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- December 5, 2022
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Dubai Golden Visa : 7 Questions Will Make You Eligible To Get Visa
Can Family Members of an Investor Get a UAE Residency Visa?
Yes. If the value of the purchased property is above AED 1 million and the property has enough room to accommodate all the family members, the buyer can apply for a UAE residency visa for immediate members of their family.
Can Foreigners Get UAE Residency Through Real Estate Investment?
Yes. If foreign investors purchase a property with a value of at least AED 1 million, they become eligible for obtaining a UAE residency visa.
How Long Does the Process of Buying a Property in Dubai Take?
When purchasing a property in Dubai, it usually takes somewhat between 2 to 10 weeks to finalize your purchase and transfer the ownership of the property. However, if you are buying a mortgaged property, the process can take longer and entail additional legal steps.
Can Foreigners Buy a Property in the UAE on Mortgage?
Yes. Expatriates and foreign investors are allowed to get a mortgage to purchase a property in the UAE under certain terms and conditions such as paying 20% to 25% of the mortgage value in addition to associated costs.
Buying a property on mortgage involves additional expenses too. A Bank Mortgage Arrangement fee (1% of the loaned amount) and a Property Valuation fee (ranging between AED 2500 to 3500 plus 5% value added tax) will be added to your costs.
Can You Buy a Property that Is Already Mortgaged?
Yes, you can. However, the purchase process will get a bit complicated. When the seller has an existing mortgage on their property, they are required to fully settle the mortgage before asking for a NOC to be issued.
Does Buying a Property in the UAE Grant You Work Permit?
No. Neither buying a property nor obtaining a residency visa will grant you a work permit in the UAE. Obtaining a work permit has a completely separate process and is governed by different laws.
Does Owning a Property in the UAE Oblige You to Pay Taxes?
No. There are no taxes on property and income in the UAE.
