Obtaining an investor visa for apartments in the Emaar Beachfront

Obtaining a long-term residency visa for 3, 5 or even 10 years is one of the main advantages for foreign buyers and investors when purchasing Dubai real estate, compared to other emirates. Obtaining such a visa opens up great prospects and offers many advantages to its holder and their family members. Investing in the premium apartments located in the new Emaar Beachfront area make it possible to issue this type of visa when buying a property here.

This is why we have decided to compile an overview of the types of residency visas, from three to ten years, that are available as a result of investmenting in Dubai real estate, as well as describing how each option is different. In addition, we have prepared a number of the most promising projects in Emaar Beachfront to invest in, and how to obtain an investor visa.

The minimum cost of real estate units in Dubai which allows a foreign investor the right to apply for a residence visa is AED 750К (USD 204К). The sum was lowered in September 2021 while in Abu Dhabi it still remains unchanged at AED 1М (USD 272К). Buying a property that costs either of the above amounts means that a foreign investor gets the right to apply for a 3-year renewable visa. This type of residence visa also allows the investor’s spouse and children under 18 years old to be under the same sponsorship.

Meanwhile, co-owned investors can obtain the visa only when each of them has a share of at least AED 750К. However, spouses can apply for the Taskeen programme which allows them both to obtain visas if they have a marriage certificate and obtain a property with a value of AED 750К together. If an application concerning the investor is submitted by a third party, one must provide a power of attorney.

Thus, Dubai Land Department (DLD) has launched a special programme called the Taskeen Programme under which you can acquire this visa. For this you will need:

• Obtained real estate should be only residential, not commercial.
• The unit must be completed and ready to move into (if the building is under construction, the owner can apply for a visa after the completion of the project).
• The property should be in a freehold zone where foreigners can obtain 100% ownership of the real estate unit.
• The purchase must be done with your own funds. If you are paying for the home using a mortgage, you should have paid at least 50% of the total price or at least AED 750К (USD 204К) back to the bank in order to obtain a visa. In this case, you will need to provide an Issuance of a No Objection Certificate (NOC) written in Arabic and a statement from the bank which approved the mortgage

To obtain a visa, one should provide a passport, an electronic copy of the Certificate of Owned Property, a passport size photo and a police clearance certificate (PCC) that will be proof of your good conduct from the Dubai Police.

All these documents can be submitted via the DLD Vault website or the Dubai REST app. After the request is approved, you will need to visit the DLD main office to pay the fee. Moreover, you will need to undergo a medical examination there as well as part of the visa process. The application will be considered in 3-5 working days.

The cost of the visa:

• AED 14.9К (USD 4.1К) for the owner and AED 7.1К (USD 1.9К) for their spouse.
• If the owner of the property is a female, then her husband should pay AED 5.8К (USD 1.6К) for a visa. The visa will only be issued for one year.
• Children under 18 years old can get a 3-year visa for AED 6.4К (USD 1.7К), a visa for a son over 18 years old will cost AED 5.8К (USD 1.6К) and for a daughter over 18 years old – AED 7.1К (USD 1.9К).
• Parents of an investor can also obtain a visa which is given for a year and costs AED 6.8К (USD 1.85К).

According to the DLD website, if you have invested at least AED 2М (USD 545К) in real estate or have a share in 1 or more units with the same price, you have the right to obtain a 5-year investor visa. If the property was obtained with a mortgage, at least AED 2М should be paid to the bank, and you will need to provide an Issuance of a No Objection Certificate (NOC) and a statement from the bank which approved the mortgage. Spouses have the right to apply for this visa with one property obtained together providing a marriage certificate.

An investor should provide a passport, Emirates ID, medical insurance, a passport sized photo and an electronic copy of the Certificate of Owned Property. The process of obtaining a 5-year investor visa is similar to that of getting a 3-year one. However, the cost is lower at AED 37К (USD 1.01К).
Such expenses are included in the above price:

• Medical examination (VIP) is AED 753 (USD 205)
• Emirates ID for 5 years is AED 573 (USD 155)
• The visa fee is AED 2,300 (USD 625)
• Management fees are AED 100 (USD 27)

NB! The programme which was launched by the government in 2019 is called the ‘Golden Visa’. The Golden Visa not only applies to investors, but also entrepreneurs or specialized talents and researchers in various fields of science, engineering, health, education, business and technology management, as well as humanitarian aid workers, artists and other creative individuals and students can apply for the Golden Visa as well. The amount of investment needed to receive a 5 or 10-year Golden Visa should be at least AED 5М (USD 1.36М) or AED 10M (USD 2.72M). The cost of a 5-year visa is AED 550 (USD 150) and a 10-year visa costs AED 1.1К (USD 300).

To obtain a long-term investor visa for 10 years, according to federal law, one should have a mixed investment portfolio with a total amount of at least AED 10М (USD 2.72М). At the same time, the share of funds invested in Dubai real estate property should be at least 40% which can be shared amongst 1-3 properties. Another 60% can be invested in the public sector such as the UAE government investment funds, startups, etc. The cost of a 10-year visa is AED 1.15К (USD 310).

Real estate property cannot be resold for at least 3 years and funds for the purchase cannot be loaned or on a mortgage either. Investor(s) should be the sole owner(s). The visa can be extended for business partners if each of them contributes AED 10М. Moreover, a 10-year visa can be used by spouses and children of the owner, as well as an Adviser and an Executive Director. One can apply for a Golden Visa on the website of the Federal Authority For Identity and Citizenship (ICA).

In 2020 the Dubai authorities launched the programme named Dubai Golden Retirement Visa for foreigners who are 55 years old and older. The visa is given for 5 years with the opportunity to be renewed. This programme is mostly for residents of Dubai who have worked in the emirate for 10 years or more. However, retirees from other countries can also obtain this type of visa. Apart from the required work experience, the one must correspond to one of the following criteria:

• Purchasing real estate units in Dubai with a cost of AED 1М (USD 272К) or more without a mortgage or using credit. In case you are obtaining a house with a mortgage you have the right to obtain a retirement visa if you have paid back at least AED 1М. The unit you are buying should also be completed, not off-plan.
• Have savings of AED 1М or more for a 3-year fixed deposit.
• Combining the two previous options, which means you can be the owner of real estate and have savings for a 3-year fixed deposit with a total amount of AED 1М. The price of the property, as well as the amount of money in the deposit, should be at least AED 500К (USD 136К).
• Have an annual income of AED 180К (USD 49К) or more.

The price of a Dubai retirement visa is AED 3.7К (USD 1.1К). A retiree can also sponsor his/her spouse and children and parents of the sponsor can get a renewable one-year visa.

NB! For foreign nationals who are just in the planning stages of moving to Dubai for employment and/or permanent residence, it will be helpful to read the below guide, where we have detailed all the main advantages of an investment visa, down to the transportation of belongings and pets.

An investor visa gives a foreigner several advantages starting from the opportunity to live, work and have a bank account in the UAE, as well as significant tax savings.

• During the duration of the visa, one can live in the Emirates. You can leave the country easily, but don’t forget that according to federal law the residence visa will be cancelled and will not be able to be obtained again if a person lives outside the Emirates for more than 6 months at a time. However, holders of a retirement visa have the right to spend less than half a year in the Emirates.
• A visa will allow you to open an account with an Emirati bank.
• An Investor visa will make you a tax resident in the UAE. There is no income tax in the Emirates compared to Italy where the tax rate is from 23% to 43% depending on the income and in the UK tax is from 0% to 45%, etc. The UAE concluded Double Taxation Agreements (DTA) with more than 110 countries including Austria, France, Germany, India, Israel, Italy, Poland, United Kingdom, etc. Therefore, if your country is on the list, you have the right to do business or obtain income from investments without the need to pay taxes based on these incomes.
• You will be able to apply for an Emirates ID and a local driver’s license.
• You will be able to sponsor your spouse, children and parents if they want to come to the Emirates.
• You will be able to register for utilities and telecommunication services and get a local phone number.

If you are obtaining an off-plan property or getting a loan to pay for it, it might be impossible for you to get an investor visa. For instance, to obtain a Golden Visa for 10 years you should invest your own savings, rather than needing the help of a loan. If you try to apply for a visa, you will be refused.

To obtain a 3-year investor visa or a 5-year retirement visa you can use mortgage funds to obtain a property.

• When buying a property worth more than AED 750K (USD 204K) through a mortgage, the owner must pay the bank at least 50% of the total price of the property or the amount equal to AED 750K. In addition, you must provide a bank statement on the mortgage account and a Certificate of No Objection (NOC).
• To obtain a retirement visa for 5 years while getting a mortgage you will need to pay to the bank a minimum of AED 1М (USD 272К).

Separately, it is worth noting that when buying off-plan residential real estate, you can apply for an investor visa only after the completion of all construction work on the project and the date of handover is on a turnkey basis. This requirement applies to all types of investor visas.

Therefore, if you need to get a visa as soon as possible, it’s advisable to pay attention to real estate units which are already completed or to projects which are within their final phase and will become ready to move in, in the nearest future. One of the most prospective residential subcommunities corresponding to this is Emaar Beachfront.

Emaar Beachfront is a new premium community in Dubai by Emaar Properties. The complex has an area of 10 million sq. ft and is located in Dubai Harbour on a small artificial peninsula adjacent to Dubai Marina and next to Palm Jumeirah Island. The waterfront community has a gorgeous coastline with a 4,921 ft private beach on either side, and a premium yacht club. Dubai Harbour is the largest marina in the region and is in close proximity to some of Dubai's best shopping centers, restaurants, key attractions and entertainment venues. Moreover, a new shopping center with an area of 13,000 sq. ft will be built here as well.

It’s planned that 27 residential buildings with 10,000 private, premium residences with exclusive amenities will be housed here, with almost all apartments overlooking the Persian Gulf. The community can be reached in 30 minutes’ from Dubai International Airport (DXB), and in 40 minutes’ from Al Maktoum International Airport (DWC).

Despite the fact that Emaar Beachfront itself is under active development, today there are several projects that are in the final stages of development. In this case, buying property in Emaar Beachfront as an investor, will have a convenient payment plan available to buyer and investors, and once the housing is handed over soon, you can apply for an investor visa of three to ten years, depending on the size of your investment. Separately, it is worth noting that thanks to the convenient location and world-class amenities, there is a projected return on investment of no less than 8% per annum.

You can know more about the most popular investment projects based in Emaar Beachfront below.

The residential complex was completed at the end of October 2021 and is ready to move into. It’s made of 26-storey twin towers connected by a podium deck and the building offers 1-4 bedroom apartments with areas starting from 670 sq.ft. Sunrise Bay is located in the heart of Emaar Beachfront where you can easily reach the Persian Gulf. Sunrise Bay is also surrounded by 750 meters beaches.

Residents will be able to use on-site amenities such as an infinity pool and fitness center on a podium deck. The territory is under control 24/7. The prices of a 1-bedroom apartment in Sunrise Bay start from AED 1.5М (USD 409К). Therefore, after obtaining such a unit you will be able to apply for a residence visa for 3 years both for yourself and your close ones with the opportunity to pay almost 50% of the property with the help of a mortgage. The minimum price of a 2-bedroom apartment is AED 2.3М (USD 626К), which allows you to apply for a 5-year investor visa. If you have made other investments in the UAE you will be able to get a 10-year investor visa as well.

Beach Vista is a residential complex comprising two 33-storey towers. The information by Dubai REST suggests the complex is 98% completed and will be ready to move into in January 2022. You will be able to obtain 1-4 bedroom apartments starting from 721 sq. ft in Beach Vista. The minimum cost of a unit here is AED 1.42М (USD 387К). By obtaining such a property you will be able to get a 3-year residence visa, in which 50% of this sum can be loaned. Retirees buying such a property can get a visa for 5 years. A 2-bedroom apartment costs AED 2.2М (USD 599К) which allows you to apply for a 5-year residence visa.

According to Dubai REST, Marina Vista was 73.3% completed as of September 2021, and it is planned that the project will be completed by the end of the year. You can choose a unit from 1-4 bedroom apartments with an area of 740 sq. ft with a starting price of AED 1.4М (USD 381К). After the completion of the project, which is going to be in the next couple of months, investors will be able to apply for a 3-year residence investor visa. By obtaining 2-3 bedroom apartments with a starting price of AED 2.2М (USD 599К) you will be able to apply for a visa for 5 or 10 years depending on the full amount of your investments in real estate in the UAE.

The process of buying a property is quite simple and transparent in Dubai. But before making the final decision to buy/invest, it is advisable to make sure that you are sufficiently informed and equipped with all necessary information about the emirate and the intricacies of its legal framework. Hiring a licensed realtor/agency can save you time in finding a property, collecting documents, opening a bank account and other nuances, including choosing the right property with a potentially high return on investment.

In case you have any questions concerning a real estate purchase or rental, please do not hesitate to contact us. Our real estate agents will help you to choose the most appropriate unit for your own living or investment which will help you to obtain income from rental or a resale. We are ready to provide you with help during all stages of investment, including searching for real estate, making the transaction, as well as getting a mortgage and managing the obtained unit.