The recent upward trajectory in Real Estate is expected to continue as the current geopolitical climate in Europe is driving European investors, business owners and their families to consider Dubai as their base.
That’s why it is great news, that new opportunities are rising in the Middle East after the UAE Cabinet announced their new reduced residency visa’s requirements targeted to investors, entrepreneurs and global talents.
Real Estate investors can obtain a 10-residency visa (Golden Visa) when purchasing a secondary or off-plan property for $550,000 (2 million AED).
One approach is through an investment into real estate: Investors who purchase properties through mortgages are also entitled to obtain the Golden Visa, making this an attractive opportunity for current UAE foreign residence seeking to retire or live long term in the UAE.
Another approach is offered to global entrepreneurs wanting to relocate to Dubai’s start up ecosystem: The new regulations have also set flexible requirements for them to obtain a Golden Visa;
- Entrepreneurs should either be a partner or owner in a startup registered in the UAE under SMEs category and generate revenue of $272,250 (1 million AED).
- Entrepreneurs who obtain approval for their start-up idea from an official business incubator or local authority.
- Entrepreneurs who are founders or one of the founders of a previous entrepreneurial project sold for $1.9 million (7 million AED) or more.
For entrepreneurs, the new visa rules makes talent scouting more affordable as individuals seeking employment in the UAE can remain in the country for 2 months, without a sponsor, making the job market self-sustained as companies recruit global talent within the region.
Additionally, Holders of Golden Visa’s will be able to sponsor his/ her family members including spouse and children with no age limit for daughters and up to the age of 25 for sons.
Golden Visa Holders also have the added perk of being able to stay out of the country for more than 6 months without forfeiting their UAE residency. Once again, the UAE is paving the way for the future.
Thanks to Expo2020, Dubai’s economy has expanded rapidly and is expected to see a sustained economic growth of 4.2% in 2022, compared to 2.1% growth last year. It is a good moment to join the growing market and to profit from an excellent infrastructure, a solid legal framework and an entrepreneurial culture.