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Real estate acquisition in the UAE – one of the ways to obtain a residence permit

Article image: Real estate acquisition in the UAE – one of the ways to obtain a residence permit

Today the real estate on the territory of the United Arab Emirates is no longer a luxury, which symbolizes an unattainable financial wealth. Any person, who has relatively moderate income, can afford to purchase small property in the United Arab Emirates. Let us try to understand what the real estate acquisition in the UAE provides as additional benefits.

Real estate in the UAE – cost and legal status of the transaction

More and more foreign citizens consider the UAE as one of the possible investment destinations, from the moment the United Arab Emirates was known by the wave of active construction, and legislative amendments, which provide for the possibility of real estate acquisition by foreign citizens, were introduced into the existing legislation.

It is not a secret that the real estate in the UAE, for the representatives of the middle class, is not only the possibility to stay permanently or occasionally in the best resort of the planet, but it is also an opportunity to invest one own financial assets into the rapidly growing market. Today, the Dubai megalopolis, the so-called "heart" of the commercial life of the Emirates, is the most popular among the foreign investors in terms of real estate market.

This popularity is resulted due not only to the rapid pace of construction of the commercial and residential premises. It became possible owing to the introduction of the specialized areas of the Freehold category on the territory of the Emirate. Foreign citizens are allowed to acquire the real estate and relevant land lots in such urban areas into private ownership.

Real estate in the UAE – important additional opportunities for the owner

Title deed on the real property in the UAE provides you with the right to obtain a three-year residence visa, with all the associated advantages and possibilities. This visa in the UAE is equal to the residence permit and may be prolonged after the expiry of the three-year term. In addition to the fact that a residence permit in the UAE is granted to the property owner, the same right is granted to the members of his family – wife and children.

Visa processing and registration procedure will take no more than two-three weeks. Thus, when acquiring real estate in the UAE into the ownership, you obtain the possibility to visit the country freely at any time convenient for you, to live, to study, to work or to receive medical services in the United Arab Emirates.

Taxes and property maintenance in the UAE

When purchasing a real estate into your ownership, you will have to sign a contract for the consequent maintenance of the facility. The owner is responsible for the maintenance of his own property. Typically, the maintenance costs include trash collection, twenty-four-hour security, parking, maintenance of swimming pool and adjacent territory.

With regard to state taxation of the property owners, there are no taxes on leasing of the real estate and on property ownership. That is exactly why the investment attractiveness of real estate in the Emirates is growing every year.

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