The United Arab Emirates is a federal state located in the Arabian Peninsula and consisting of 7 emirates: Abu Dhabi, Ajman, Dubai, Ras Al Khaimah, Umm Al Quwain, Fujairah and Sharjah.
The fast-growing economy, favorable conditions for business, developed infrastructure, high standard of living, absence of personal income tax, multicultural and safe environment – all these factors attract to the UAE investors and highly skilled specialists from different countries of the world.
Investing in real estate has ubiquitously proven to be one of the best ways to retain and multiply capital. Besides the opportunity to invest profitably, the UAE offers investors residence visas, which give the right of long-term residence in the country. The amount of investment may be quite modest and possible ways of conducting real estate rental business, more diverse and flexible compared to other jurisdictions.
Foreigners can only purchase real estate in freehold areas determined by law.
Freehold areas are areas of Dubai where foreigners can purchase real estate with the full private property right. They can deal with residential and commercial real estate bought in those areas at their discretion: lease, resale, repair, transmit in succession, etc.
Foreigners can acquire ownership of real property or lease real estate for a long term (up to 99 years), in particular, in certain land plots of Dubai Marina, Business Bay, The Greens, Damac Hills, Emirates Hills, Downtown Dubai, Arabian Ranches, Jumeirah Park and Palm Jumeirah.
Legislation of Dubai does not restrict foreigners’ real right to real estate purchased by them legally and in territories determined by legislation of the UAE.
Real estate can be granted by lease in Dubai by:
A foreigner does not need to obtain any state permits to grant by lease their own real estate. The only requirement is subsequent registration of the lease contract (hereinafter referred to as Ejari) with the Dubai Land Department (hereinafter referred to as the DLD).
A person purchasing real estate in Dubai may, when meeting a number of conditions, try to obtain a residence visa for real estate owners.
In the case of incorporation of a company engaged in purchasing and selling or granting by lease real estate in the UAE, one can normally expect to obtain a resident investor visa.
Obtaining a residence visa makes it possible to live freely in the country and gives great opportunities, in particular, for opening a bank account in the UAE and obtaining the status of tax resident of the UAE.
A holder of a residence visa can obtain residence visas for their family members.
RESIDENTIAL/COMMERCIAL REAL ESTATE
One of the most attractive aspects of purchasing real estate in the UAE is the possibility for the real estate owner to obtain a residence visa, which allows them to legally reside in the UAE.
Depending on the amount of investment, two types of visas may be obtained:
For the validity of this type of visa, it is necessary to enter the UAE at least once in 180 days.
Upon expiration, the visa is subject to 2-year renewal provided that the real estate is still owned by the person.
This type of visa does not require regular entries in the country.
The following investments are allowed:
In this case, 3 peculiarities should be taken into account:
In this case, each investor’s contribution must not be under the threshold for obtaining a visa (AED 750 000). Investment amounts are calculated in proportion to the ownership interest in the real estat
A foreign individual may grant by lease their own real estate in Dubai. Licenses or state permits are not required to do so. A foreign individual may purchase and grant by lease both residential and commercial real estate (for example, offices or warehouses).
The only requirement is registration of Ejari with the DLD.
Features of real estate lease advertising
The downside is the impossibility for an individual to place advertisements on grant by lease of real estate, in particular, on dedicated advertising websites or in printed publications.
In order to place any real estate advertisements in Dubai one needs to obtain a special permit from the RERA*: so called Trakheesi permit. To avoid leasing the same piece of real estate multiple times, the unique code (Trakheesi number) of this piece of real estate must be stated when advertising, which may only be done by a holder of a Trakheesi permit.
The law does not allow an individual to obtain a Trakheesi permit.
So to place advertisements on granting real estate by lease one needs either to incorporate a company for this purpose or apply to a real estate lease broker or another intermediary who has already obtained a Trakheesi permit.
*Subdivision of the Dubai Land Department (DLD). For all RERA-related issues one may contact representatives of the DLD.
The first step of incorporation of a company in the UAE is selection of a company type and emirate.
Currently, the UAE has over 50 free economic zones (free zones) and 3 offshore zones with their own management authorities and legal regulation, unique lists of kinds of companies’ activity and different level of requirements for companies (for example, requirements regarding type of the office or conducting audit).
Companies in offshore zones have no licenses but they can be used as holding companies for real estate in zones of Dubai allowed for this purpose by the competent authority of the offshore zone.
Nevertheless, it is worth noting that offshore companies incorporated in RAK ICC or JAFZA can purchase real estate as a holding company (provided that they have obtained necessary approvals from the authorities of the offshore zone and the RERA). A company incorporated in RAK ICC may purchase real estate only if its shareholders are individuals.
To conduct business activity one is required to obtain a license (similarly, through a branch or a company). There are no special restrictions regarding the location of real estate that a company can own. There is only a standard restriction: freehold area real estate. An offshore company incorporated in the UAE may own both residential and commercial real estate.
The next step is the selection of the kind of the company’s activity that will be shown on its license. Activities of free-zone companies and offshore companies are determined by competent authorities of those jurisdictions and are unique for each jurisdiction. So different company incorporation options for conducting real estate business are offered, in particular, by DMCC, IFZA and JAFZA.
Kinds of activity of local companies are determined by the Department of Economy and Tourism / Dubai Economy Department (hereinafter referred to as the DED), which registers local companies.
Since there is a number of activities of local companies in commercialization of purchase, sale and lease of real estate and some of them are not allowed to be combined, it needs to be clearly determined what exactly the company will engage in.
a) The company will grant by lease its own real estate – Leasing & Management of Self-Owned Property (6820011, group Real Estate, Professional)
The kind of activity implies granting the company’s own real estate by lease.
Form of incorporation:
Approval from the RERA (RERA Certification) is required for the license to be valid. If the company has not obtained approval from the RERA, it cannot conduct business.
Approval from the RERA is obtained after the initial consent to incorporate the company has been obtained from the DED (initial approval).
The RERA needs to be provided with:
After approval from the RERA has been obtained, the company may register with the DED and is issued with a license.
b) The company will buy and then sell real estate – Buying and Selling of Real Estate (6810001, group Real Estate, Commercial)
The kind of activity covers acquisition of ownership of real estate and its subsequent sale.
Form of incorporation:
Approval from the RERA (RERA Certification) is required for the license to be valid. Approval from the RERA is obtained after the company has been registered with the DED.
This kind of activity may not be combined with development business.
c) The company will be engaged in real estate brokerage – Real Estate Buying & Selling Brokerage (6820004, group Real Estate, Professional) or Leasing Property Brokerage Agents (6820012 group Real Estate, Professional)
i. 6820004 Real Estate Buying & Selling Brokerage (group Real Estate, Professional)
The kind of activity covers mediation in the real estate market and bringing real estate sellers and buyers together.
Form of incorporation:
Approval from the RERA (RERA Certification) is required for the license to be valid. Approval from the RERA is obtained after the incorporation.
ii. 6820012 Leasing Property Brokerage Agents (group Real Estate, Professional)
The kind of activity covers mediation in the real estate market and bringing lessors and lessees together.
Form of incorporation:
Approval from the RERA is required for the license to be valid. Approval from the RERA is obtained after the incorporation of the company.
d) The company will enter into lease contracts with the owner and grant real estate by sublease –Leasing and Management of other people's property (6820001, group Real Estate, Professional)
The kind of activity implies management of commercial, residential and industrial buildings by entering into lease contracts with the owner for the purpose of granting real estate by sublease as well as entering into contracts with companies responsible for maintenance, guarding and issuing contracts to lessees.
This activity is NOT brokerage and MAY NOT be combined with brokerage.
Form of incorporation:
Approval from the RERA is required for the license to be valid. Approval from the RERA is obtained after the incorporation of the company.
e) The company will rent out furnished apartments for short term – Vacation Homes Rental (5510008, group: Time Sharing, Commercial)
The kind of activity covers assistance in renting out furnished real estate for short term (on a daily, weekly or monthly basis).
Form of incorporation:
Approval from the Department of Economy and Tourism (DED) is required for the license to be valid. Approval from the DED is obtained after the incorporation of the company.
May not be combined with other kinds of activity. In other words, one license = only this kind of activity.
Since local companies and free-zone companies are established in different jurisdictions each of which has its own competent authorities, the procedure of establishment of a company and obtaining approvals from state authorities are a little different.
a) Incorporation of a local company
1. Registration of a company with the DED.
Almost in all cases, except for the incorporation of a company engaged in Leasing & Management of Self-Owned Property (6820011, group Real Estate, Professional), the first step is registration of the company and obtaining the complete set of founding documents, including a license.
2. Obtaining approval from the RERA.
RERA Brokerage Certificate will be issued to brokerage companies at this step. Until it is obtained, in spite of the fact that the company is incorporated, its license is not valid.
After the company has been incorporated, additional actions may be required, for example, obtaining Broker ID Cards for people at brokerage companies.
b) Incorporation of a company in a free zone*
1. Obtaining initial approval from the competent authority of the free zone.
2. Obtaining approval to incorporate the company from the RERA.
At this step, RERA Brokerage Certificate will be issued and Broker ID Cards will be obtained (if the company is engaged in brokerage).
3. Applying to the competent authority of the free zone to complete the company incorporation procedure.
*Here is, for example, a guide to incorporate a real estate brokerage company in Meydan Free Zone.
c) Incorporation of an offshore company (considering RAK ICC as an example)
1. Registration of a company with RAK ICC.
2. Applying to RAK ICC for a no-objection certificate to purchase certain real estate.
3. Sending the DLD the no-objection certificate and documents that may be requested additionally (for example, Certificate of Incumbency and Certificate of Good Standing of the company).
4. Purchase of real estate by the company.
This step is compulsory when incorporating a brokerage company.
In spite of the fact that legislation of Dubai does not have additional requirements regarding education or job experience of managers or members of a real estate brokerage company, any person at the company (including the investor who will not work with clients) must take RERA examinations.
The procedure of initially obtaining an RERA Certificate for the company and a Broker ID Card for its member is approximately as follows:
The minimum passing score is 85%. One can retake the exam once. If after being retaken the exam is not passed, the duty will have to be paid again for another try to pass the exam.
The RERA exam will have to be passed annually.
3. Obtaining a Police Clearance Certificate from the police of Dubai addressed to the RERA or the DLD;
4.Applying for an RERA Certificate through the DLD website or the Dubai REST app.
What needs to be provided to obtain the card:
The card is obtained within 2 days after the duty has been paid.
After the RERA Certificate and Broker ID have been obtained, information on each broker of the company appears on the DLD website in the Licensed Brokers section (Licensed Real Estate Brokers).
To advertise real estate in Dubai (sale, lease), including newspapers, billboards and classifieds sites, one needs to obtain approval from the RERA – Trakheesi permit.
Any advertisement on a piece of real estate in Dubai has a unique Trakheesi number.
The procedure of obtaining such a number for a company can be divided into the following steps:
a) Preparation
An advertisement on granting real estate by lease needs to be drafted (description and photos of the real estate). So if one intends to advertise on one of the popular classifieds platforms (Bayut and Dubizzle), they need to fill out advertising forms on the websites and take a screenshot.
b) Registering for Trakheesi (DLD online portal) or for Dubai REST and filling out the form*
If real estate is intended to be sold by a broker though an advertising platform, at this step the broker will have to provide
In order for a broker to grant real estate by lease, standardized forms shall be signed with the lessor and the lessee.
*The Bayut website contains guides to obtain a Trakheesi permit in the Trakheesi system.
c) Obtaining a Trakheesi number necessary to place an advertisement on online platforms and showing it on the portal with the advertised piece of real estate
A company (including that that grants by lease its own real estate) can obtain a Trakheesi permit for 1 month (84 AED/month) or 1 year (1 020 AED/year) for ONE type of published advertisements (for example, advertising only in printed publications).
If one is planning to advertise real estate in different ways (for example, on an advertising website and in printed publications), they need to obtain a separate Trakheesi permit for each of them.
Separate Trakheesi permits must also be obtained to advertise real estate under construction and real estate that is already built.
d) Annual renewal of the license and other permits
All companies in the UAE must renew their licenses annually.
If a company is engaged in brokerage, it must annually renew all Broker Cards and pass the RERA exam.
If a company has obtained a permit to publish real estate advertisements, it is also subject to annual renewal.
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Service
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Cost (USD)
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Incorporation of a local company in the Emirate of Dubai or a free-zone company in Dubai or Abu Dhabi, including**:
- company incorporation services (name check, collection, preparation and submission of documents for incorporation, selection of a license, handing over original corporate documents); - communication with state authorities on all matters of the company; - maintenance of the company’s portal in the free zone and in migration; - tracking changes in legislation, notification in respect of changes and necessity to adjust the activity / structure of the company; - compliance check; - postal services (collecting / handing over documents and other correspondence); - company seal. The stated cost does NOT include state duties charged by the registration authority for the incorporation of a company and issuance of a license; they are paid based on the invoice. Other options are available on request. |
5 500
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Services of GSL in selection of an office for the company and registration of a lease contract with state authorities
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10% of the rent (one-time payment)
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Services of GSL in selection of a local partner and signing of a contract with them with subsequent registration
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10% of the partner’s service fee
(one-time payment) |
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Annual renewal of a local company in the Emirate of Dubai or a free-zone company in Dubai or Abu Dhabi, including:
- communication with state authorities on all matters of the company; - maintenance of the company’s portal in the free zone and in migration; - tracking changes in legislation, notification in respect of changes and necessity to adjust the activity / structure of the company; - tracking deadlines and making payments for the company’s renewal and office lease contract; - postal services (collecting / handing over documents and other correspondence). The stated cost does NOT include state duties charged by the registration authority for the renewal of a license; they are paid based on the invoice. Other options are available on request. |
4 500
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Services of GSL in obtaining a RERA Certificate
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850
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Services of GSL in obtaining a Broker ID
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650
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Incorporation of a company in a free zone (not Dubai or Abu Dhabi), including:
- company incorporation services (name check, collection, preparation and submission of documents for incorporation, selection of a license, handing over original corporate documents); - communication with state authorities on all matters of the company; - maintenance of the company’s portal in the free zone and in migration; - tracking changes in legislation, notification in respect of changes and necessity to adjust the activity / structure of the company; - compliance check; - postal services (collecting / handing over documents and other correspondence); - company seal. The stated cost does NOT include state duties charged by the free zone for the incorporation of a company and issuance of a license; they are paid based on the invoice issued by the free zone. Other options are available on request. |
3 500
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Annual renewal of a free-zone company (not Dubai or Abu Dhabi), including:
- communication with state authorities on all matters of the company; - maintenance of the company’s portal in the free zone and in migration; - tracking changes in legislation, notification in respect of changes and necessity to adjust the activity / structure of the company; - tracking deadlines and making payments for the company’s renewal and office lease contract; - postal services (collecting / handing over documents and other correspondence). The stated cost does NOT include state duties charged by the free zone for the renewal of a license; they are paid based on the invoice issued by the free zone. Other options are available on request. |
2 500
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Incorporation of an offshore company in the UAE (RAK, JAFZA, AFZA),including:
- company incorporation services (name check, collection, preparation and submission of documents for incorporation, selection of a license, handing over original corporate documents); - communication with state authorities on all matters of the company; - maintenance of the company’s portal in the free zone; - tracking changes in legislation, notification in respect of changes and necessity to adjust the activity / structure of the company; - compliance check; - postal services (collecting / handing over documents and other correspondence); - company seal. The stated cost does NOT include state duties charged by the state authority for the incorporation of a company. Other options are available on request. |
3 500
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Services of a nominee director;
an apostilled power of attorney is not included |
705 / year
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Annual renewal of an offshore company in the UAE (RAK, JAFZA, AFZA), including:
- communication with state authorities on all matters of the company; - maintenance of the company’s portal in the free zone; - tracking changes in legislation, notification in respect of changes and necessity to adjust the activity / structure of the company; - tracking deadlines and making payments for the company’s renewal and office lease contract; - postal services (collecting / handing over documents and other correspondence). The stated cost does NOT include state duties charged by the state authority for the renewal of a company. Other options are available on request. |
2 500
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Obtaining a residence visa
(expenses are stated for one visa, investor visa), including: - services in preparation and execution of necessary documents and getting them approved by the migration service; - services in escort to the clinic to undergo medical examination; - services in escort to the federal migration service to give fingerprints and biometric data; - services in filing documents with the migration service to obtain and stamp a visa; - services in filing an application and obtaining a resident card; - services in selection of an insurance company to get medical insurance (if needed); - transport costs. The stated cost does NOT include state fees (Entry Permit, Medical Fitness Report & Emirates ID, Visa Stamping on the Passport); they are paid based on the invoice. |
2 500
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Obtaining a residence visa for an investor’s family member, including:
- services in preparation and execution of necessary documents and getting them approved by state authorities; - services in escort to the clinic to undergo medical examination; - services in escort to the federal migration service to give biometric data; - services in filing documents with the migration service to obtain a visa; - services in filing an application and obtaining a resident card; - services in selection of an insurance company to get medical insurance. Important: the following expenses are paid by the applicant separately: |
1 800
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Renewal of a residence visa
(the expenses are stated for one visa, investor visa) |
2 500
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Renewal of a residence visa for an investor’s family member
(the expenses are stated for one visa) Renewal of a residence visa (an investor visa is issued for 2 years) implies the same actions and expenses as the initial obtaining of the visa. |
1 800
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Assistance in opening corporate and personal bank accounts, including***:
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== services in:
- analysis of the structure of the company, its activity / business model / turnover OR information on sources of funds / residency / account balances of an individual in the case of opening a personal account; - individual selection of banks – up to 3 options; - preparation of banks’ descriptions stating the criteria of selection; - preparation of description of further steps of the account opening procedure; |
500 (step I)
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== services in:
- collection and analysis of corporate and other documents required to be provided to the chosen bank; - preparation of a detailed application to open an account, including complete information on the company, its owners and counterparties; - sending this application to one of the banks chosen by you; - preparation of a detailed description of all further steps of the account opening procedure; - preparation for the interview; - escort to the in-person meeting / online meeting with a banker, if necessary; - interaction with the bank at ALL steps; |
2 000 (step II)
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== payment of the remaining part of the full cost – after the receipt of confirmation from the bank that the application is under final review at the bank’s compliance department;
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750 (step III)
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== additional success fee – if the account opening takes less time than the average standard time frame of the procedure, which is:
- 3 months for corporate accounts, - 1 month for personal accounts. |
+ 10%
of the cost of the service |
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Compliance fee
Paid in case of: - company’s renewal, - company’s liquidation, - transfer to another agent, - issue of a power of attorney for a new attorney, - change of director/shareholder/beneficiary, except for a change to a nominee director/shareholder, - signing of documents. |
350 (standard fee – includes check of 1 individual)
+ 150 for each additional individual (director, shareholder or beneficiary) or legal entity (director or shareholder) if legal entity is served by GSL + 200 for each additional legal entity (director or shareholder) if legal entity is not served by GSL 450 (check for High Risk companies, including check of 1 individual) 100 (signing of documents) |
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Keeping accounting records of the company’s business
Keeping a systematic archive of the company’s documents and providing them to the client on request |
200 / hour
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Preparation of financial statements, audit of the company’s business and filing of financial statements with the Regulator
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400 / hour****
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Tax consultation on VAT and other matters
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400 / hour
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Registration of a company for VAT purposes
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1 500
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Preparation and filing of VAT returns
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200 / hour
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*The fees are valid at July 2024. A VAT of 5% of the provided services will be included in issued invoices.
**The cost of the package may vary depending on the number of shareholders, kind of license, size of the office (the size of the office determines the number of residence visas).
***For further information on the calculation of the cost of assistance in opening a bank account, please contact your consultant at GSL.
****The cost of preparation of financial statements and audit of the company’s business is calculated based on the time spent to do the work at a rate of 100 to 400 USD per hour, depending on the type of work and qualifications of the engaged specialist, but not less than USD 1 900 – the cost of audit of financial statements with the minimum number of transactions.
A residence visa makes it possible to:
Two options are available to owners of real estate in the UAE to obtain residence v
1. For the period of 2 years for owners of real estate worth over AED750 000 (~ USD 204 200).
To keep the visa valid one needs to enter the UAE at least once every 6 months (not be absent from the country for more than 6 months).
2. “Golden” visa for 10 years if the value of real estate exceeds AED2 000 000 (~ USD 545 000).
The requirement to visit the UAE every 6 months does not apply to holders of golden visas.
Main set of documents:
Procedure
Approvals of several authorities are required:
Time frame
Obtaining an investor visa takes around 4 weeks.
After obtaining a residence visa, the investor may proceed to obtaining residence visas for their family members: spouse, minor children, unmarried major daughters, major sons under 25 years old, and dependent parents (visas for parents are issued for 1 year).
To obtain visas for family members, passports, valid visas, photographs, medical insurance policies, legalized documents proving kinship (marriage certificate, birth certificate) and non-objection certificates are required.
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Service
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Cost (USD)
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Obtaining a resident investor visa, including:
- payment of all state fees connected with obtaining a visa and ID card; - services in preparation and execution of necessary documents and getting them approved by state authorities; - services in escort to Dubai Police and Land Department to file an application; - services in escort to the clinic to undergo medical examination; - services in escort to the federal migration service to give biometric data; - services in filing documents for execution; - services in filing an application and obtaining a resident card; - services in selection of an insurance company to get medical insurance. Important: the cost of health insurance policy is paid by the applicant separately. |
5 400
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Obtaining a residence visa for an investor’s family member, except for residence visas for parents, including:
- payment of all state fees connected with obtaining a visa and ID card; - services in preparation and execution of necessary documents and getting them approved by state authorities; - services in escort to the clinic to undergo medical examination; - services in escort to the federal migration service to give biometric data; - services in filing documents with the migration service to obtain a visa; - services in filing an application and obtaining a resident card; - services in selection of an insurance company to get medical insurance. Important: the following expenses are paid by the applicant separately: |
4 500
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Obtaining a residence visa for an investor’s parent, including:
- payment of all state fees connected with obtaining a visa and ID card; - services in preparation and execution of necessary documents and getting them approved by state authorities; - services in escort to the clinic to undergo medical examination; - services in escort to the federal migration service to give biometric data; - services in filing documents with the migration service to obtain a visa; - services in filing an application and obtaining a resident card; - services in selection of an insurance company to get medical insurance. Important: the following expenses are paid by the applicant separately: |
4 800
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*The fees are valid at July 2024. A VAT of 5% of the provided services will be included in issued invoices.
Main set of documents:
Procedure
The procedure of obtaining a visa takes place in the Dubai Land Department.
After obtaining a residence visa, the investor may proceed to obtaining residence visas for their family members: spouse, minor children, unmarried major daughters, major sons under 25 years old who learn in person, and dependent parents (visas for parents are issued for 1 year).
Time frame
Obtaining an investor visa takes 2 – 3 weeks.
To obtain visas for family members, passports, current visas, photographs, medical insurance policies, legalized documents proving kinship (marriage certificate, birth certificate) and non-objection certificates are required.
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Service
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Cost (USD)
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Obtaining a resident investor visa, including:
- payment of all state fees connected with obtaining a visa and ID card; - services in preparation and execution of necessary documents and getting them approved by state authorities; - services in escort to the Dubai Land Department to file an application; - services in escort to the clinic to undergo medical examination; - services in escort to the federal migration service to give biometric data; - services in filing documents to obtain and stamp a visa; - services in filing an application and obtaining a resident card; - services in selection of an insurance company to get medical insurance. Important: the cost of health insurance policy is paid by the applicant separately. |
5 900
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Obtaining a residence visa for an investor’s family member, except for residence visas for parents, including:
- payment of all state fees connected with obtaining a visa and ID card; - services in preparation and execution of necessary documents and getting them approved by state authorities; - services in escort to the clinic to undergo medical examination; - services in escort to the federal migration service to give biometric data; - services in filing documents with the migration service to obtain and stamp a visa; - services in filing an application and obtaining a resident card; - services in selection of an insurance company to get medical insurance. Important: the following expenses are paid by the applicant separately: |
3 600
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Obtaining a residence visa for an investor’s parent, including:
- payment of all state fees connected with obtaining a visa and ID card; - services in preparation and execution of necessary documents and getting them approved by state authorities; - services in escort to the clinic to undergo medical examination; - services in escort to the federal migration service to give biometric data; - services in filing documents with the migration service to obtain and stamp a visa; - services in filing an application and obtaining a resident card; - services in selection of an insurance company to get medical insurance. Important: the following expenses are paid by the applicant separately: |
4 500
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*The fees are valid at July 2024. A VAT of 5% of the provided services will be included in issued invoices.
In case the grounds for which a visa was issued cease (for example, in case the company is liquidated, the investor ceases to be a shareholder, or the employment contract of the company’s employee is terminated), the residence visa must be cancelled.
The cost of cancellation of a visa depends on the category of the visa and the location of the applicant (in or outside the UAE).
