HOW TO GET A LONG-TERM Residence VISA FOR DUBAI & THE UAE
Published on November 29th, 2020.
Over the last few months, the UAE has taken great strides in making local residency more appealing to foreigners and those considering relocating to the Emirates. Following the recent announcement of the retirement visa, there are also two other options for those considering calling the UAE their new home that doesn’t require employment from a UAE-based company.
Created for affluent foreigners with sufficient capital, the UAE Long-Term Residence Visa is issued for a five or ten-year period, depending on the type of visa you may be eligible for. Both the five or ten-year visas do not require a sponsor in the UAE, and you can continue to enjoy your life in the UAE, the way you want to. Although this visa is not new to the market; The UAE Long-Term Residence Visa has been available for over two years now.
The five-year Property Investor Visa is a brilliant option for foreigners looking to plant their roots without the requirement of a more considerable investment. The benefit of this option is that, albeit local property ownership is required, you have total freedom in the UAE and can even sponsor your family and other dependents under a property investor visa.
Below we list everything you need to know about the Property Investor Visa.
A five-year UAE Property Investor Visa can be issued to someone who owns a property in the UAE and meets the following prerequisites:
A locally owned UAE property worth the value of at least AED 5 million or above.
The UAE property cannot be purchased with a mortgage, loans or financing and the investment must be retained for a period of at least three (3) years.
The applicant must provide proof of income as part of the criteria.
The minimum income requirement of the visa applicant is at least AED 10,000 per month, derived from inside or outside the UAE.
YOU REQUIRE THE FOLLOWING DOCUMENTS:
Title deed on the property
Passport copy of the applicant
Current visa status copy
Passport photos (x6)
Certificate of Good Conduct (from Dubai Police)
Bank statement copies to display proof of funds
Utility bill copies
Health Insurance copy
HERE ARE THE STEPS TOWARD OBTAINING A UAE PROPERTY INVESTOR VISA:
The first port of call is a visit to the Land Department. You will need to provide your original passport, original title deed of the property, copy of current visa page (if any), and request for a reference letter to submit to the Police.
Once the letter is issued by the Land Department, the next step is to approach the Police for a Certificate of Good Conduct
Following on, a visit to the Department of Economic Development (DED) is required with the relevant documents to apply for an investor license.
Once the investor license is issued by DED the necessary steps towards applying for a UAE residence visa will need to be completed.
If you are looking for a longer-term commitment, and you have additional capital to invest, then the 10-year Investor in Public Investments Visa may be another option to consider.
To qualify for the Investor in Public Investments Visa, you need to commit to investing AED 10 million in one of the following ways:
A deposit of at least AED 10 million in an investment fund inside the UAE.
Establishing a company in the UAE with a capital of not less than AED 10 million.
Partnering in an existing or new company with a share value of not less than AED 10 million.
Having a total investment of not less than AED 10 million in all areas mentioned, on condition that the investment in sectors other than real estate is not less than 60% of the total investment.
Granting the Investor in Public Investments Visa, is subject to the following conditions:
The amount invested must not be loaned
The investment should be retained for at least three (3) years
There should be financial solvency up to AED 10 million.
The visa can be extended to include business partners, on the condition that each partner contributes an additional AED 10 million each. The long-term visa can include sponsorship of the spouse and children, as well as one Executive Director and one Advisor. Alternatively, investors from abroad may apply for a multiple-entry permit for up to six (6) months.
Creation Business Consultants team have combined experience of more than 20 years in the industry, and with a team of highly-skilled and experienced executives, it would be our pleasure to support you with your UAE Long-Term Visa so that you too, can continue living life in the UAE.
Feel free to contact us for a complimentary, no-obligation call on +971 4 878 6240or email firstname.lastname@example.org to find out more about our visa processing and corporate structuring services.