Dubai Marina is one of the most popular neighborhoods in Dubai. The concentration of many attractions, snow-white beaches and developed infrastructure make property in Dubai Marina in 2022 in demand among both locals and foreigners. In this article we will consider how to move to the metropolis, taking into account the current year’s economic and political situation. How to get a visa when buying property in Dubai and whether you can apply for the UAE citizenship.
Dubai Marina: The Best Properties For Sale In Dubai
Dubai Marina is an area in the western part of the city. The community is considered an elite resort, with real estate prices here second only to the center of the emirate. Among the most comfortable vacation spots in Dubai, it is hard to find something more famous than the Dubai Marina area. The advantages of real estate located in the community are numerous:
- A wealth of choices. In the area you can buy both a compact studio apartment and a luxury villa.
- Prestige and convenience. Apartments in the area do not lose their value, because they are close to the beach and to attractions such as the Dubai Eye Ferris wheel, diving center and man-made bay. The city center and the Burj Khalifa can be reached in 15 minutes.
- High liquidity. Apartments for sale in Dubai are in steady demand.
It is easy for a foreigner to buy a home in Dubai Marina. The area belongs to the free zones, where foreigners can own and dispose of property at their own discretion.
Visa When Buying An Apartment In Dubai
Since 2019, foreign property owners in Dubai can apply for a multi-year residency visa. Initially, the entry threshold for it was set at AED 1 million ($272 thousand), and the period of validity was two years, but in the fall of 2021 the amount was reduced to AED 750 thousand ($204 thousand).
Several conditions are imposed on the properties to be purchased. Housing must be suitable for living, that is, complete and in good condition. The applicant must have the right of ownership. If the property is purchased on a mortgage, the amount paid to the bank must be at least AED 750 thousand or 50% of the value of the object.
The resident visa is issued for three years. Investment in Dubai real estate must be maintained for the whole term of the visa validity, otherwise it will be canceled. Visa can be repeatedly prolonged. Its holder is supposed to live permanently in the emirate, but a prolonged stay by itself does not give him the right of citizenship.
“Golden resident visa”
“Golden visa” is a residence permit, which can be obtained by investors, businessmen, qualified specialists, gifted students and simply talented individuals.
“Golden visa” gives its holder special privileges – a 10-year residency in the UAE with his family, the right to work and study without the sponsorship of a citizen of the Emirates, and the ability to travel outside the country without time restrictions. The changes made to the legislation have simplified the immigration process, including the purchase of real estate in Dubai:
- The lower threshold for the cost of housing is now 2 million AED ($ 544 thousand). Previously, to obtain a 10-year visa was required to invest more than AED 10 million.
- To purchase real estate is allowed through a mortgage loan, but the bank must be among those approved by the government.
Permission to reside in the Emirates and sponsorship of family members and domestic workers
- The Golden Visa holder can sponsor a spouse as well as an unlimited number of domestic workers. The age restrictions for children included in the application have been eased up. Previously, a male child was allowed to be included on the application until age 18, but under the new rules it will be up to age 25. For female children or children with disabilities now the age restrictions do not apply at all.
- If the holder of such a visa is deceased, his family is allowed to reside in the country until the expiration of the document.
- The holder of a 3-year resident visa has the right to stay in the Emirates with his family members: the spouse to whom he is legally married, sons no older than 18 years or 21 years, provided that they are students, as well as unmarried daughters. However, the holder and relatives are not allowed to engage in gainful employment, for which a sponsorship visa will be required.
Is It Possible To Get A Visa For Real Estate For Sale Outside The Plan In Dubai?
Investors can invest not only in finished housing, but also in off-plan projects in Dubai. It is important that the developer is approved by the state. Investments are allowed in both single and multiple properties.
New Types Of Residence Permit
The UAE has introduced new types of five-year residence permits to attract talent, skilled professionals, freelancers, investors and entrepreneurs who may prove useful to the UAE.
For these applicants, there will be a simplified procedure for family members to stay. And they will be allowed to stay in the country for up to six months after the expiration of the residence permit.
Residence Permits For Freelancers And Self-Employed Persons Without A Sponsor
The previous two-year residence permit for freelancers and self-employed has been replaced by a new green residence. The status will be issued for five years and does not require a sponsor or employer in the UAE.
Applicants need to obtain a permit to operate from the Ministry of Human Resources. The level of education of foreigners must meet the level of a bachelor’s degree or its equivalent, and the income over the previous two years must be at least 360 thousand AED ($ 98 thousand).
Residence Permits For Investors, Founding Or Participating In The Company
The new type of residence permit for five years will also be called the green residence and replace the previous type of residence permit for this category, which was issued for two years.
It is necessary to obtain approval and invest in the business. If a foreigner has more than one license, the total capital invested will be counted. Separate licenses are required for different types of activities. And you will also need to get permission from the competent local authorities.
Residence Permits For Skilled Professionals
The five-year status of green residence can also be qualified for skilled professionals without a sponsor or local employer. Applicants must have a valid employment contract and be classified in level one, two or three according to the classification of the Ministry of Human Resources.
Applicants must have an undergraduate degree or its equivalent, and the salary must exceed 15,000 AED ($4,084).
What Documents Are Needed To Apply For A Visa?
Each applicant must submit the following documentation package:
- Property deed;
- Copy of passport;
- Copy of a valid visa;
- 6 passport photos;
- Certificate of Good Conduct;
- Utility bill;
- Health insurance;
- Bank statement.
Before contacting the registrar, it is advisable to contact a visa consultant and make sure that the collected package of documents contains everything you need.
Real Estate Agency In Dubai To Help In The Selection Of Housing To Move To Permanent Residence
The official website https://www.axcapital.ae/ features apartments and villas for sale in Dubai. Extensive selection of properties and regularly updated property database from developers and local owners are waiting for monitoring. Intuitive easy search system allows you to adjust settings and select housing within the available budget, in the area of interest. Specialists are ready to advise you on your choice in real time. Just fill out a feedback form or ask a question on the website. Start choosing properties in the UAE right now!
