Dubai is one of the most sought-after cities in the world, with its luxurious lifestyle and thriving economy. If you are looking to become a resident of this vibrant city, purchasing a housing might be the best way to achieve your goal. In this article, you are going to find out how to become a resident of Dubai by investing in a property here.
Dubai has become one of the most popular locations for property investment, with a growing number of foreign citizens flocking to the city to buy property here. The process itself is relatively straightforward, but it does require careful planning and attention to detail. Emirates.Estate is a specialised agency, which is always ready to assist you throughout the whole process.
Meanwhile, in this article you are going to go through all essential steps you will have to take in order to become a resident of Dubai if you choose to invest in a property.
Step 1:Determine your eligibility for residency
Before you can get a status of permanent resident of Dubai, you have to first determine whether you are eligible for becoming one. The Dubai government offers several types of residency visas to foreign citizens, including the the property owner visa, investor visa, and the residence visa for the retired.
The first type of visa is the most relevant visa for those looking to become a resident of Dubai through getting a property. To be eligible for this visa, you must own a property in Dubai worth not less than $272,000 or more. You must also be able to prove that you have enough funds to sustain yourself and any dependents you may have.
Step 2: Find a suitable property
Once you have determined your eligibility for residency, the next step is to find the best property to satisfy your needs. Speaking of which, in anticipation of summer Emirates.Estatehas prepared a number of affordable flats for sale with a pool in Dubai’s districts, from cozy one-bedroom apartments to luxurious five-bedroom penthouses.
To obtain the visa a potential investor should consider buying one or more properties. Those include:
- hotel rooms
When looking for a housing in Dubai, it is essential to work with a trustworthy real estate agency which can guide you through the process. Emirates.Estate will help you find apartments that will undoubtedly meet your criteria, talk with sellers, and handle all the necessary paperwork.
Step 3: Finance your purchase
Purchasing a housing in Dubai requires considerable financial assets. If you do not have enough funds to get a flat outright, you may need to finance your purchase through a mortgage.
Many banks in Dubai offer mortgages to foreigners, but the terms and conditions may vary. Before you apply for a mortgage, it is essential to research your options and compare interest rates, fees, and repayment terms.
Step 4: Register your property
Once you have purchased your property, you must register it with the Dubai Land Department. This process involves paying a fee and submitting the necessary documents, including your ID and passport, visa, and documents proving the ownership.
Of course, registeringthe property is a vital step in the process of becoming a resident of Dubai through purchasing a property. It enables you to obtain a property owner visa and establishes your legal ownership of the property.
Step 5: Applying for a property owner visa
The final step in the process is to apply for a property owner visa. This visa allows you to both live and work in Dubai and provides you with a range of benefits, including access to healthcare and education.
Besides, the visa length varies between three to five years, depending on the amount of money spent on a housing:
- Individuals who bought a property of AED 1 million ($272,000) or more are granted the three-year visa
- Those who own any type of property worth not less than AED 5 million ($1,361,000) get the five-year visa
Both of the visas can be maintained for as long as the individual owns the property in Dubai. Also, keep in mind that there is a required service fee as well, starting at AED 3715.75 ($1020).
To apply for a property owner visa, you must submit the necessary documents, including your ID and passport, visa, and proof of property ownership, to the Dubai Land Department. The processing time for a property owner visa can vary, but it usually takes between two and six weeks.
Becoming a resident of Dubai through buying a property can be a straightforward and rewarding process. By following the steps outlined in this article, you can find the right property, finance your purchase, register your property, and apply for a property owner visa.
Dubai offers a unique and exciting lifestyle, with its modern infrastructure, world-class amenities, and thriving economy. If you are looking to invest in property and become a resident of this vibrant city, now is the time to start planning your next move.
If you find yourself interested in purchasing a property in Dubai, Emirates.Estate is ready to offer the best options available. The agency will guide you through the whole process and make sure you are satisfied with your purchase in the end. Everybody will surely find an option to their taste on the Emirates.Estate website.