In October 2022, the United Arab Emirates underwent major changes regarding the country’s visa regime. Expected since spring, the reform offered travelers new entry documents allowing them to visit the UAE without an invitation from a supporter or host.
The new types of entry permits have made life easier for many foreigners, including job seekers, students, and tourists. The common fact period for tourist visas was increased from 30 to 60 days. In addition, five-year tourist multi-visas were issued, allowing strangers to stay in the UAE for 180 days a year or 90 consecutive days.
The new five-year UAE national visas allowed parents to sponsor daughters of any age, greatly increasing employment opportunities for female university graduates. Many companies could hire girls with valid resident visas for one- or two-month internships. These girls were able to work on individual projects as freelancers or self-employed.
Young men could also benefit under the guardianship of their parents, who could sponsor their sons until the age of 25 rather than until adulthood as before. “Green” resident visas allowed their holders to sponsor themselves and close relatives, as well as a spouse and children, for up to 5 years. “Green” visa holders could sponsor their relatives for a similar period.
Changes 2024
In recent months, demand in the Dubai market has increasingly shifted towards secondary housing. Pleasant prices for secondary housing are more attractive to potential investors, whose interest in the UAE is growing yearly. In the business district of Dubai, there is no longer enough vacant space.
In January 2024, the UAE authorities made it easier to obtain a 10-year Golden Visa for real estate investors looking for business bay property for sale. They eliminated the previously mandatory requirement of a minimum down payment of AED 1 million or half of the value of the purchased property. All these changes have positively impacted the Dubai real estate market, attracting more and more investors.
Experts expect the changes coming into force in 2024 will favorably affect investors. The abolition of the minimum down payment gave those who did not have the opportunity to pay a minimum of 1 million dirhams the opportunity to purchase real estate but had a desire to invest the money. The authorities expect a tangible increase in real estate transactions with foreign investors.
Of course, the final decision on the visa remains with the Land Committee, but now it can be claimed by any owner of real estate worth at least 2 million dirhams who took it on credit in banks approved by the program. The down payment can amount to 20 or 30 percent of the object’s value.
The adopted changes were justified by the fall in the number of real estate transactions in the country and interest in downtown Dubai property for sale, and in the context of rising prices for objects, it was the best solution because in the elite areas of Dubai, the cost of housing has increased almost twofold.
Given the current prices for apartments and apartments, almost any object will cost more than 2 million dirhams, making it possible for every investor to get a “golden” visa and enjoy all its privileges, both himself and his family.
In addition to generating additional income, this opportunity gives the investor and his family the chance to move to the UAE, obtain a driver’s license, and access education and medical treatment in one of the most developed countries in the world.