UAE announces an increase in applications for Golden Visa

Muhamed abdo - | UAE

Applications for the UAE Golden Visa are increasing among real estate investors

Among European property investors who are purchasing assets in Dubai, there is a significant and rising demand for the Golden Visa offered by the United Arab Emirates.

UAE Golden Visa

According to officials from the real estate business who are aware to the situation, some individuals are purchasing property in Dubai only for the purpose of obtaining a 10-year residence.

They stated that investors from Switzerland, Germany, France, the United Kingdom, and other European nations are increasingly interested in taking advantage of the Emirates' provision of tax-free income, safety, and security, as well as the high profits that can be obtained from investments in the property market.

It is true. The fact that European purchasers may sponsor family members and domestic workers without the requirement for an employment visa is one of the primary reasons why there is a significant amount of interest in the market for Golden Visas. They are also permitted to stay in the UAE for a longer period of time than those who are only there for tourism. According to Jess Stephenson, who is the head of sales progression at Allsopp & Allsopp Group, "Given that they are in possession of a Golden Visa, they are able to open bank accounts and function as residents here."

The 10-year resident visa has been a game-changer in terms of recruiting the most talented individuals from each and every country in the globe. Furthermore, those who are qualified for the Golden Visa include but are not limited to property investors, professionals, entrepreneurs, scientists, and exceptional students.

When compared to the same time period in the previous year, Dubai has witnessed a 52 percent rise in the number of Golden Visas that have been awarded in the first half of 2023, as stated by the General Directorate of Residency and Foreigners Affairs (GDRFA) - Dubai.

Since the introduction of the Golden Visa for real estate investors, there has been a significant increase in the demand for luxury and ultra-luxury real estate in Dubai. This is due to the fact that thousands of successful individuals have migrated to the emirate. They take pleasure in the peace and safety that their family experience, as well as the world-class education and contemporary way of life.

In terms of the most prominent buyers of real estate in 2023, investors from the United Kingdom, Russia, Italy, France, and Turkey were listed among the top ten in the world, as reported by Betterhomes.

Purchase of real estate for Golden Visa

Miloš Antić, who holds the position of vice-president at DHG Properties, has stated that the business has already transferred a number of units to investors from Switzerland and Serbia. The city of Dubai is well known about. The bulk of the purchasers are from Europe, and we have already sold fifteen percent of the units that we have available. We have successfully sold a significant number of units to investors from Germany, Switzerland, and Serbia.

"We are seeing an influx of German buyers... many people are moving to Dubai because they do not want to be taxed," he added. "We are seeing a lot of people moving to Dubai."

"A price point of Dh1,200 or Dh1,400 [per square foot] is a fraction of what they are paying in the outskirts of their cities," was the statement made by the individual. Through the reduction of the minimum down payment required for Golden Visa, the United Arab Emirates has made it possible for a greater number of purchasers to enter the market. According to Miloš Antić, who was interviewed by Khaleej Times, "Even though Europeans do not require a Golden Visa to enter the country, they are incredibly enthusiastic about it, and many of them are purchasing properties for it."

According to Imran Farooq, the Chief Executive Officer of Samana Developers, there is a demand for the Golden Visa from all over the world; however, the highest interest is witnessed from property investors in Europe.

It is not possible to assess the Golden Visa in comparison to the visa on arrival or the visit visa. Investors and their families are granted the privilege to remain in the property for an extended period of time. It is more common for people who wish to dwell in a nation to seek a permanent residence rather than a visit visa, which allows them to stay in the country for a period of six months and then leave. In addition, when a family relocates to Dubai, they would like to lease a residence, purchase a car, send their children to school, and a variety of other items that are associated with the relocation. It is not feasible to do any of these things with a visit visa. For those who want to remain in this country for an extended period of time, the Golden Visa is a kind of long-term residency. According to Farooq, it also assists in the process of tax planning efficiently.

About Author

Muhamed abdo
Muhamed abdo
489 Total posts


Read Also

UAE
The cases in which the UAE Labor Law allows denial of annual leave

Is it permissible for employers in the UAE to refuse yearly leave because of other employees' absences?

UAE
UAE clarifies Divorce rights for non-Muslim women seek separation from husbands

Non-Muslim individuals residing in the UAE have the option to apply the personal laws of their home country in matters of personal status, such as marriage, divorce, inheritance, wills, and proof of parentage.

UAE
Dubai Relaxes Travel Ban Regulations for Divorced Parents

Dubai has simplified the process for divorced parents to travel abroad with their children by easing the existing travel ban regulations.

UAE
Abu Dhabi Announces Free Public Parking & Darb Toll Waiver for Eid Al-Adha 2024

Abu Dhabi's authorities stated on Friday that, in commemoration of the Eid Al Adha festivities, all public parking will be free from Saturday, June 15, until Tuesday, June 18.

UAE
Dubai Police integrating AI into police & security operations

In order to improve efficiency and decrease customer waiting times, the Dubai Police have begun a revolutionary journey by incorporating artificial intelligence (AI) into 29 administrative procedures.

UAE
Deliveroo UAE announces the launch of electric bikes pilot in Dubai

Electric bikes and battery-swapping technologies are being tested by Deliveroo to see how well they work in real-world delivery situations.

UAE
Dubai Airlines and Airport Release Travel Advisory for Eid & Summer holiday 2024

In anticipation of the summer vacations and Eid Al Adha, the airport administration and Dubai Airlines have issued a warning to passengers. Dubai International Airport (DXB) continues to be the busiest airport in the world for international...

UAE
UAE Clarifies Midday Work Ban Start Date, Operating Hours & Fines

The UAE's regulatory ban on outdoor work during the hottest months ensures worker safety.

UAE
Imprisonment and deportation punishment for a woman who assaulted a police officer in Dubai

An individual who assaulted a law enforcement officer in Dubai was sentenced to imprisonment and deportation as a consequence.

UAE
Dubai announces dates for providing visa services in the coming days

In preparation for the Eid al-Adha holidays, Dubai has announced the scheduling of its visa services.

UAE
A popular restaurant in Abu Dhabi closed due to insects and poor hygiene

Following the discovery of insects in the kitchen, the Abu Dhabi eatery was forced to close its doors.

UAE
The Dubai Police launched an initiative to repair 400 cars free of charge for drivers

In an effort to provide drivers with free repairs for 400 vehicles, the Dubai Police Department has initiated a program.

UAE
UAE Insurers Deny Flood-Related Claims for Certain Drivers Vehicles

Insurers in the United Arab Emirates have been under fire for turning down claims from drivers who had to drive through flooded streets after the record-breaking rainfall on April 16. The natural disaster clause investigates this aspect thoroughly,...

UAE
Sheikh Hamdan announces AI-qualified teachers for Dubai schools in near future

Dubai is embarking on a groundbreaking initiative to revolutionize its educational landscape by integrating artificial intelligence (AI) into school curriculums.

UAE
The Labor Law specifies the dates for paying salaries to UAE employees

The Labor Law specifies the dates on which employees in the UAE must receive their salaries.

UAE
The UAE Labor Law determines salary payment options for employees

The UAE Labor Law establishes the various wage payment alternatives that are available to workers.

UAE
Wizz Air Abu Dhabi unveil huge 20% summer sale for July & August ticket bookings

An alluring deal has been offered by Wizz Air Abu Dhabi, offering a 20% discount on certain routes for travel in July and August. Travelers can take advantage of this great one-day flash deal on June 11 to visit a variety of destinations this summer....

UAE
Dubai Police honored 22 safe drivers

22 drivers have been recognized by the Dubai Police Department for their safe driving.

UAE
Dubai retail sector records new highs with a booming 3-day super sale event

Setting new milestones for the retail industry, Dubai's annual 3-day Super Sale has reached unparalleled heights. Dubai Festivals and Retail Establishment (DFRE) organizers set a new record with this year's festival, which ran from May 31...

UAE
Today's weather: Rain will fall in the Emirates within hours

There is a possibility of precipitation in several regions of the UAE this afternoon.

UAE
Low-cost airline tickets cost up to one dirham in the UAE

In the seat sale, the airline is offering tickets for flights between Dubai and Manila for as little as Dh1.

UAE
Urgent.. Sheikh Mohammed bin Rashid announces a federal law regarding traffic

The individual referred to as "His Highness" Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and Ruler of Dubai, has confirmed that the UAE Genome Program has successfully gathered over 600,000 samples from...

UAE
UAE: Home delivery of sheep and goats via Careem for Eid Al Adha 2024

Careem, in collaboration with Dhabayeh Al Emarat, has launched an innovative service in the UAE for Eid Al Adha 2024, providing on-demand delivery of sheep and goats through its app.

UAE
The UAE announced the new federal traffic law 2024

In 2024, the United Arab Emirates (UAE) passed a new federal traffic law.

UAE
The traffic fines in Dubai have an impact on drivers' licenses

The traffic fines imposed on vehicle drivers in Dubai affect driver's licenses.

UAE
UAE launches 100 job opportunities for citizens in the private sector

The Emirates Human Resources Development Council in Dubai has recently facilitated over 100 exclusive job opportunities for citizens through an open career day, which was organized as part of the council’s initiatives aimed at providing citizens...

UAE
Sharjah Government announces Arafat Day & Eid al-Adha holidays for public sector

The Sharjah Human Resources Department has made a significant announcement regarding the holiday schedule for the Day of Arafah and Eid Al-Adha for various governmental departments, bodies, and institutions within Sharjah.

UAE
Dubai announced Eid al-Adha holidays for employees in 2024

Dubai has announced Eid al-Adha holidays for public sector employees in 2024.

UAE Law Eases Abortion Consent Rules, Protects Pregnant Women Lives