Residence Visas: A Friendly Guide for Dubai Real Estate Buyers

When it comes to purchasing a property in Dubai as a foreign investor, the ins and outs of residence visas might seem like a puzzle. But fear not! We’re here to provide you with our expert opinion on this matter, making the process more accessible and friendlier.

First things first, you don’t necessarily need a long-term residence permit, commonly known as a residence visa, to buy property in Dubai. However, if you plan on frequent and extended stays in your holiday home, it might be a good idea to consider applying for one.

Here’s the scoop: Property owners, whether they intend to use their property or rent it out as a holiday home, can apply for a residence visa. The type and duration of this visa depend on factors like the property’s value and the applicant’s age.

Dubai currently offers three main visa categories for property owners:

2-Year Visa: Property owners who have purchased a property valued at least AED 750,000 are eligible for a 2-year visa.

Retirement Visa (5 Years): If you’re 55 years or older and have bought a property worth at least AED 1 million, you can apply for a retirement visa, giving you peace of mind for a blissful 5 years.

Golden Visa (10 Years):  The golden visa, valid for an impressive 10 years, awaits property owners who have invested AED 2 million or more in their dream abode.

But wait, there’s more! Applying for a residence visa isn’t just a paperwork drill; it can bring additional perks for property owners looking to rent out their homes as holiday getaways. With a residence visa in hand, opening a local bank account becomes a breeze. This not only simplifies financial transactions but also eases the management of your holiday home, from receiving deposits and rent to handling utility bills.

In conclusion, securing a residence visa adds an extra layer of convenience and flexibility to your Dubai property ownership experience. So, whether you’re eyeing that 2-year, 5-year retirement escape, or the golden decade, consider it a valuable key to unlocking the full potential of your holiday home in Dubai.



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