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, "As a company that began purely in the off-plan sector, this step will greatly encourage the interest among international investors, specifically those who seek post-modern and luxurious properties such as in Palm Jumeirah, Dubai Hills Estate, Dubai Creek Harbour, Dubai Land, and Tilal Al Ghaf. Combined with other benefits Dubai offers like high rental yields and lower property prices per sqft, we can expect an influx of young investors, professionals, and potential unicorns (founders) in the market seeking to establish roots and settle in Dubai. With deep-rooted ethos of tolerance, innovation, and sustainability, the global attention on UAE has shifted from viewing the country as a temporary residence, and more toward a future to invest in.”
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