INVESTING IN RESIDENTIAL PROPERTY IN THE UAE AND EARNING RESIDENCE PERMIT

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Taras Miroshnychenko

Head of International Corporate Law and Fintech Practice

A specialist in the practice of migration and corporate law, he also specializes in legal support for business in EU countries.

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INVESTING IN RESIDENTIAL PROPERTY IN THE UAE AND EARNING RESIDENCE PERMIT

Especially after the introduction of martial law in Ukraine, the issue of preservation and diversification of assets gained even more popularity.

One of the traditional ways of diversifying assets is investing in real estate.

Let’s consider a jurisdiction like the UAE.

The UAE is an attractive center for doing business for the following reasons:

  • no corporate income tax, no currency control, and currency regulation, the possibility of unhindered repatriation of income and capital, as well as obtaining the status of a tax resident
  • the most liberal trade regime in the Persian Gulf and attracts capital inflows from all regions
  • focusing on economic diversification into trade, logistics, banking, tourism, real estate, and industry and providing great opportunities in various industries.
  • the presence of a well-organized infrastructure, a reliable banking system, and a stable political system.
  • the possibility of a favorable tax regime for various types of production and spheres of activity.
  • in 2020, Dubai will host the World Expo, which provides many businesses with great development opportunities.

According to the federal law of the UAE, for conducting commercial activities in the territory of the UAE, a foreign investor is allowed to choose from three main types of companies: local (local) limited liability company (LLC); a company in a free economic zone (FEZ) and an international commercial company (IBC).

In our article, we will consider the option of receiving a residence permit for investing in residential real estate in the UAE, that is, the opportunity to receive an Emirates ID resident card.

What investment programs are there in the UAE?

There are two main investment programs in the UAE: investment in the authorized capital of a company and investment in residential real estate.

We will consider the second investment option, namely the purchase of residential real estate in the UAE. Investment programs start at USD 500,000.

What are the benefits of having an Emirates ID?

If you have purchased a residential property in the UAE, this gives you the right to receive a resident card – Emirates ID.

Emirates ID is a document that certifies the identity of a resident or citizen of the UAE. One of the main advantages of Emirates ID is visa-free travel to some countries, as well as the possibility of obtaining a Schengen or American visa.

Also, the document allows you to obtain the rights of the prescribed model, open an account, or take a loan at a local bank.

Emirates ID is more than just an identity card.

The card provides an opportunity to use state and non-state services, receiving the following services:

  • passport control;
  • payment of fines and utility bills;
  • registration of personal transport;
  • the possibility of connecting to the Internet or installing a phone.

Also, having an Emirates ID gives you the opportunity to become a tax resident of the UAE. Personal income tax in the UAE is 0%.

Agree, it is quite good not to pay any taxes if you are a tax resident of the Emirates.

Inheritance of residential property in the UAE

After you have purchased a residential property in the UAE and wish to bequeath it to your children and grandchildren, there are two possible options here – to make a will with a local notary or to issue a will under English law at the DFC (Dubai Financial Center).

We advise you to go the second way, that is, to draw up a will in DFC under English law, because the probability of challenging the validity of the will is minimal compared to drawing up a will at a local notary.

It should be concluded that the jurisdiction of the UAE is quite attractive from the point of view of preservation and diversification of assets and the possibility of investing in the authorized capital of the company or in residential real estate (as described in this article) and as a result of receiving an Emirates ID resident card.

Contact the law firm “Prikhodko and Partners”, and we will help you choose the most optimal options for the purchase of a residential real estate in the UAE and its inheritance at your request, we will help support the process of registration and obtaining an Emirates ID for investment.

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Taras Miroshnychenko
Head of International Corporate Law and Fintech Practice

A specialist in the practice of migration and corporate law, he also specializes in legal support for business in EU countries.

Contact now
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