Ever since the UAE and Dubai implemented the Golden Visa, the popularity of this option has risen. The demand is so great that over 150,000 Golden Visas have been issued over the years.
This is the region’s strategy for attracting and retaining top talent. The UAE and Dubai are serious about having the best of the best as their residents. The requirements for the Golden Visa have recently changed, making it easier to obtain.
These changes took place in 2022 and are designed to ensure that the two Golden Visa options are available for more than just the near future.
The impact has been favourable. The Golden Visas are divided up into several categories which facilitates the number of people who can apply and move to the country.
Plus, with the complete freedom the Golden Visas offers, non-citizens can work and invest with little worry. This has led to a boom in the real estate industry creating a seller’s market that has been a boost to the local economy.
Plus, with the recent changes to the rules governing these visas, a rise in business investments from all over the world has grown. The overall goal of the Dubai government is to motivate younger investors to invest and move to the area.
With their welcoming attitude, the leaders of Dubai and the UAE have shown the world they are serious about economic growth. Also, the new Golden Visa regulations show care for the expats who have taken Dubai up on the offers that come with investing in this country.
The establishment of the Golden Visa and the relaxing of the original investment rules have done nothing but boost the local economy and make Dubai a great place to live, work, and invest.
One of the ways that the UAE expanded its Golden Visa program was to lower the initial investment amount to 2,000,000 AED. This move has opened the door for those not-so-wealthy investors who want to join the trend and be a part of this growing economy.
They have also made it a renewable visa which allows holders to remain in the country for decades instead of just one decade. Then the Golden Visa is not just for real estate investors.
Professionals, like doctors, can apply as can business investors who have 10 million AED to put in the bank.. The categories for applicants do not stop there. There is a category for special talents, students, programmers as well and regular real estate investors.
The relaxed rules make it easier for less wealthy people to apply and enjoy the benefits that come with the Golden Visa. Each category has its own financial requirements and you need to find the category that you fit under to find those regulations.
Plus, there are no real residency requirements as you can come and go as you see fit. This takes a lot of stress off those investors who need to meet requirements in their homes or in other countries.
Just keep in mind that there is a 5-year and a 10-year Golden Visa and different regulations apply to both options.
There are numerous benefits that come when you obtain your Golden Vuisa. Here are some of the more important ones:
A Safe Living Environment- While there is still a crime in the UAE, it is not as rampant as it is in other countries. Both individuals and businesses benefit from the low crime rate in this region.
Travel To Other Countries Is Easier- Due to treaty negotiations, travel to places like Georgia, the Seychelles, and other countries can be done without applying for a visa.
Immediate Family Members Are Included- This allows your parents, children, and spouse to enjoy all the benefits offered in this country. In some cases, immediate family can remain in the home till the Visa expires if you happen to pass on prematurely.
Access To Quality Healthcare And Education- One of the biggest perks a Golden Visa holder can take advantage of. There is a wealth of accredited educational institutions at all levels as well as first-class medical centers to care for your needs.
Take Advantage Of The Real Estate Market- Being able to invest in the local real estate market helps you provide a stable financial future for yourself and your family.
One of the biggest challenges to this program will be its sustainability. Will there be enough opportunities to meet the demand from the growing number of applicants? At some point, the country will reach a level where the applicants will outnumber the number of opportunities.
Then, while the UAE has been reducing its reliance on its oil supply, the price of oil will affect real estate values and other key economic factors. This may not help the Golden Visa residents as they seek greener pastures elsewhere.
Other challenges will be economic. If there is a downward trend in the real estate market, you can expect investors to leave and sell off their property. This can cause a larger supply of homes to flood the market lowering real estate values immensely.
If you are interested in obtaining a Golden Visa for yourself and your family, then call our estate agency. We have over 10 years of experience with helping investors, businessmen and special talents find their home in Dubai and the UAE.
Our expert estate agents know how to guide you through the Golden Visa process ensuring that your approval comes sooner rather than later. When you want to join the growing number of Golden Visa holders in the UAE, it pays to work with those who know what they are doing.
Call us today to get the process rolling for you.
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