Getting Residency through Property Purchase

[BobbytheBuilder]

I wonder if anyone can kindly advise me. I bought an Apartment in International City a few years ago and I think at the time you could get a residency visa through Nakheel when you bought the Apartment off plan. I never got the visa processed but really want a UAE Residency Visa now. Is it still possible to get the visa, any feedback would be great.

 

[Land Sterling]

I think you can still get one if you invested more than 1.5mill in the country. Also, the visa will not be a permanent residency one, it will be a multiple entry visa.

Not sure if this helps. Try giving the immigration and naturalization department a call buddy.

LS

 

[BobbytheBuilder]

I think you can still get one if you invested more than 1.5mill in the country. Also, the visa will not be a permanent residency one, it will be a multiple entry visa.

Not sure if this helps. Try giving the immigration and naturalization department a call buddy.

LS

Land Sterling, Thanks again for your reply. I might looking at trying to get a residency visa via setting up a business in Dubai.

 

[Land Sterling]

bobby. well that is fine if you want to do that. it's not cheap to set up a business though and there are some procedures to go through.

you can also buy an already existing business / trade license.

 

[BobbytheBuilder]

bobby. well that is fine if you want to do that. it's not cheap to set up a business though and there are some procedures to go through.

you can also buy an already existing business / trade license.

Land Sterling Thanks for your reply. Do you know a good place to looking for exisiting businesses for sale.

 

[Land Sterling]

what is your budget bob? And what kind of license are you looking for?

 

[Roshan]

All the previous rules are gobne. The one which I know and wonder if still applicable is that the value of the property should be above a million dirhams. Again I do not know if they will use the primary or the secondary sale.

The visa will be valid for 6 months after which a renewal is possible. Everything for a fat fee.

Roshan

 

[East end barrow boy]

Did this in RAK not Dubai

In RAK, this is what I did to get my 3 year residence visa based on the property.

Go to the Free Zone agency, RAKIA, and create a company (whose only purpose is to own trhe property),( not 1m aeds either, but less)...)no exact figure mentioned, and no proof of valuation required).

The company has as its only asset the property, and the title is changed to this entity....even HSBC mortgage was transfered.

The property is owned by the directors, and is now free from any inheritance complications under the local laws.

The cost for this was 4,000 aeds, plus if I remember correctly 1,000 aeds for other formalaties.

Then you apply for residence visas based on this company, as INVESTORS, ( 2 visas for investers, plus 1 for adminisrtation person.)

Then the costs excalate, 5,000 aeds, to start, then 1,500 per investor visa required.

Then the killer: the imigration department demanded a new fee, 10,500 aeds per visa issued. WTF.

BUT a 3 year visa in hand, after 10 days.

Now I must re issue my UAEID, and my E GATE, and perhaps my UAE Medical Card, plus Driving Licence.

BUT a 3 tyear visa, and living in RAK, not that expensive, over the three years, but still a big bit.

I dont have to leave the country every three months like I would have to in DXB.

The boys,

 

[BobbytheBuilder]

East End Barrow Boy thanks for your reply.

 

[BobbytheBuilder]

East End Barrow Boy, just looking at all my options and weighing up the most cost effective option. Did you have to pay the Land Department 1.5% of the value of the property to change the name on the title deeds to the companys name.

 

[East end barrow boy]

RAK might be different

The Land register in RAK is very very slow, (read behind),and my property had not actually been registered.

So I did not have to do this extra 1.5%......but in theory I suppose YES it would be needed.

However I am still trying to register, ( the PRO for HSBC was on mths vacation, then the Developers PRO on vactaion, then me working away from UAE, the delays are endless, but at least the 1.5% is in my bank not theirs, then the Rak imigration 10.5k aeds was the final straw.

Hope this gives you the insight you seek.

the gang

 

[BobbytheBuilder]

East End Barrow Boy thanks for the info.