Foreigners are actively purchasing real estate in Dubai. Real estate is often chosen not only as an investment option, but also for moving to permanent residence. The city has several dozens of free zones with affordable housing for non-residents. Among them are property for sale in Palm Jumeirah the UAE, Dubai Marina, Business Bay, and other popular areas of the city. To move to a permanent residence for foreigners, a visa is required. Let’s take a closer look at how it’s easier to get one, as well as the attractiveness of Dubai as a place to move.
Dubai: Advantages And Disadvantages
Some Of The City’s Advantages Are:
- An actively developing economy that provides comfortable living standards. Well-developed infrastructure, high-quality medical and educational services, availability of free economic zones for business are just a few of the benefits of the UAE economy.
- Affordable real estate prices and a wide range of properties. Despite the steady rise in prices, it is still possible to find attractive properties at a price of $150,000 or more. Luxury real estate worth several tens of millions USD is in demand no less actively than low-budget apartments.
- Quick visa issuing. This is not the US, where you can wait for an interview at the consulate for an indefinite amount of time. In the Emirates, the entire process of collecting and reviewing documents takes no more than 1 to 2 months.
- Safety. Strict legislation allows to get rid of crime almost completely. Dubai is one of the safest cities in the world.
- Nearly no taxes. Personal income is not taxed. You also do not need to pay for real estate ownership, as well as pay taxes on profits when renting a property out.
Ease of adaptation is also should be noted among the benefits of Dubai. Knowledge of Arabic is not required, speaking English is enough. The population of the emirate is international, and the attitude towards foreigners is quite tolerant.
The cons are inextricably linked with the pros. The climate, which allows you to enjoy swimming all year round, is unusually hot during the summer months. Therefore, those who have already moved to Dubai advise newcomers to plan moving here during the winter months. Acclimatization gets smoother and easier.
High living quality is accompanied by corresponding prices. For example, the consumer basket in Dubai is 22% more expensive than the similar one in Moscow.
Islamic culture is different from European, and this is quite important. Excessive emotionality in public is inappropriate, alcohol is available only in a limited number of places, and you cannot buy it in a usual store. There are also dedicated smoking areas.
How To Move To Dubai For Permanent Residence
Citizenship is practically inaccessible for persons of non-Arabic origin. For naturalization, it is required to live in the country for at least 30 years and pass an exam for knowledge of the Arabic language. Cases of obtaining citizenship for special merits are extremely rare and accessible to wealthy people in exclusive cases. However, citizenship is not mandatory for living in the country, it is enough to get a residence permit. The residence visa is available to a wide range of people.
Changes In Visa Terms For Dubai Property Owners And Other Persons
In 2022, moving to the emirate became even easier. Visa remains possible to obtain when purchasing real estate worth more than $204,000. The owner can receive a 3-year visa. If the property is bought in shares, then each of the co -owners share should cost at least $204,000 to obtain a visa.
The buyer can bring his or her spouse, daughters of any age and sons until university graduation. A deposit and solvency confirming are required to become a residence visa sponsor for senior parents. Earlier the age of male children was limited to age of 18.
The 10-year “golden visa” is given to those who purchased real estate worth more than $545,000. Previously, the price threshold was 5 times higher. This amount may include up to 3 properties. Owners of a 10-year visa are not obliged to confirm the level of income for residence visa sponsorship. They can bring not only their family, but also maintenance staff to the country.
It is possible to apply for a residence visa when buying a real estate unit for cash or with the involvement of mortgage capital or installments. In the future, this residence visa may be extended an unlimited number of times. The only condition is owning the property which was the basis for visa obtaining.
Visas For Other Persons
In Addition To Real Estate Investors, A UAE Visa Can Be Issued To:
- Businesspersons investing money in the country’s economy;
- Start-upers participating in projects with profit of at least $275,000 a year. These are to be approved by competent state bodies;
- Highly qualified experts in different spheres;
- Scientists whose merits are appreciated by the UAE Council of Scientists;
- Talented people. The sphere of activity is not limited here. Achievements can be performed in the field of culture, sports, and others;
- Gifted students;
- Workers engaged in labor activity on a contractual basis.
Each category features special requirements covering the level of education or income. Detailed information and the UAE visa terms for different categories of foreigners can be found on the official website https://emirates.estate/. There you will also find a wide range of real estate units in Dubai and other emirates of the country.