According to several property brokers in Dubai, the C-suite level clients worldwide are contemplating Dubai as a long-term residence rather than merely a business or investment destination. The agents have frequently centred on the notion that these executives want to establish their families in Dubai and wish to get settled via Visa options, eventually retire here and watch their children grow up in an environment that is humming with activity while offering incredible levels of personal safety.
This fantastic approach demonstrates the nation’s dedication to diversity and growth in the post-Expo era. In the first year after their approval in late 2020, 44,000 Golden Visas were awarded in Dubai alone. With 100% ownership of their businesses on the UAE’s mainland, it permits foreigners to live, work, and study in the country without requiring a national sponsor. These visas will be given out for five or ten years. This also allows them to buy and invest in properties for sale in Dubai.
New entry and residency rules in UAE
Several changes to residency laws will be effective starting September 2022. This will include a greatly expanded Golden Visa programme, a new five-year Green residency, a multiple-entry tourist visa, and entry permits for job seekers. The main entry and residence amendments implemented in the UAE include these new visas and entry permits.
The new system will be highly beneficial and fruitful for visitors and expatriates who live and work in the UAE. As a result, the UAE will become even more welcoming to foreigners and affluent persons and investors wishing to establish long-term residence there. All of these new executive regulations regarding entry and residence laws will be effective 90 days once they are published in the Official Gazette, according to a UAE Cabinet decision made public in mid-April.
New visa types announced in 2022
The list of visas that were released in April is provided below. Some are already implemented, and the majority will go into effect starting this month:
Tourist visa
The new five-year multi-entry tourist visa does not require a sponsor and entitles holders to stay in UAE for up to 90 days, with the option of an additional 90 days. On this tourist visa, a person may stay for a maximum of 180 days. Before applying, the applicant must have a bank balance of AED 14,700 or its equivalent in foreign currencies.
Business visa
Entrepreneurs, investors, and buyers can apply for a business visa without a host or sponsor.
Visitor visa
Yes! This visa is different than the tourist visa. If a foreigner is a friend or relative of a UAE national or resident, they may apply for this visa. A sponsor or host is not necessary for this.
Temporary work visa
Applicants for this visa must have a temporary work assignment, such as a probationary period or project-based work. Candidates must provide proof of fitness, a temporary work contract, or a letter from the employer.
Study or Training visa
This visa is intended for individuals or students who wish to enrol in training programmes, academic courses, or internships. Educational and research institutions in the public and business sectors may sponsor applicants for this visa. It requires a letter from the organisation outlining the specifics of the study, training, or internship programme, as well as how long it will last.
Family visa
Until recently, parents could only sponsor minor children. According to this report, parents can now sponsor their male children until the age of 25, which is quite up from the previous threshold of 18. This will allow them to remain in the country after completing high school and college. Children with disabilities also receive a special visa, and single daughters can be sponsored indefinitely.
Employment visa
This new visa is available to job applicants to investigate opportunities in the UAE. The only qualifications for this visa are having a bachelor’s degree or its equivalent, being a recent graduate of one of the top 500 colleges in the world, and falling into the first, second, or third skill levels as determined by the Ministry of Human Resources and Emiratization.
Green visa
The green visa, valid for five years, enables owners to bring their families along without needing a sponsor or employer. This visa is open to skilled employees, independent contractors, freelancers, etc. A Bachelor’s degree or an equivalent with a starting salary of AED 15,000 are additional criteria.
Golden visa
The UAE has made golden visas available to various professional categories and investors who wish to permanently enjoy the highest standard of living in the nation. According to the country’s cabinet-approved new structure, there is no restriction on the maximum time of staying outside the UAE required to maintain the Golden Residence.
It was further stated that qualified professionals earning at least AED 30,000 ($8,100) per month could obtain a Golden Visa quite easily and that the system would be expanded. According to property brokers in Dubai, the new system of entry and residence will play a pivotal role in drawing and retaining global talents and talented employees from all over the world. Greater visa flexibility will increase the competitiveness and adaptability of the labour market and generate a strong sense of stability among UAE residents and their families.
Golden Visas for different categories are as follows:
Professionals
According to the report, a significant expansion is being introduced in this category to draw highly skilled workers with educational credentials, strong academic backgrounds and work experience in all disciplines, including medicine, sciences, engineering, information technology, business, and administration, as well as law, education, and the fields of law, culture, and social sciences.
The Ministry of Human Resources and Emiratization classification states that the applicants should have a valid work contract in the UAE. They should be categorised at the first or second occupational level. A bachelor’s degree or equivalent is required, with monthly compensation of no less than AED 30,000.
Extraordinary talent
Top talents in important professions are given this residence. It is solely granted based on talent. According to the research, there are no professional level, pay, employment status, or educational background requirements. It covers talented individuals in culture, art, sports, digital technology, invention and innovation, and other important disciplines. It requires the approval or permission of a federal or local government organization.
Real estate investors
The report claims that real estate investors can receive Golden Residence by investing at least AED 2 million on a property or multiple properties for sale in Dubai. According to recent modifications, it was stated, investors are also qualified to apply for a long-term visa while buying properties for sale in Dubai using a loan from a particular local bank.
If you are looking for Golden Visa-linked property investment options in UAE, you can click the link. Interestingly, you will be surprised to see the abundance of opportunities available in the market.
New UAE immigration regulations means more property buyers
The country’s real estate market would “hugely profit” from the anticipated changes to the UAE visa residence system and experience a “substantial influx of investors and buyers,” according to brokers.
The property agents in Dubai believe that the visa residency reforms are expected to provide an impetus to Dubai’s real estate market, which has already made a remarkable recovery from the coronavirus-caused slump. The properties for sale in Dubai and the overall real estate sector are expected to gain further momentum in offering profitable investment opportunities. The total value of Dubai real estate transactions doubled last year and surpassed volume records dating back 12 years.
Generally, the UAE real estate market have benefited greatly from changes in residency rules over the past two years. This declaration is a further step toward opening up Dubai to international investors and will probably bring in a sizable inflow of buyers, strengthening a market that is already growing.
The biggest impact will come from the amendments allowing investors in off-plan properties to become residents. Consequently, there will be increased demand for off-plan properties since buyers will no longer be constrained to having a title deed of a ready property in hand. Given that demand in this sector is mostly driven by end users rather than investors, it is less certain if this will put downward pressure on the resale market. The modifications encourage customers to adopt a longer-term strategy to establish roots and soak up the lifestyle in the UAE.
Conclusion
In a nutshell, the Golden Visa for real estate investors will have a significant positive impact on the UAE’s property market. The new regulations greatly encourage UAE residents to buy properties for sale in Dubai by opening up the visa rules to a much wider market. If you are planning to be a part of this growing property market, you must work with the sales experts at HFRE who thoroughly understand the realty market.
You can contact us at +971 4876 2473 with your queries or write us at info@hfre.ae and one of our team members will get back to you within 24 hours.
