The UAE Cabinet, headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners meant to encourage young professionals, investors, and corporations to settle down in the country.
In a pioneering move the UAE Cabinet announced the expansion of the Golden Visa eligibility criteria, which allows for 10 years’ stay in the country. Real estate investors can now obtain the Golden Residence when purchasing off-plan properties that accumulate a worth of AED 2 million minimum, from approved local real estate companies.
As per the new amendments, investors are also entitled to obtain the Golden Residence when purchasing a property with a loan from specific local banks, reports the official Emirates news agency (WAM).
Husni Al Bayari, Chairman and Founder of D&B Properties, says, "