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The Emirates have always sparked great economic interest among investors in foreign real estate. We suggest learning from this material why the UAE is one of the most promising and convenient destinations for buying a home.
Content:
- Conditions for the purchase of real estate in the UAE
- What makes the UAE attractive
- Doing business in the UAE
- Advantages of living and doing business in the UAE
Conditions for the purchase of real estate in the UAE
The opportunity to invest in foreign real estate is always valued. But today, it has become more apparent than ever. Potential buyers, who were hesitant previously, now make decisions in a matter of days. People have become more interested in the real estate market of the United Arab Emirates and have discovered the lucrative apartments in Dubai. It has become more difficult to make purchases than a year earlier, but the Emirates are very loyal to foreign investors.
Now buyers can be provisionally divided into two camps: those, who see no reason to invest in foreign real estate, and those who, on the contrary, buy everything they can to start earning income in foreign currency as soon as possible. Currently, these investors are the most active in the market.
What makes the UAE attractive
Prices
The cost of a finished property in Dubai starts from $180,000.
The cost of off-plan projects in Dubai starts from $120,000.
Loyal terms to enter the country
Some foreign citizens can enter the United Arab Emirates without a visa. The maximum duration of a visa-free stay is 90 days.
Condition: before the flight, you must take a PCR test within 48 hours of arrival.
Residence permit and business in the UAE
- You can get a residency visa (for 3, 5, and even 10 years) for purchasing a property. It gives the right to sponsor family members (spouse, children, and parents).
- Free economic zone. You can open a business with 100% ownership.
- No income taxes or fees.
You can open a bank account in the UAE
With a residency visa, a foreigner can open an account with one of the banks in the UAE or take out a mortgage loan to purchase the selected real estate unit.
High rental yield
A rental property can bring a regular income of 8-9% a year, depending on the type of real estate and location.
Convenient payment terms
You can buy an apartment in development projects in installments with a personalized payment schedule convenient for you. The down payment is only 10-15%. Payment can be made without a bank transfer. This means you can pay directly while being in your country.
Doing business in the UAE
The interest in the emirates has increased since 2021. It happened mainly after reducing the minimum investment amount in real estate from 1,000,000 AED to 750,000 AED (from $250,000 to $204,000) to obtain a residence permit. Properties for rent were popular not long ago. Now, buy-to-live properties are in demand.
An essential feature of having a business in the emirates is obtaining a residency visa (similar to a residence permit) for foreign owners of companies registered in the UAE. The good news is that you can pay with cryptocurrency in the emirates. For example, the Central Bank (SVF) allows you to pay for goods, services, and even real estate using crypto.
The Dubai Virtual Asset Regulation Law was recently established in Dubai, which legally protects investors and monitors the work with crypto assets. IT workers are the most attractive category of specialists in the country. The emirates try to attract this audience.
Advantages of living and doing business in the UAE
Foreigners can choose a free economic zone (Free Trade Zone) for company registration. In Dubai, the most popular emirate in the country, there are more than 50 free economic zones where you can open your own company.
The United Arab Emirates is considered a low tax zone: companies do not need to pay income tax (oil and gas enterprises and foreign banks are an exception to this rule). This regime is valid until June 1st, 2023. Then the government plans to introduce a corporate income tax. The good thing is that these changes will not affect small businesses with an annual yield of up to $102,000.
You can get a residency card for starting a business and buying real estate. It is essential to know that not all properties are suitable for registration.
