UAE Golden Visa: Ushering In New Economic Boom
This article was updated on Wed 7 May 2024
It’s not exactly breaking news that Dubai has been planning on entering the global elite for cities and economic powerhouses for some time. Over the last two decades, the UAE government has focused on positioning Dubai as a global destination, attracting affluent and highly productive individuals to bolster its national economy. The introduction of the UAE Golden Visa is set to take this to the next level.
Stretching back a decade, the UAE government has propelled Dubai into a global mega-city through strategic initiatives with a focus on developing the city’s infrastructure. This has allowed for a number of ground-breaking projects to take form such as The Burj Khalifa and Palm Jumeirah, which are reshaping the skyline. Investment in transport, including the Dubai Metro and Al Maktoum International Airport, has significantly enhanced connectivity. Pro-business policies, free zones, and tax incentives have attracted multinational corporations with a view to fostering a vibrant economy. Cultural endeavours such as the Dubai Opera and Expo 2020 have served to elevate Dubai’s status as a cultural hub. Moreover, advancements in technology and sustainability have positioned Dubai as a smart and eco-friendly metropolis, ensuring its prominence on the world stage.
UAE Golden Visa And Investing In Dubai Property
The recent expansion of the ‘UAE Golden Visa’ for property investors and workers has meant that even more can live, work, and invest in the city.
According to the National News, “Golden Visas can be granted to investors, entrepreneurs, people with special talents, researchers in various fields of science and knowledge, and bright students with promising scientific capabilities.
Sometimes people are nominated for Golden Visas by senior Emiratis or government bodies, and in other circumstances, people apply online.”
The Economic Times of India on the scheme’s expansion has noted, “The United Arab Emirates — of which Dubai is a part — started to break away from a decades-old economic model that prevails across the oil-rich region, linking residency to employment. Officials widened the eligibility net for long-term ‘golden’ visas, abolished a requirement for companies to have a majority local partner, switched to a Monday-Friday working week, and made it legal for unmarried couples to live together.
This is ushering in a large influx of work Visas, inward migration, and huge investment. In particular, it’s clear to see something of an explosion of property activity in the city, with both residential and commercial investment growing.
Not only that but rents and prices are on the up due to an imbalance of supply and demand. There is much more demand than supply. This is providing fertile ground for savvy investors around the globe. UK, Indian, and American investors are all gaining on the environment.
If you’re considering investing then why not speak to one of our specialist advisors who can talk you through what we have available and the process it involves, as well as whether you might be eligible for a visa?
