Can I get a residency visa if I purchase a property in Dubai?
The UAE offers great opportunities for real estate investors. You are eligible to apply for a renewable two-year residence permit if your property was purchased for at least AED 750,000. This permission allows you to sponsor your spouse and children as well. However, investors in higher-value homes receive much bigger benefits. A renewable 10-year residency permit may be applied for if you have invested in a property with a purchase price of AED 2 million or more. Not only does this extended permit protect you and your kids, but it also allows you to sponsor your parents. You can benefit from this programme even if you have a mortgage on your property. All you have to do is submit a bank letter attesting to your payment of AED 2 million. This letter certifies that you meet the requirements to get a 10-year residency visa. The UAE's dedication to embracing and rewarding real estate investors while simultaneously fostering family harmony is shown in this effort. Before making any decision, it is important to obtain independent legal and tax advice from authorities in your area.
What is an off-plan property?
An unconstructed property is known as an off-plan property. The property is either not yet constructed or is just getting started. Purchasing off-plan property might have advantages like less costs, more customisation options, and possible capital growth after completion.
What is the difference between Off-plan and Ready property?
Off-plan and ready properties are the two primary categories when it comes to real estate investment. Off-plan projects are either in the pre-construction stage or currently under construction. On the other hand, ready or on-plan properties are those that are ready for immediate occupancy.
Can I sell an off-plan development before its completion date?
Yes, you can sell off-plan property before the completion date as per the clauses mentioned in the Sales and Purchase Agreement. However, it is essential to check the developer's policies and any restrictions that may apply to the resale of off-plan properties.
Is the reservation fee refundable?
No, the reservation fee is not refundable. The reservation fee is usually paid to secure a property and show the buyer's commitment. It is important to review the terms and conditions of the reservation agreement before making the payment.
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