Everyone welcomed the new Government initiative to implement long term residence visas to foreigners. This measure will promote Dubai’s global image as one of the most investor friendly countries in the world. Million expats and investors choose Dubai as their home or business headquarters, because it is safe and profitable. Dubai has the fastest growing economy and is rapidly turning into the strongest commercial and financial hub of the Middle East.
Furthermore, expats represent a large portion of UAE’s private sector and their residency is subject to their employment status. Therefore, in 2019, the UAE adopted new visa measures to foster foreign investment and encourage expats to legally settle in UAE long term. Foreigners can now obtain long term residence visas providing they add value to the economy and invest large capital in UAE.
What is the long-term residence visa?
If you qualify for a long-term residence visa, you can live, work and study within UAE without the need for sponsorship. Furthermore, you can now have 100% ownership of your own business without the need for a local sponsor. A long-term visa will be issued for five or ten years and will be renewed automatically. Similarly, if you own property to the value of AED 1,000,000, you qualify for a three-year visa programme. Secondly, those who invest AED 5,000,0000 in property, will qualify for a five-year visa. Thirdly, those who can afford to invest AED 10,000,000 in UAE economy will be granted ten-year visa. Holding a ten-year visa allows you to sponsor your spouse and children, as well as business partner and one executive.
Subsequently, highly accomplished individuals with great talent for arts and culture will also benefit from long term visa. Students with outstanding performance, innovators and entrepreneurs are all welcome to apply for the long-term visa if they meet eligibility criteria. You can check for qualifying conditions via governmental on-line portals ( https://u.ae/en/information-and-services/visa-and-emirates-id/residence-visa/long-term-residence-visas-in-the-uae )
New plans, new horizons
The new regulations allow 100% ownership for foreign investors, thus increasing the appeal for businesses and families to settle in UAE. Following the present process, investors can now fully own their business without Emirati stakeholders. The decision is effective since June 1st, 2021 and many are benefiting already across sectors such as general trade or contracting. Investors can apply via the digital platform “Invest in Dubai”. There are no additional fees or additional capital required to benefit from 100% ownership.
There is a full list of available activities open to 100% ownership, and you can view it at:
https://ded.ae/DED_Files/ded_other/Full_Foreign_Ownership_Activities.pdf
This opens up new horizons for Dubai economy, emphasizing the ease of conducting business and expansion of trade and commerce within the country.
Market rejuvenation
Residents welcome the reforms and initiatives which will rejuvenate economy and real estate sector.
The UAE economy and particularly the real estate market will see a positive impact following the implementation of long-term visas. Dubai is already an attractive destination for expats seeking high living standards and attractive lifestyle. Moving forward with these flexible reforms will create market loyalty and long-term perspectives for residents who can finally call UAE their home.
Market rejuvenation is also visible across retail, hospitality and health care. Long term visas can influence spending decisions for residents and for investors who look for long term capital gains.
Benefits
The longer expats remain in the UAE, the longer the economy can benefit from their contribution.
If you choose to settle in Dubai with family, you will need more permanent accommodation. Therefore, you will look into buying real estate. Similarly, business men looking to establish their offices in Dubai, will invest in commercial real estate, boosting the public sector. The property market will thrive under new visa rules when expats adjust their long-term view of life and start investing more in family homes. Subsequently, holiday home sales will also increase as a result of long-term visa reforms. Since Dubai is such a popular spot for holiday makers, it will be the ideal location to invest in a holiday home to spend winter season here.
UAE’s measures are exemplary, making it easy for people to settle in Dubai long term, thus turning renters into buyers of properties. A great demand is currently visible in villas and townhouses worth up to AED 5,000,000, indicating huge interest for the family segment.
Retire in Dubai
Residents over 55 years old can now apply for long term visa through property investment. You can obtain a five-year visa based on earnings over AED 20,000a month or if you own a property worth AED 2,000,000 in UAE. The initiative will increase the appeal of senior residents to retire in UAE, offering a strong sense of security to older expats who contemplate buying homes. Dubai is strongly competitive when it comes to retirement destinations, because it provides sunshine all year round and is one of the safest cities in the world. Retirement visa fee is around $1000 and covers issuance of Emirates ID as well as medical exam.
UAE leadership has always been one step ahead in implementing liberal, strategic ideas that positively impact the socio-economic landscape of the country as well as the Middle East. The decision could generate a chain reaction for other states, to follow suit. Not only that, but it will attract a fresh influx of property investors.
