, and more, to fulfill this investment requirement.
- Applicants can choose from different payment options for the Property, such as installment plans.
- The Property must be officially registered in the applicant’s name with the Dubai Land Department.
- Since many people seek residency in Dubai, it’s recommended to consult a qualified real estate in dubai before taking any steps.
Required Documents for Dubai Residency
If you’re planning to get residency in Dubai, there are documents you’ll need. First, you’ll need some general documents such as a completed residency application form, your birth certificate, a valid passport, property registration documents, a signed agreement between you and the property seller, proof of financial capability, and two passport-sized photos. Then to demonstrate financial stability, you will need proof of financial ability, recent bank statements and transaction records for the past three months. Additionally, Dubai requires health documents to confirm you’re in good shape, including a certificate of good conduct and health certificates proving both physical and mental fitness. Having these documents help you for smoother residency process.
If you need more details or guidance our team can help you on your Dubai residency journey!
Steps to Dubai Residency through buying Property
To get Dubai residency by buying a home, first choose an appropriate house, family needs, and budget. Make sure you buy it from a trusted company and register it in your name. You can talk to our real estate advisors and visit the General Directorate of Residency and Foreigners Affairs to help with your residency application. After that, go to an approved medical center to submit your health certificates. Once these steps are done, you can apply for an Emirates ID, which is a crucial ID card in the UAE. Remember, your residency visa has an expiration date, so be sure to renew it before it expires.
Benefits of Dubai Residency through Property Investment
Dubai is one of the best and most modern cities in which to live because it has excellent living standards and a strong economy. That’s why many people choose to get residency here. In recent years, Dubai has grown a lot, making property investment a wise and profitable choice.
Some benefits of Dubai residency by buying Property:
- Living in a top city with lots of amenities
- Investing in a place with no personal taxes
- Being part of a robust and stable economy
- Feeling safe, thanks to high levels of security
- Extending your temporary residency if needed
- Getting the chance to apply for a Golden Visa
- Access to a UAE driver’s license and top schools and universities
These are just some of the great benefits of getting Dubai residency through property investment.
Cost of Living in Dubai in 2024
The cost of living in Dubai in 2024 can change based on where you live, the type of home you choose and your personal lifestyle. Generally, areas in the downtown and luxury areas in Dubai are more expensive, while the suburbs offer more budget-friendly options. Another costs are about public utilities like water and electricity, internet services, transportation, food, and rent for your apartment.
By exploring different neighborhoods and living styles you can find a comfortable and enjoyable lifestyle that appropriate your needs and budget in this amazing city.
Minimum Property Value for Dubai Residency
As we mentioned later, a minimum investment of AED 750,000 is required to obtain residency in Dubai through property purchase. This type of residency allows you to stay in Dubai for two years, and it is renewable. To get residency in Dubai by buying Property, you need to buy a home, like an apartment or villa, and pay for it fully without using any loans. This residency doesn’t allow you to work, so you need a work visa for a job. But it does let you and your family live in Dubai. Our real estate website has tips on how to get residency this way. If you need more help, you can ask our experts for more details.
FAQs on UAE Residency through Property Investment
Will my Dubai residency be canceled if I sell the Property?
Yes, the residency permit granted through property investment is only valid as long as the Property is registered in your name.
Can Dubai Residency be Converted to Citizenship?
Generally, all Arab countries grant permanent residency and citizenship only if an individual meets specific criteria or if their father is a citizen of that country. Purchasing Property in Dubai provides temporary residency for 5 to 10 years, but it’s important to note that this type of residency can also be renewed.
Which countries can you visit with your Dubai residency?
With Dubai residency, individuals can travel to countries such as Oman, Qatar, Saudi Arabia, Turkey, Malaysia, Singapore, and more.
