Indian investors cheer as Dubai relaxes Golden Visa regulations
According to the Economic Times, the United Arab Emirates (UAE) recently revised the rules on golden visas, which led to a surge in demand for opulent homes inside the Gulf nation. The study made clear that an increasing number of buyers are Indians buying a second home in Dubai. The UAE’s “golden visa” program enables “outside workers to stay and work or visit within the UAE while enjoying unique benefits.”
Some of these “specific benefits” include the ability to live outside the UAE for longer than the usual six-month limit, the ability to sponsor members of one’s immediate family, including a spouse and children without regard to age, and the ability to sponsor an unlimited number of domestic helpers, and the ability to allow members of one’s immediate family to remain inside the UAE until the expiration of their visa despite the visa holder’s absence.
It can be renewed and is valid for ten years. With the help of the golden visa, which serves as an access visa for 6 months, one can also continue with housing issuance. According to the report, real estate developers in Dubai started holding property expos in India as a result of the interest among Indian purchasers to inform them of the new golden visa rules.
The Economic Times quoted India Sotheby’s International Realty director Akash Puri as saying that purchasing a home inside the UAE is still “the easiest way to make an investment and secure a golden visa.” He stated that Dubai might not impose a capital gains tax, making the prospect more alluring.
The UAE increased the visa duration while lowering the minimum eligibility criterion from AED 5 million (about 10.4 crores) to AED 2 million (about 4.2 crores). According to a report citing data from DXBinteract.com, Dubai saw an increase in asset sales of 60% during the first half of 2022 compared to 2021. Within the first half of 2022, more than 43,000 gadgets had been made available.
The Golden Visa is open to business owners, professionals, investors, and experts in the medical, scientific, academic, and technical domains. Anuj Puri, head of the Anarock Group, told the Economic Times that during the first half of 2022, queries had also increased by at least 10-15 percent.
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