Semen and Ksenia's goal: first of all to find a safe place
Semen and Ksenia considered that the situation in Ukraine could go on for a long time. On the advice of their friends, they contacted Immigrant Invest to help them move. Semen's company employed about 50 people. Semen decided to move overseas to keep working and support his employees.
Dubai is perfect for us as a safe haven and a place where we have our friends. Dubai is a beautiful city with everything to live, work and rest comfortably by the sea.
Why Semen and Ksenia have decided to invest in property in the United Arab Emirates?
Based on their friend’s advice, who had moved earlier to the UAE with Immigrant Invest’s help and guidance, Semen and Ksenia contacted us on May 11, 2022. After consulting with Immigrant Invest’s lawyers, a couple decided to apply for a three‑year UAE residence visa, the same as a residence permit.
To get the UAE Golden Visa, you may purchase real estate in the UAE for AED 2 million ($545,000) to get a 5-year residence visa. Also, investors may buy property for AED 750,000 ($204,000) to obtain a 3-year residence permit.
In order to protect his savings in the current unstable economic environment, Semen wanted to invest in real estate in Dubai. He decided to buy two properties: the couple would live in one apartment and rent out the second one.
Dubai is the tourist centre of the UAE: real estate is in demand among travellers who come there on vacation. In addition, many foreign specialists work and live in the city.
Real estate rental income can be as high as 8% per annum. Demand for residential property rentals grew 40% in the first quarter of 2022. According to Betterhomes, rental prices for villas increased by 64%, apartments by 33%, and townhouses by 25%.
What property is suitable for the UAE Golden Visa by investment
UAE allows foreigners to buy real estate, but there are restrictions on the form of ownership in some areas. The property can be purchased on a leasehold or full ownership basis, depending on the location.
There are many benefits to investing in real estate in the UAE. The property cost in Dubai has grown by 1.5 times in 10 years. Swiss financial holding company UBS evaluates the UAE market as stable, with a low risk of bubble formation and price collapse.
Head of the Legal Department, lawyer, PhD in Law
Full real estate ownership includes ownership of the structure and the land beneath it. Full ownership is indefinite. When buying a property under full ownership, an investor can obtain a residency visa in the UAE.
Dubai provides investors with more opportunities due to a wide range of objects. Real estate sales statistics confirm that the demand for properties in this emirate is growing the fastest.
Examples of property suitable for the UAE Golden Visa
Preliminary Due Diligence
In order to prepare for the Due Diligence check, which all investors applying for a UAE residence permit undergo, Immigrant Invest conducts its own preliminary Due Diligence check. It is completely confidential: Semen provided only his passport to Immigrant Invest’s lawyers.
Our preliminary Due Diligence check allows us to identify the risk of our client’s application being rejected and reduce it as much as possible. Our preliminary Due Diligence check is carried out by a certified specialist, an Anti-Money Laundering Compliance Officer, who is aware of all the nuances of Due Diligence checks in different countries.
Step-by-step process to get a UAE residence permit for Semen and Ksenia
1. Preparation of documents. Immigrant Invest’s lawyers gave Semen a list of documents he would need to submit to apply for a resident visa. Semen collected and handed over the necessary documents. Our lawyers had them translated and certified by a notary.
The UAE does not participate in the Hague Convention, so an apostille is not required for legalising documents. Documents undergo consular legalisation at the Ministry of Foreign Affairs and UAE Consulates. In Ukraine, documents are certified by the Ministry of Justice and the Ministry of Foreign Affairs consular department.
Semen and Ksenia travelled to Dubai to inspect the property they had selected, undergo a medical examination, and apply for a resident visa. They were given a visa upon arrival, as Ukrainian citizens do not need to obtain permission to enter the UAE in advance.
2. Buying real estate. An investor does not need to visit the UAE to buy a property. Immigrant Invest’s real estate specialists offered Semen various properties in Dubai. He chose an apartment located inside an international golf complex.
The apartment cost $160,000, which was not enough to get a resident visa. Under the UAE legislation, the minimum investment for a residence permit is AED750,000 or about $204,000 in the property that has already been constructed. Therefore, Semen decided to buy a second apartment of the same type, which he could rent out.
Our lawyers helped to conclude a sale and purchase contract and register the ownership of the apartment.
When buying a property in the UAE, you must pay a transfer tax and a registration fee: Transfer Fee and Registration Fee.
In Dubai, the property transfer tax rate is 4% of the value stated in the sales contract. There is also an administration fee of AED540, approximately $147 when paying the property transfer tax.
$334,188: Semen's total costs for buying a property in Dubai
- $320,000: cost of the property;
- $12,800: tax on the transfer of ownership, 4%;
- $147: administration fee per apartment;
- $547: registration fee per apartment.
3. Medical examination. After buying the property, Semen and Ksenia underwent a medical examination. The investor and all family members over 18 are examined at an accredited clinic in the UAE. They take tests to ensure they are not suffering from dangerous infectious diseases and undergo other medical procedures. After undergoing all the required tests, they are issued certificates confirming they are in good health.
4. Biometric data submission. After the medical examination, Semen and Ksenia went to the General Directorate of Residency and Foreigners Affairs to submit their biometric data. Lawyers from Immigrant Invest accompanied them. Semen then submitted his application for a UAE residence visa.
The main documents required when applying for a three-year UAE residence visa:
- Copies of international passports of all applicants.
- Birth certificates of all applicants.
- Marriage certificate.
- One 3 × 4 cm photograph of each participant.
- Certificate of ownership of the real estate.
- A letter from a bank and property developer confirming the purchase of real estate and whether it is taken on a mortgage.
- Certificate of no criminal record from the applicant’s original country of citizenship.
- Certificate of no criminal record from the UAE (Good Conduct Certificate).
- Certificate of medical examination in the UAE (Medical Fitness Certificate).
- Copy of medical insurance.
- A power of attorney for the lawyers at Immigrant Invest.
Usually, the application is processed within 5—7 days. If the government department employees considering the application have additional requests, the applicant is given up to 30 days to respond and provide any additional documents required.
5. Getting a UAE residence visa. Semen and Ksenia received their UAE residence visa in two months. On July 7, 2022, they became residents of the United Arab Emirates.
Semen and Ksenia have got UAE residence visas within two months
Buying real estate
The preparation of documents and real estate purchases take place simultaneously and are usually completed within five weeks.
Semen and Ksenia’s life after receiving UAE residence visas
Semen achieved his primary goal: he bought a property, received a UAE residence permit, and moved with his wife to Dubai.
Semen and Ksenia plan to travel all over the Emirates, see how the locals live, try their cuisine, and visit the sights of the UAE.
I got a driver’s licence in the UAE to travel around the Emirates, as my Ukrainian licence is invalid in Dubai. Since I am an experienced driver, it was enough for me to attend 10 lessons before taking the exam. Some driving schools in Dubai allow you to listen to lectures online. Then, as in Ukraine, you must pass the written tests and then a driving test in the city.
A UAE driving licence is recognised in 50 countries, such as Spain, Sweden, Portugal, Germany, and even the United States. It will come in handy for me for trips around the Emirates and travelling around Europe and America.
Owner of an IT company