Buying a Freehold Off Plan Property in Dubai

A well-known fact about UAE is that it is one of the most expat-friendly counties in the world, based on different factors like the new visa reforms which provide an excellent ambience for students, entrepreneurs and persons with specialized talents.

*The 6-month multiple-entry

If you buy a property worth more than AED 1 million, you can get a 6-month multiple-entry visa; also you can sponsor family members.  This is essentially a visit visa.

Conditions:

• The property investment must worth more than AED 1 million.
• The property with more than 1 owner must cost AED 1million/stakeholder.
• Under-construction properties are not valid for resell
• The visa should be renewed after every 6 months.
• Neither in 6-month multiple entries visa so neither the owner can work nor his dependents in the UAE. 

*The 2-Year Property Investment Visa:

The only condition to earn 2-year property investment visa is that you have to invest in a property worth AED 1 million. You can even get a emirates id, driving license and family sponsorship.

Conditions:

• The property has to be worth more than AED1 million for 1 property owner.
• The property with more than 1 owner must cost AED 1million/stakeholder.
• For the property, it has to be completed to stay.
• No mortgages on the property.
• Owner of the property is not allowed to work in UAE nor their family members are allowed
• The income of buyer should be of AED10, 000 per month.

 *The Gold Card Scheme*

The Gold Card Scheme is UAE’s answer to Long Term Residency in UAE for ex-pats.

• Investors
• Entrepreneurs
• Specialized Talents
• Outstanding Students are the only categories who can apply for the gold card.

There are two types of Long-Term Residence Visas:

• 10-year visa without a sponsor
• 05-year visa without a sponsor

The residency visa can be converted into investor visa if they meet the conditions as per UAE real estate investor laws.

*10 Year Visa without a Sponsor

Eligibility for property investors:

The investor has to invest AED 10 million and also it can be extended if you want to include the business partners. There is a condition to extend it that each partner has to contribute AED 10 million in the property investment.

The investment may be in the following forms:

• It can be an investment fund with a security amount of AED 10 million inside the UAE.
• Setting-up a company within the country with a capital of at least AED 10 million.
• Investment total not less than AED 10 million in the areas specified than real estate sector investment in sectors is not less than 60% of all the total investment.

Conditions

• The amount invested cannot be loaned.
• 3 years retention period for the investment is required.
• Financial solvency up to AED 10 million is a must-have.

*5 Year Visa without a Sponsor

Eligibility for property investors in UAE:

Conditions:

• AED 5 million should be the value of the property invested.
• The amount invested in real estate must not be on a loan basis.
• 3 years retention period for the investment is required.

*Multiple Entries 6 Month Interim Visa*

The 6 months multiple entry visa is best for the foreigners as they can live in UAE and work or study without local sponsorship. Also, it gives rights to have 100% ownership of the business in the UAE.

*Why this is an excellent initiative for the country?

• Foreign investment increases and that will lead to the actual growth of the economy of the country.
• This visa attracts talents across the world.
• Dubai is already known as a global city. This scheme makes the entire country a global incubator for entrepreneurs and innovators.
• The global perspective of the UAE will change.
• The country will have more in-house technological and scientific advancements.
• By creating dynamic space the population will increase.
• How will this affect the investors and the real estate market?
• The residency visa will act as an incentive for ex-pats in UAE to invest in the real estate sector.