It is no secret that obtaining a residence permit in the UAE is one of the decisive factors for acquiring local real estate for foreigners. However, it should be recalled that the "residence permit" and "resident visa" are far from the same thing.
For clarification on this and a number of other issues of interest to future residents of Dubai new buildings, we turned to Igor Vasiliev, business development manager of Creative Concepts real estate company.
What is a UAE resident visa and what does it give to its holder?There are several types of resident visas: state, work and investor.
Initially, this visa was considered as the right to long-term (3 years) stay in the UAE with the aim of temporarily carrying out professional activities, both as an employee and as an investor.
Currently, a three-year resident visa is also issued on the basis of contracts for the sale of housing facilities with the right of unconditional subsequent extension. The adoption of the Federal Law on a Permanent Permanent Resident Visa is currently under development and will be resolved in the very near future.
A resident visa obtained upon purchase of a home gives the right to long-term residence in the country and the possibility of opening accounts with international banks, but does not give permission for employment. However, all questions about hiring are resolved with the acquisition of a Labor Card, which anyone can get with an employment contract.
Does a home buyer need a work card when starting their own business?
An investor visa does not imply a work card. However, if the buyer, in addition to investing, plans to conduct entrepreneurial activity, in this case, according to the current legislation, he must obtain the visa of the company investor.
Does every real estate buyer receive a resident visa?
When investing in real estate, a visa must be submitted if the buyer does not have any other resident visa. The cost of opening a visa is 5,000 dirhams. You can start the process of its registration a month before the completion of the project. If there is no resident in the OAU for more than 180 calendar days, the visa becomes invalid, like any other resident visa.
The developer is responsible for obtaining visas at the Immigration Department, to whom the buyer must transfer all the documents necessary for opening a visa, including the results of a medical examination. If the transaction is made through a real estate agency, the documents are transferred to the developer by one of the participants in the sale, in accordance with the agreement.
How many people can a homeowner sponsor? Is this limited by the size of the living space?
The landlord has the right to sponsor his wife and children, regardless of their number and size of housing. Under current UAE law, a wife cannot sponsor her husband. This issue can be resolved by drawing up a contract under which the spouse is a co-owner of the property.
Creative concepts
Tel .: +971 4 222 9007
Fax: +971 4 222 1130
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www.crecons.com
