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UAE Golden Visa Brings Great Opportunity for Investors

by Uneeb Khan

The United Arab Emirates has grown enormously in the last five decades. Today, it is among the most desirable middle eastern countries by global investors, businesses, and emigrants wanting to adopt a better lifestyle.

In this piece, we will talk about the process of securing an investor visa in the United Arab Emirates and the program’s impact on the economy. 

Why hasn’t UAE Given Up on the Golden Visa Program?

Many countries have been abandoning their golden visa programs after the pandemic. And the news is that UAE is still increasingly using the golden visa scheme as an effective tool for increasing FDI.

What is the reason for this? The golden visa program is still a component of the emirate’s FDI attraction tactic. 

David Denison was an academic who switched his career to a hedge fund manager. He started working as a quant and soon became part of a renowned hedge fund in London.

Now he is serving as the CIO of his company. He and the company’s CEO applied for the registration of their company in the global financial free zone market in Abu Dhabi as an LLP(limited liability partnership).

They are happy they have received their golden visas and can make long-term deals in the country.   

What is Golden Visa?

The UAE government introduced the Golden Visa program in 2020. A golden visa offers foreigners a 10-year residence permit to stay in, study, and work in the country without the requirement for a citizen sponsor and full ownership of their business. 

The authorities have amended the previous investment visa laws by widening the eligibility criteria. It will facilitate people who want to invest in ajman real estate with the highly popular Golden Visa more easily, decreasing the real estate purchase minimum from AED 5 million to AED 2 million.

Moreover, investors can get a golden visa if they purchase 1 or more off-plan real estate from licensed real estate agencies. And when buying real estate with a mortgage from particular banks. 

Previously, UAE residents who would stay outside the country for more than 6 months lost their residence permits. The government has allowed the residents to remain outside the emirates for as long as they require.

How Does the Golden Visa Impact the Real Estate Market?

The amended golden visa ruling is an excellent step and will accelerate investment in properties, especially in Dubai and Abu Dhabi. It will attract more foreign investment into the country.

More and more people will buy property in ajman that prop up the UAE’s thriving real estate sector amid high demand. Basically, these renewed laws will push the investors because those who cross the AED 2 million mark of real estate purchase minimum will win a golden visa as a mere accessory.

The decreased investment in property minimum is an immediate reward for real estate customers. And the modifications in residence visa regulations will definitely deliver more flexibility in the duration of stay, payment, and off-plan purchase.

Payment Flexibility

The amendments have enabled the investors buying the property through lending from particular banks to get a visa. 

In addition, investors owning many properties with a total worth of AED 2 million or more also have a chance to obtain a golden visa. This flexibility compels investors to bring their money to the UAE for the long term.

Duration Flexibility

Residents can now come and go whenever they want. It will make them feel at home in the UAE. The country has already been attracting droves of foreign high-net-worth individuals interested in property investments, especially from Russia.

Property customers who may stay for less than three months in the country can keep their properties under their names, keeping their relationship with the country.

Off-plane Real Estate Purchase

Furthermore, this reform will allow off-plan investors to obtain residency too, which would bolster that side of the real estate industry, specifically in Dubai.

Therefore, we would likely see an increasing demand for off-plan real estate as customers are not limited to completed properties to gain residency.

Overall, modifications in residency visa requirements in UAE have had an enormous impact on the property sector in the last 2 years. The property industry has had unprecedented momentum, recovering in full swing from the pandemic.

Along with other perks that Dubai provides, including high rental income and more economical real estate prices in comparison with other big cities, we expect to see investors rushing to permanently reside or/and invest here.

Bottom Line

The country delivers fantastic opportunities for people wanting to kick off a company and make their empire. Non-native investors who have started their businesses in the UAE have welcomed the government’s introduction of the golden visa program. This program is a recognition of their long-term service to the country.

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