Property linked visa back in focus after citizenship offerings in UAE
UAE government offerings related to citizenship open the path of visa-tied property sale once again after 2002. Visa linked to property investment is going to be a major factor in making property investment decisions. This is foreseen as an opportunity for the authorities, developers, and property investors to revive the real estate market as the last few years have been a roller coaster in the real estate sector, especially during the pandemic.
Why is home with a visa in the limelight again?
2002 as landmark moment
Why long term Visa?
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Way to citizenship
Buying a property or home is the first decision for an Expat/ non-UAE national to aim for extending residency or – fits the credentials for getting the citizenship.In February this year the UAE government approved the amendment in the Federal Law related to Nationality and Passports, it allows investors, professionals, special talents and their families to acquire the Emirati nationality and passport under certain conditions. The 10-year residency is approved for more classes of investors, professionals, and students. There is also the provision of 5-year renewable retirement visa to retired residents. Investors are required to own a property in the UAE.
Condition for long term visa
Investment in property is linked to visa, a 5 year visa require investment of AED 5 million and a 10 year visa require investment of AED 10 million. 40% of it should be attached to the property. In both the cases the investment amount should not be loaned or mortgaged. The investor should retain the investment for three years after the visa is issued. In case of 10 year residency visa the investor should have a deposit of AED 10 million.The long term visa includes spouse and children. The investor can apply for multiple entries to complete the Golden visa requirements.
Any decision to buy a property in UAE is at some point influenced by the above factors. The long term Visa is set to create a boom in real estate market. Especially when now there is a prospect of gaining a citizenship, it makes the whole process more worthy.
What our experts say:
The UAE economy shows tremendous potential and scope of future growth, despite the pandemic. Q1, 2021 is outperforming in various real estate investment segments. Corona emunization development is also acting as an aid to remove the pause from other economical activities.
On a whole, the future of the UAE economy appears promising.