Does Buying Property in Abu Dhabi Grant Residency?
Does buying property in Abu Dhabi grant residency? Thes is one of the questions that occupy the minds of foreign investors in the United Arab Emirates, especially given the significant urban and economic growth that the emirate has witnessed over the past two decades, making it a globally attractive investment destination.
In this article by Realty Zone, we will explain the conditions required to obtain residency when purchasing real estate in the Emirate of Abu Dhabi, shedding light on the duration of residency and the requirements for its issuance.
Does buying property in Abu Dhabi grant residency?
Abu Dhabi has become a distinguished global commercial and economic center, serving as the main gateway to the markets of the Middle East, Africa, and South Asia. It boasts world-class infrastructure and easy access to regional and international markets.
Abu Dhabi offers attractive investment incentives, such as allowing foreigners 100% ownership of real estate, low taxes, and long-term residency visas linked to property ownership.
Purchasing property in Abu Dhabi, specifically within freehold areas, provides a fantastic opportunity to obtain a long-term residency visa in the United Arab Emirates, subject to the conditions and regulations outlined by the law.
It’s important to note that specific details and eligibility criteria may vary, and investors should check with the relevant authorities in Abu Dhabi or consult with legal advisors like Realty Zone to understand the latest regulations and requirements.
The Golden Residency Visa for property investors is part of the UAE’s broader efforts to attract foreign investment, stimulate economic growth, and enhance the country’s position as a global business hub.
Real Estate Ownership Law in Abu Dhabi
According to Law No. 19 of 2005 concerning real estate ownership, foreign expatriates can own properties in Abu Dhabi under various systems such as leasehold, freehold, commonhold, or long-term lease. The Abu Dhabi government has designated nine areas, known as “freehold zones,” where foreigners can own properties.
Property owners in Abu Dhabi enjoy several privileges, including opening a bank account, obtaining a driver’s license, and health insurance, registering children in local schools, and the opportunity to work and invest in the country.
Individuals interested in real estate investment in Abu Dhabi need to familiarize themselves with the specific provisions of the Real Estate Ownership Law and seek legal advice from professionals such as Realty Zone to ensure compliance with all regulations and requirements.
Golden Residency Visa for Real Estate Investors in Abu Dhabi
Investors in Abu Dhabi real estate qualify for a long-term golden residency visa, which can last up to 10 years and is automatically renewable. The property value should not be less than AED 2 million, regardless of its status on the map, completion, mortgaged, or not.
This visa includes family members such as the spouse, parents, and children up to 25 years for males and without an age limit for unmarried daughters. Children with disabilities also receive residency permits regardless of their age.
The Golden Residency Visa for Real Estate Investors is a valuable incentive for those looking to invest in Abu Dhabi’s real estate market. It not only provides an opportunity for extended residency but also contributes to the overall growth and development of the UAE’s economy.
Investors are encouraged to seek legal advice and adhere to the specific regulations set by the immigration authorities when applying for the Golden Residency Visa.
Requirements for Obtaining the Golden Residency for Real Estate Investors
Conditions for issuing golden residency for a real estate investor in Abu Dhabi include the following:
- Submit an official document proving ownership of the property in Abu Dhabi from the Real Estate Registration Department in the emirate.
- The property ownership should be in the name of the applicant and not jointly owned with others.
- Property purchase can be through a mortgage from specified Abu Dhabi banks.
- The property must be suitable for residence according to approved standards.
- The applicant must have a monthly income of at least AED 10,000 or its equivalent in foreign currencies.
- Alternatively, the applicant can provide financial proof throughout their stay in the UAE.
- Possession of full health insurance for the applicant and their family throughout their stay in the country or as per the health regulations in Abu Dhabi.
Requirements for Extracting the Golden Residency
- Valid passport with a minimum validity of 6 months.
- Copy of entry visa or Emirates ID (if applicable).
- Valid health insurance.
- Property purchase contract or the registered unit value certificate from the Abu Dhabi Municipality or any relevant registration authority.
- Bank statement confirming a monthly income of at least AED 10,000 or its equivalent in foreign currency for the last 6 months.
In conclusion
Real estate investment in Abu Dhabi opens the door to a unique opportunity to obtain residency and enjoy the quality of life in this emirate with a wide range of globally leading attractions. Real estate investment provides an exceptional chance to secure a long-term residency visa in the UAE for up to 10 years, automatically renewed for you and your family.
For more information about residency visas through property purchase in Abu Dhabi, feel free to contact the Realty Zone team for a free consultation. If you’re interested in buying property and obtaining the golden residency in the finest freehold areas in Abu Dhabi, contact us now to explore a wide range of luxurious properties and choose what suits you.
Edited by: Realty Zone©
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