The United Arab Emirates have recently started permanent residency plan which could potentially be a game changer and provide a boost to the real estate market by encouraging people from all over the world to invest in property and settle in the Gulf nation without needing a sponsor.
The goal is to try and lure wealthy individuals and exceptional talents to invest into property, a move that could attract more professionals and businessmen to the country. The “Gold Card” program unveiled by UAE Prime Minister, Sheikh Mohammed bin Rashid Al-Maktoum, is open to investors and “exceptional talents” such as doctors, engineers, scientists, artists and even students.
CEO of Provis, a real estate and property management company in UAE, Sameer Barakat, said the permanent residency plan is a huge step forward in realizing the economic diversification and sustainable development goals of the country.
The permanent residency is a great step forward and will most likely boost the real estate and property market, a statement from the Property Finder said.
It’s said that around 6,800 people have been granted permanent residency and a ‘Gold Card’ in the first round of applications.
The short-term visa system which is linked to employment is holding back foreigners from investing and owning real estate in the UAE. They prefer to use savings in their home countries instead. The Gold Card plan will encourage expatriates to make long-term investment goals, including owning a property.
Creating new opportunities is definitely going to help with investments and economic growth. For instance, the UAE have started implementation of 100 percent foreign ownership and 10-year residency visas for expats, investors and business people earlier this year.
The new visa rules, including the issuance of gold card, have made it easier for those who view Dubai as a hub city to settle and become contributors to the overall economy. This will also help in soaking up current and upcoming supply and help the market stabilize the prices.