Everything you need to know about UAE’s Residence Visa for Investors
UAE is a metropolitan of multicultural expats from all over the world. It is a top haven for many investors doing business achieving high rental yields and quality of life unlike no other. The government is constantly improving visa standards making residency more accessible to foreigners.
Here are the Residency Visas that are available for Foreign Investors:
6 Month Multi-Entry Visa
For eligibility in this criteria, investors must have any property worth more than AED1M. This visa is similar to a tourist visa where the holder will not be able to work in the UAE.
3 Year Residence Visa
For eligibility in this criteria, holders must buy or invest in property worth more than AED1M. The visa can be extended to sponsor their immediate family. Those who have the 3-year visa can not spend more than 6 months outside the country
Long term Visas
Now, the government introduced a long term visa making it more flexible, removing uncertainty and increasing a sense of permanence and security. The new system allows foreigners to receive a long term residency of either 5 or 10 years giving the freedom for foreigners to work in the UAE without a national sponsor and 100 per cent ownership. The aim was to retain talent and reinforce the economy and attract foreign investment in all sectors. This initiative is a great way to attract talent and boost the economy. This long term visa is known as the Golden Visa and those who are eligible are Investors, Entrepreneurs, Specialized talent and Outstanding students.
10 Year Visa
For eligibility in this criteria, Investors must make a public investment of at least 10 million. The investment can be in the form as:
- Deposit of AED10M investment value within the UAE
- Establishing a company with a capital of not less than 10 million
- Establishing a partnership with an already existing company whose share value is not less than 10 million
- 60% of the total investment of 10M must be made in order sectors other than real estate
- Investment must be done through full ownership and not loaned.
- Investment must be retained for at least three years
- Financial solvency must be up to 10M
- The 10 Year Visa can extend to the immediate family comprising of spouse and children as well as one executive director and advisor
- Business partners can also achieve a 10 year visa if each contributes an investment of AED10M
- Foreign investors can apply for multiple entries permit for a six month period
5 Year Visa
For eligibility in this criteria, an investor must make an investment in property not less than AED 5M.
- Investor needs to prove that it amount isn’t loaned
- Property to be retained for at least three years
Now that you are aware of the available visas options offered for real estate. There are certain rules that must be applicable for these long term visas.
1. Property value should be more than AED1M or more
2. Investment depends on the property type. Contact Dubai Land Department to know the properties that are eligible for long term visas
3. Types of properties acceptable are apartments, townhouse, villas, office, hotels and warehouse
4. Properties that are off-plan, leasehold and under dispute are not qualified
5. You are eligible for residency if you have 3 or more properties total of AED1M of more
What are the Benefits of a UAE Residency Visa?
- Access to open personal bank accounts
- Apply for UAE driving license
- Apply for a local mobile phone subscription
- Children can apply to schools in the UAE
- Visa-free entry to selected destinations
- Receive an Emirates ID
Image Source: jumeirah.com & frost and Sullivan