- Saturday 15 February 2020
- offplandeal.com
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.