Receiving Residency by Buying A Property in Dubai
There are different ways to receive residency in one place and one of the most common ways is buying a property for sale in Dubai. If you are not familiar with the laws or policies on acquiring property, consider hiring professionals who are familiar with laws and regulations.
In case you’re opting to process the application on your own, here are some of the requirements you need to know.
Previous regulations require you to acquire a residential property, not a commercial one to get a residency visa. However, in 2019 an amendment was made to this law, allowing you to apply for residency whether you acquire offices or flats for sale in Dubai. It is also important to make sure that you choose an area where freehold property ownership is allowed for foreigners before arranging payments or completing transactions for commercial property for sale in Dubai.
The value of the property must be not less than 1 million dirhams. If a unit is bought by several buyers, the value of each buyer’s stake must be no less than 1 million dirhams. Before, this law was only applicable to one property, but with the 2019 amendment, it can be the total value of two properties. You can still apply if you purchase a commercial space or 1 bedroom apartments for sale in Dubai.
To apply for residency after acquiring an apartment for sale in Business Bay, you will need the following:
