UAE Residence Visa Rules in 2023
Embarking on a new chapter of UAE Residence Visa Rules, the United Arab Emirates (UAE) introduces a groundbreaking paradigm shift starting October 2023. Departing from conventional metrics based solely on purchase prices, the revamped criteria place a spotlight on the market value of properties. This marks a strategic recalibration of visa eligibility, aligning it more closely with the dynamic dynamics of the real estate market. These alterations not only redefine the financial benchmarks for various visa categories but also introduce streamlined processes, offering greater flexibility to investors and residents alike. In this comprehensive exploration, we delve into the intricacies of these changes, navigating the pathways individuals can now take to secure and maintain their residence visas in the UAE.
Assessment by Market Value:
Commencing October 2023, the landscape of residence visa criteria in the UAE undergoes a significant transformation. Departing from the traditional reliance on the purchase price alone, eligibility for visas will now be intricately linked to the property’s market value. This heralds a nuanced approach that aligns with the ever-evolving dynamics of the real estate market in the region.
In this revised framework:
- A property valued at $204,000 becomes the threshold for qualifying for a 2-year Investor Visa, emphasizing the commitment required for this initial duration.
- For those aspiring to secure a 5-year Retirement Visa, the property in question should boast a market value of $272,000, reflecting a slightly higher investment for an extended stay.
- The prestigious 10-year Golden Visa, a symbol of substantial commitment and contribution, necessitates a market value of $545,000. This places a premium on the long-term engagement and investment in the UAE.
To embark on the journey of obtaining a visa under this revamped system, individuals must follow a structured process:
1. Property Value Increase:
- If the property was initially purchased below the visa requirement, the increase in market value becomes the key.
- An official real estate valuation certificate affirming the uptick is a prerequisite, and this can be obtained through the Dubai Land Department or the Dubai REST App.
- Importantly, if the Title Deed already denotes the required investment amount, an additional certificate is not mandatory.
2. Visa Upon 50% Payment:
- Although the overall investment amount remains unchanged, a positive development allows for an early visa application.
- For an Investor Visa, the application becomes viable after making a payment of $102,000 (from the total $204,000).
- Golden Visa eligibility is triggered after a payment of $272,500 (from the stipulated $545,000).
3. Sale After Receiving a Visa:
- A transformative shift from past regulations, selling a property no longer necessitates forfeiting the visa.
- Under this progressive system, visa holders can retain their visa through a streamlined process.
- By purchasing a new unit that aligns with the visa requirements, replacing the old title deed with a new one under the same owner’s name, individuals can seamlessly sell their initial property while preserving the continuity of their visa.
It’s imperative to note that these updates are specifically tailored for ready properties. Off-plan properties, however, require a construction progress of over 50% and special approval, underscoring the commitment to ensuring the quality and completion of such developments. As the UAE continues to adapt its policies to align with contemporary realities, these changes reflect a strategic approach to visa regulations that balance investor interests with the dynamic nature of the real estate market.
