UAE announces an increase in applications for Golden Visa

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.

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