In a big and bold step, the UAE government, on May 21st, announced a new permanent residency programme, the ‘Golden Card’ visa, for foreign nationals in the UAE.
Earlier, the UAE only issued 2- to 3-year employer linked visas to foreign nationals, who comprise roughly 90% of residents living in the UAE, which is also the 2nd largest economy in the Arab World. In a shift from that rigid policy, in May 2018, 5- and 10-year visas were announced for expats investing Dh5 and Dh10 million respectively, real estate included.
Exact criteria for the visa should be revealed soon but it is confirmed that permanent residency will include the spouse and children of the golden card visa holder.
“This is a shining example of visionary leadership striving to create a big opportunity for everyone aspiring to work and invest in the UAE. Dubai, besides being a business friendly and tax-free environment, is also a vibrant property market offering high quality real estate, stable rental yields and continuous planned expansions.
“It is also a great initiative for real estate investors who have been here for long. It is a big security to know that you can remain,” said Kanika Gupta Shori, founder and COO of leading proptech firm, Square Yards.
With presence in 10 countries globally, her firm Square Yards is one of the biggest players in the Dubai primary market with a reported growth rate of 75% Y-o-Y and a GTV (Gross Transactional Value) of AED 800 million in FY 2019. Their tech-enabled team of experts has been helping Non-resident Indians as well as other foreign nationals navigate UAE’s primary residential markets for the best property transactions.
“Overall, I feel this will encourage expats to invest more in this country and to give back even more through their businesses, professional services and social work,” Kanika adds.
The new permanent residency programme has been hailed as a game changer with many calling it a Ramadan blessing, a sort of golden gift to all those who have contributed towards developing the UAE as it finally allows expats to look at Dubai as a home, rather than a temporary wealth creation destination. This directly means more demand for real estate.Email This Post