Q. In the event of buying a property from a developer, am I legally entitled to obtain a residence permit for myself and my family members? Will the residence be golden or normal? And if I sell the property, will the residence permit be cancelled? Please advise.
A. In such a scenario, you will be able to apply for one of the following Real Estate Residence visas (Taskeen):
Golden Visa-Investor; Golden Visa-Retired; or Investor Visa.
Golden Visa-Investor: This service allows the real estate investor who owns a property valued at Dh2 million or more at the time of purchase (one property or more) under the applicant’s name to apply for a 10-year renewable residency visa, and the husband or wife and children can be sponsored. In case the property is mortgaged, an NOC letter from the bank must be obtained to issue a visa on the property and it should show the paid and remaining amounts.
Golden Visa-Retired: This service allows the real estate retired investor who owns a property valued at Dh1 million or more at the time of purchase to apply for a five-year renewable residency visa, and the husband or wife and children can be sponsored. The applicant must be 55 years old and above, Minimum Dh1 million (fully paid, not mortgaged) value property (one property or more) under the applicant’s name or a deposit Of Dh1 million in any of the local banks for three years is a criteria. A letter from the bank issued to the immigration must be produced, saying that the deposit cannot be released within three years. Can cover both husband and wife (marriage certificate required).
Investor Visa: This service allows the real estate investor who owns a property valued at Dh750,000 or more at the time of purchase to apply for a two year renewable residency visa, and the husband or wife and children can be sponsored. In case the property is mortgaged, 50 per cent of the property value or at least Dh750,000 should be paid to the bank. NOC letter along with mortgage bank statement will be required to proceed with visa application. Covers both husband and wife (Marriage certificate attested required). POA will be required in case the application is submitted on behalf of the investor.
In all cases, the applicant should provide documents for him and his family. They include but are not limited to: Passport, electronic copy of the title deed certificate, personal photo, valid health insurance, original Emirates ID (if any), copy of latest visa in the UAE (if any).
Real estate residency is connected with the real estate, which means that in case the real estate is sold, you will lose this residency.
