The United Arab Emirates (UAE) has several benefits that make it an excellent place to live, work, or invest, including low taxes, warm weather, terrific investment opportunities, and a business-friendly environment. A new system for long-term UAE visas went into effect in October of 2022.
This new system permits foreign individuals to work, study, live, invest, and run a business without the need for a national sponsor. Golden Residencies have a validity of 10 years, while Green Residencies are valid for five years.
Here’s what you need to know about UAE’s new visa system and its impact on property investors.
Real Estate Investors Can Obtain a Golden Visa with a Minimum Property Purchase
To qualify for a 10-year Golden Residence visa, investors must make a minimum investment of AED 2 million or approximately USD 545,000. This is a dramatic decline from the previous minimum purchase amount of AED 5 million. Purchasing a property from an approved local property company can also give investors visa eligibility.
Property investors may also utilize certain UAE banks to finance their real estate purchases. These changes will make the UAE real estate market more accessible to potential investors thanks to the reduced entry requirements.
These Visa Changes are Expected to Boost the UAE Real Estate Market
The changes to UAE’s visa requirements will increase the overall demand for property, causing the real estate market to experience more demand for properties and higher prices. Foreign property investment activity is expected to increase and continue to bolster the surging real estate market.
A surging market means that investors are more likely to experience large returns on their investments.
The New Visa Rules Make Dubai a More Appealing Option as a Long-Term Home
Many of the visa rules encourage investors to make Dubai their new residence; they also make it easier for families to stay together.
With a Golden visa, you may:
- Sponsor your family for up to 10 years
- Sponsor unmarried daughters indefinitely
- Sponsor male children up to 35 years of age
- Sponsor parents and parents-in-law for the length of your visa
- Work and live in Dubai
The expansion of your visa’s sponsorship capabilities makes UAE a more appealing alternative for individuals who prefer to live and reside with their families. Visas are renewed automatically.
Expand Your Real Estate Portfolio to Include Dubai Properties
Ready to add Dubai properties to your investment holdings or make Dubai your permanent home? Contact McCone Properties to get started.