UAE residence permit for buying real estate in 2023. Which residential complexes to choose to receive a residence visa

UAE residence permit for buying real estate in 2023. Which residential complexes to choose to receive a residence visa

04.01.2023 (updated 04.28.2023)

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  • UAE residence permit for buying real estate in 2023. Which residential complexes to choose to receive a residence visa

Buying a property in Dubai is not only a lucrative investment but also a reliable way of obtaining a residence permit in the UAE. A purchase of an apartment or a villa in this emirate makes you eligible for an extendable UAE residence visa valid for two or five years, depending on the property value.

In this post, we will dive into the requirements of receiving a residence permit for buying real estate in the United Arab Emirates by visa type in 2023, the procedure of applying for a UAE residence permit, and the residential complexes where it makes sense to buy an apartment or a house to become a resident.

Contents:

UAE residence permit for buying real estate: requirements in 2023

The UAE government is interested in expats whose influx boosts the economy and energizes the local market, so the authorities make the terms of procuring a residence permit easier. No extra efforts are required to receive a short-term 90-day residence permit: nationals of other countries obtain it at the airport upon arrival. A longer stay requires a residence visa.

The new legislation allows dual citizenship in the UAE, but it should be emphasised that it is almost impossible for foreigners to acquire UAE citizenship. It requires extraordinary circumstances, such as a marriage with a UAE citizen or special services to the state.

Citizenship through naturalization is therefore not a realistic scenario. However, what are the advantages of the UAE citizenship if a residence permit enables you to live in this country with a developed economy and a lenient taxation system? The difference is almost non-existent in everyday life. About 85% of Dubai residents are expats who have chosen this path.

The permanent resident’s status not only enables its holder to stay in the country for an extended period of time but also opens access to the local banking systems, prestigious schools and universities/colleges, high-quality healthcare, extensive business opportunities, and much more.

The easiest way of becoming a UAE resident is acquiring a UAE residence permit by buying real estate. The validity term of such a visa depends on the amount spent.

Two-year residence visa

To qualify for this kind of visa, you must purchase a property in Dubai: the other emirates do not participate in this program. The real estate must cost upwards of AED 750,000 (USD 204,000), and this amount must be paid in full, even if you use a mortgage loan.

A homeowner can apply for a residence permit for family members (there is a limit on the sons’ age unless they have a UAE education certificate).

You do not have to live in the UAE all the time for the visa to stay valid, but you do need to come to the country at least once every six months.

Five-year Golden Visa

Purchasing one or more properties worth at least AED 2 million (USD 544,500) in any emirate of the UAE makes one eligible for a Golden Visa. The same rule applies: mortgage loans are allowed, but the required minimum amount must be paid out of pocket. The home loan must be granted by a local bank and approved by the relevant authority.

A Golden Visa can be extended unlimited times and grants a number of exclusive advantages to its holder:

  • Staying outside of the UAE for more than six months;
  • Sponsoring family members with no age restrictions on the children;
  • Sponsoring any number of domestic staff;
  • In case of the holder’s death, their family may stay in the UAE until the Golden Visa validity term expires.

Documents to apply for a residence permit for real estate investment

The procedure of applying for a residence permit is quite simple and does not require numerous documents. Foreigners who have purchased real estate of the required value will need the following to apply for a UAE residence permit:

The procedure of applying for a residence permit is quite simple and does not require numerous documents. Foreigners who have purchased real estate of the required value will need the following to apply for a UAE residence permit: 

  1. A passport;
  2. A scan of the title deed;
  3. A photograph;
  4. A valid medical insurance;
  5. An Emirates ID (if applicable);
  6. A copy of the last UAE residence visa (if applicable);
  7. A police permit (issued by the Dubai police and submitted to the Dubai Land Department (DLD)).

Best residential complexes in Dubai to obtain a residence permit

Harbour Lights

This off-plan residential complex in the emerging Dubai Maritime City offers one-, two-, and three-bedroom apartments with a high-quality finish. The premium project includes various amenities, from a modern gym with panoramic views of the Persian Gulf to a unique floating pool that required a special permit. Experts emphasise that Harbour Lights is a rare and extremely favourable offer that should interest investors due to a combination of several factors: high-quality execution by the famous developer Damac Properties, the location in an emerging waterfront community, and the prices two times below the market value.

Buying a one-bedroom apartment for upwards of AED 1.32 million (USD 359,500) makes you eligible for a two-year visa. Two- and three-bedroom apartments cost at least AED 2.2 million and AED 2.34 million (USD 599,000 and USD 637,000), respectively. Their owners can apply for a Golden Visa.

Damac Lagoons

This sprawling residential complex with three- to seven-bedroom villas and townhouses consists of numerous neighbourhoods and clusters. The exquisite homes in the Mediterranean style surrounded by white beaches, lush greenery, and crystal-clear lagoons are a perfect place for living. They also provide easy access to Dubai’s key locations.

The villas and townhouses are commissioned fully ready for occupancy, with a high-quality finish and furnishing. Some properties boast private pools, a maid’s room, a laundry room, and guest bedrooms and bathrooms. The project has extensive communal facilities with various sports and leisure opportunities, from spa centres and exhibitions to attractions, beaches, and skate parks.

Here, you can find houses of various sizes that will cost above the minimum threshold required for a visa. For instance, three-bedroom townhouses are worth from AED 1.3 million to AED 2.7 million (USD 354,000 to USD 735,000).

Seapoint Residences

The complex with premium apartments and penthouses is located in the prestigious Emaar Beachfront on the coast of the Persian Gulf.

With numerous entertainment venues, shops, cafés, and restaurants, this community is considered one of Dubai’s most popular tourist destinations. It takes no more than 30 minutes to drive from here to the city centre.

The project offers many additional amenities, including a private beach and an infinity pool, as well as shops, cafés, and restaurants on the ground floor.

A one-bedroom apartment sells for AED 2.7 million (USD 735,000) and makes the buyer eligible for a five-year visa.

Expo Golf Villas 6

This eco-friendly residential complex comprises three- and four-bedroom villas. It facilitates family living in harmony with nature. Nearby is a professional golf course, a sprawling park with footpaths and recreation areas, and the Emaar South School.

The prices start at AED 1.47 million (USD 400,000). Paying for a villa out of pocket qualifies the buyer for a two- or five-year visa, depending on the property’s value.

Marina Living

This high-rise building with two podiums and 19 residential floors is located in the chic Dubai Marina. Numerous amenities will be available to residents:

  • An infinity pool;
  • A gym;
  • A padel court;
  • A children’s playground;
  • A barbecue area.

The Sanctuary

This collection of exclusive four- to six-bedroom boutique villas is built on the coast of a man-made lagoon in MBR City. The gated premium community offers panoramic views of the crystal-clear lagoon, the park, and the Burj Khalifa. The complex includes park areas, swimming pools, footpaths for walking and jogging, sports courts, and barbecue areas. The project targets families with children and pets and provides a special dog park.

This upscale development is the perfect choice for buyers wanting to apply for a Golden Visa. Local prices start at AED 16.3 million (USD 4.4 million).

Terraces Marasi Drive

This high-rise tower is under construction in one of Dubai’s most famous and prestigious districts, Business Bay. The off-plan complex with a collection of one- to four-bedroom apartments, duplexes, and penthouses boasts private terraces with staggering views and is located on the bank of the Dubai Canal, eight minutes from the immense Dubai Mall. Besides regular amenities, the building features a residents-only spa with exclusive treatments.

The cheapest property is worth AED 1.5 million (USD 408,500). More expensive units making the buyer eligible for a Golden Visa are also available.

Buying real estate in Dubai and applying for a residence permit

Are you planning relocation to the UAE but do not know where to start? Contact professionals who are always at your side. Experienced brokers from the AX CAPITAL real estate agency in Dubai will explain how to apply for a UAE residence permit for buying real estate in 2023. They will select an apartment or a villa in a prestigious community at a bargain price, handle all the paperwork, and assist you with applying for a residence permit in Dubai. Our experts with an extensive experience of working in the Dubai real estate market will provide competent and informed answers to all your questions. Assistance with applying for a residence permit in Dubai for buying real estate is our expertise, and we will be happy to advise you.

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