Golden Visas and 100% ownership will reshape Dubai’s property space
Dubai offers a rich blend of a city life with traditional aspects of the Middle East culture. This city is home to landmarks, a robust public transportation system, diverse talents, and investment opportunities in various sectors. These, among others, make it one of the most preferred destinations for investors and professionals. With the UAE’s new visa offers and changes to owning businesses, we expect more foreign workers wanting to stay longer and more investors to enter.
The reforms were introduced in a bid to attract more talented expats, entice foreign business leaders and investors and retain those who are already in the country. This translates to excellent opportunities, particularly for those who look forward to setting up their own business. The government had always made visa renewal seamless. What makes the UAE Golden Visa more enticing is the security and flexibility that come with it. It provides long-term residency, which is one of the major considerations for an expat, for anyone interested to study, work and live in the country. In addition, it allows the visa holder to sponsor his family, adding to the stability and security.
A talent commitment
With this offer, the government is making a commitment to foreign talent that they are welcome to make the country their home, and it recognizes their contributions to the local economy. Before the visa changes, foreigners in the country have renewable visas valid for a few years and tied to employment or sponsors. The Golden Visa eliminates this, allowing foreigners to continue as long-term residents through easy renewal procedures. Golden visa holders also have the leeway to travel in and out of the country, without having to travel back every six months.
Having this long-term assurance and flexibility, foreign investors in Dubai can now easily do business without having to worry about moving around and the additional costs associated with this. It also opens equal opportunities for investors of all nationalities and creates new markets for professionals, as well as for people with specialised degrees in artificial intelligence, big data, or epidemiology and virology. A host country’s security for long-term residency influences the consumption and investment behaviour of expatriates.
This translates to more spending here, and lower cash outflow or transfers. In effect, it will boost domestic demand, thus strengthening the economy. Other sectors such as real estate also largely benefit. As more foreign investors and talents choose the emirate as their second home, the property market is one of the first stops.
Within decades, Dubai has offered limitless opportunities for expats who want to study, live, invest and work in the region. An efficient tax system, strategic location, and a strong economy continue to draw investors and business leaders.