If you regularly spend a good portion of the year in the UAE, it may be a good idea to obtain a UAE residence visa. At the very least, a residence visa should make travelling to and from the UAE less complicated.
And getting a residence visa in the UAE might be easier than you think. You can buy residential property and apply for a residence visa. The Marsa Plaza apartments for sale in Dubai are an example of freehold property you can purchase for residence visa purposes.
Read on to learn more about UAE residency, particularly its benefits and the various ways by which you can earn a residence visa.
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Benefits of a UAE Residency Visa
Aside from seamless travel to and from the UAE, a residence visa will give you other benefits:
- You can bank in the UAE and have access to its financial facilities.
- You can obtain a UAE-issued driver’s licence.
- You can get health insurance coverage.
- You will gain access to government health services.
- You can enrol your children in government and private schools in the UAE.
- You can apply for employment (this may come with special conditions or a necessary work permit, or may not be applicable in all cases).
- You can invest in the UAE.
- You can enjoy visa-free travel to some destinations.
Principal residents can sponsor their dependents’ residency visas. Dependents include children, parents, household help, and close relatives.
However, you cannot spend six consecutive months outside the UAE once you have a resident visa, or your residence visa may be automatically cancelled.
Obtaining Residency via Property Purchase
There are two ways you can obtain a residency visa via property purchase.
- Property Worth AED 1 Million or More
If you buy a residential property worth at least AED 1 million, you can apply for a residence visa. Preferably, you must wholly pay for the property without borrowing money for the purchase. However, if you get a loan to cover the purchase, only up to 50% of the property may be mortgaged. The remaining 50% must be free and clear equity you own.
You can also jointly own a property with somebody else. In this case, though, each principal must have a share of at least AED 1 million.
- Property Worth AED 5 Million or Greater
You may also get a residence visa by making a property investment of AED 5 million or greater. You can invest in up to three properties as long as their cumulative worth is at least AED 5 million.
You cannot finance your property purchase with a loan. In other words, the property or properties must not be mortgaged. You should also retain your AED 5 million property investment for at least three years.
Tips for Buying Property in the UAE
When you buy property in the UAE, make sure to purchase freehold property so you can own it without restrictions. Freehold ownership means you can sell, rent out, donate, or pass on to your descendants the property you own in the UAE.
Remember, however, that if your residence visa is contingent on your property ownership, selling your property will naturally void your residency visa and prevent renewal on the same basis. You can, however, obtain another type of residence visa.
Other Ways of Obtaining a Residence Visa
There are other ways of obtaining a residence visa aside from a property purchase.
- Investor Long-Term Visa
You can get a 10-year residence visa by investing at least AED 10 million in the UAE. You can make such an investment:
· By depositing AED 10 million or greater in an investment fund in the UAE.
· By establishing a company with at least AED 10 million in capitalisation.
· By investing at least AED 10 million in an existing company.
· By doing one or more of the above, as long as the cumulative investment is at least AED 10 million.
To qualify for this long-term visa, you must prove that you are financially solvent and that your real estate investments comprise no more than 40% of your AED 10 million investment. You must also not use a loan to finance your investment/s, and you are required to hold on to your investment/s for at least three years.
- Retirement Long-Term Visa
If you are 55 years old or older, you can retire in the UAE and be granted a five-year long-term visa by fulfilling any of the following criteria:
· You have a monthly income of at least AED 20,000 from your pension or a previous employer.
· You have AED 1 million saved in a three-year fixed-deposit account.
· You own outright (i.e., non-mortgaged) property worth at least AED 2 million.
· You have a three-year fixed deposit savings account and a property you own outright, and, together, they are worth at least AED 2 million.
- Five-Year Visa for Outstanding Students
The UAE government also grants five-year visas to outstanding students.
To qualify, a graduate of any public or private secondary school must have a grade of at least 95%. On the other hand, university students must graduate with a GPA of 3.75 or better from a university in the UAE or abroad.
An outstanding student residence visa covers not only the student but also the student’s family.
- Persons With Specialised Talents
You can also get a residency visa in the UAE if you have specialised talents. In this case, though, you will have to have a valid employment contract in a specialised UAE priority field.
There are also other conditions. For instance, you must have specific accreditations or recognitions (e.g., certification from the Emirates Scientists Council for scientists or the Ministry of Culture and Youth for creative individuals). An inventor must hold a patent that is valuable to the UAE economy. Executives must be owners of leading companies or must hold high positions.
And there are more conditions. Specific conditions vary depending on the specialised talent classification.
There Are Many Ways to Get a UAE Residency
Aside from the residence visa options mentioned above, there are more traditional routes of getting a UAE residence visa.
UAE companies and government sector employers will apply for the residence visa of their employees. Universities may sponsor university students.
Indeed, there are many ways to earn a residence visa in the UAE. The country encourages the influx of qualified expatriates who can make valuable contributions to its development. So, choose your emirate, find an applicable visa classification, and apply.
