In early 2019, the UAE government began issuing resident visas to investors. Now you can get permission to reside in any UAE emirate for real estate investments. We’ll discuss the types and peculiarities of resident visas in this article.
Types of Resident Visas for Investors in the UAE
For 10 years
At a recent government meeting, it was announced that investors and prominent specialists would receive resident visas for 10 years, as well as their families and dependents. This visa is granted to those investors who invest at least € 2,4 million (10 million dirhams) in the assets of the UAE.
For 5 years
Those who invest in real estate worth more than € 1,2 million (5 million dirhams) can apply for this visa. At the same time, real estate cannot be purchased in the mortgage or with the help of any other loans. In addition, investments must be maintained for at least three years. Those who already have this visa can also sponsor their family and dependents.
For 2 years
This type of resident visa is issued to those who have invested in real estate worth more than € 240,64 (1 million dirhams) in Dubai. With this visa, you become a resident of the UAE, get an ID, and driver’s license. The property cannot be mortgaged, and the investor must provide proof of income in the amount of more than € 2,400 (10,000 dirhams) per month. The cost of such a visa for a real estate investor is high – from € 3,094 to € 3,536 but at the same time, it is valid for two years and is renewable. It is also worth noting that persons who have this visa cannot spend six months in a row outside the country.
For 6 months
This is a six-month multiple-entry real estate investor visa. This type of visa is similar to a guest visa, but with the possibility of multiple entries within six months. Unlike the investor’s two-year visa, it is available when investing in any property worth more than € 240,64 (1 million dirhams) in any of the seven emirates of the UAE. And it is issued by the relevant immigration authority, and not by the Dubai Land Department. Visa processing will cost € 795,5 and approximately € 265 for its renewal. Such a visa is a simpler and more affordable option but has significant limitations. It needs to be updated every six months, which makes the process more costly. To do this, the investor must also move out and re-enter the country.
Algorithm for Obtaining a Resident Visa in the UAE
- To obtain entry clearance from the Federal Agency for Identity and Citizenship (ICA);
- To get a medical examination and get a medical record from the Ministry of Health;
- To apply for Emirates ID from ICA;
- To issue a resident visa from the Ministry of Internal Affairs;
- To get an Emirates ID from ICA.