Expat Forum For People Moving Overseas And Living Abroad banner

1 - 13 of 13 Posts

·
Registered
Joined
·
33 Posts
Discussion Starter · #1 ·
Dear Friends,

I had a small query regarding the UAE/Dubai Residence Visa that can be obtained with a property investment of AED 1 Million. There is one part of the mandatory requirements that is a bit confusing for me:

There is a minimum monthly income requirement of AED 10K or equivalent in a foreign currency. The investor's income source may derive from inside or outside of the UAE.

I am a Pakistani citizen and permanent resident of Australia. I would like to buy an apartment/home in Dubai for AED 1 Million so I can get a UAE/Dubai Residence Visa. I am currently not working anywhere. My main source of income is personal/Family savings and agricultural income through agricultural lands in Pakistan.

How can I show that I have a monthly income of AED 10K? Anyone have any suggestions here? I already have the AED 1 Million for the investment and my own savings also in Australia/Pakistan along with the agricultural lands in Pakistan.

Any suggestions would be helpful.

Thank you.

Best Regards!
 

·
Super Moderator
Originally from UK but lived in many countries
Joined
·
6,965 Posts
Dear Friends,

I had a small query regarding the UAE/Dubai Residence Visa that can be obtained with a property investment of AED 1 Million. There is one part of the mandatory requirements that is a bit confusing for me:

There is a minimum monthly income requirement of AED 10K or equivalent in a foreign currency. The investor's income source may derive from inside or outside of the UAE.

I am a Pakistani citizen and permanent resident of Australia. I would like to buy an apartment/home in Dubai for AED 1 Million so I can get a UAE/Dubai Residence Visa. I am currently not working anywhere. My main source of income is personal/Family savings and agricultural income through agricultural lands in Pakistan.

How can I show that I have a monthly income of AED 10K? Anyone have any suggestions here? I already have the AED 1 Million for the investment and my own savings also in Australia/Pakistan along with the agricultural lands in Pakistan.

Any suggestions would be helpful.

Thank you.

Best Regards!
Hi,
The investor visa is probably not suitable for your requirements.
You would probably be better looking at setting up a freezone company in the UAE and sponsoring yourself and family through that company.
Cheers
Steve
 

·
Registered
Joined
·
3,335 Posts
Property investment visas are only valid for 6 months at a time. Also it's not just 1 million, you'll need about 30% more due to all the fees involved in purchasing property here.

Regarding the income source - you'd have to open a bank account here so you can prove the money in coming into the UAE.
 

·
Registered
Joined
·
33 Posts
Discussion Starter · #4 ·
Hi,
The investor visa is probably not suitable for your requirements.
You would probably be better looking at setting up a freezone company in the UAE and sponsoring yourself and family through that company.
Cheers
Steve
Thank you for your kind reply, Steve. I actually have no idea about how to set up a freezone company in the UAE, or what that is/how it works :( but I will try to look into it.

Regards.
 

·
Registered
Joined
·
33 Posts
Discussion Starter · #5 ·
Property investment visas are only valid for 6 months at a time. Also it's not just 1 million, you'll need about 30% more due to all the fees involved in purchasing property here.

Regarding the income source - you'd have to open a bank account here so you can prove the money in coming into the UAE.
Hello,

Thanks for your kind reply. I actually read the Resident Visa is valid for 2 years and the Residence Permit for 6 months. Both actually cost the same.

Can one open a bank account after buying the property and deposit say 100K USD$ into it to show a source of income? As I mentioned, I don't have a regular job at the moment and just a personal business via agricultural lands in Pakistan.

Regards.
 

·
Super Moderator
Originally from UK but lived in many countries
Joined
·
6,965 Posts
Hello,

Thanks for your kind reply. I actually read the Resident Visa is valid for 2 years and the Residence Permit for 6 months. Both actually cost the same.

Can one open a bank account after buying the property and deposit say 100K USD$ into it to show a source of income? As I mentioned, I don't have a regular job at the moment and just a personal business via agricultural lands in Pakistan.

Regards.
Hi,
What you suggest sounds like fraud to me - why not do it legally and setup a company.
The freezone authorities can advise you and it's not difficult to setup a suitable company.
Cheers
Steve
 

·
Registered
Joined
·
3,335 Posts
Hello,

Thanks for your kind reply. I actually read the Resident Visa is valid for 2 years and the Residence Permit for 6 months. Both actually cost the same.

Can one open a bank account after buying the property and deposit say 100K USD$ into it to show a source of income? As I mentioned, I don't have a regular job at the moment and just a personal business via agricultural lands in Pakistan.

Regards.
What? Residence visa/permit - same thing. Also not all developers allow you to have the investor visa either.

Setting up a freezone company is so easy - I've done it. Or you can just pay a company 5,000 dhs to do it for you.
 

·
Super Moderator
Originally from UK but lived in many countries
Joined
·
6,965 Posts
You have to get job in UAE for getting a residence visa other wise its look very difficult to have a residence visa in Dubai with job or sponsorship of a person or company in Dubai.
Hi,
You are totally wrong.
Please check your facts before replying - it is perfectly possible for people to startup companies in the UAE (especially through the numerous different free zones) and then obtain a residence visa with their own company.
Cheers
Steve
 

·
Registered
Joined
·
33 Posts
Discussion Starter · #9 ·
Thanks Steve and Chocoholic for your kind helpful replies. Unfortunately I don't have a first clue as to how these freezone companies are established, I will look that up. You are right that I could have someone do it for me but I have zero business acumen so I have no idea what kind of companies can be established and how all that works. It's strange that one can't get a residence visa easily even after spending over 1 million AED since that's all I was looking for.
 

·
Super Moderator
Originally from UK but lived in many countries
Joined
·
6,965 Posts
Thanks Steve and Chocoholic for your kind helpful replies. Unfortunately I don't have a first clue as to how these freezone companies are established, I will look that up. You are right that I could have someone do it for me but I have zero business acumen so I have no idea what kind of companies can be established and how all that works. It's strange that one can't get a residence visa easily even after spending over 1 million AED since that's all I was looking for.
Hi,
Residence in a country has little to do with whether you own property.
If you bought a house in London - that would not automatically give you the right to live there.
Each country has their own rules. It seems the UAE would prefer investors to start up companies rather than simply buy a property and then try to live here.
The annual costs of a freezone company and visa are far less than 1 million AED - so this is always going to be the easiest route to secure residence.
Cheers
Steve
 

·
Registered
Joined
·
3,335 Posts
OK, I'll give you my example. Set up a consulting company in UAQ freezone, that gives both me and my husband visas - total cost, around 30,000 dhs - plus the 5,000 dhs we paid a company to do everything for us. Trade license and company renewal fees every year, around 20,000 dhs. Way cheaper. Gives me as the investor a 3 year visa, my husband as my 'employee' a 2 year visa. Far cheaper than buying property.
 

·
Registered
Joined
·
33 Posts
Discussion Starter · #12 ·
OK, I'll give you my example. Set up a consulting company in UAQ freezone, that gives both me and my husband visas - total cost, around 30,000 dhs - plus the 5,000 dhs we paid a company to do everything for us. Trade license and company renewal fees every year, around 20,000 dhs. Way cheaper. Gives me as the investor a 3 year visa, my husband as my 'employee' a 2 year visa. Far cheaper than buying property.
Thanks Steve/Chocoholic for the replies.

Chocoholic,

That sounds quite simple and economical indeed compared to buying property! :) One question -- once one sets up the free zone company like you have and get your 3 year visa, etc, can you buy a property alongside that, like say a small apartment to live in? Or are there some strings attached to doing that?

Thanks!

Best regards.
 

·
Super Moderator
Originally from UK but lived in many countries
Joined
·
6,965 Posts
Thanks Steve/Chocoholic for the replies.

Chocoholic,

That sounds quite simple and economical indeed compared to buying property! :) One question -- once one sets up the free zone company like you have and get your 3 year visa, etc, can you buy a property alongside that, like say a small apartment to live in? Or are there some strings attached to doing that?

Thanks!

Best regards.
Hi,
Once you have your residence visa from your company - you are free to buy or rent a property in the UAE.
Cheers
Steve
 
1 - 13 of 13 Posts
Top