Bana Shomali, CEO and founder of ServiceMarket, explains the potential benefits of Dubai’s array of new five and 10-year visas
IT’S GOOD NEWS ALL AROUND for expats living in Dubai. Not only are Dubai residents leveraging lower rental rates to upsize their homes, according to a recent study by ServiceMarket, the UAE’s leading marketplace for moving and home services, but now the UAE government has also announced new long-term visas for expats.
These include five-years visas for retirees and 10-year residency visas for investors, entrepreneurs, specialists and outstanding students as well as their families. The introduction of these long-term visas is bound to transform the real estate sector and will surely cause major shi s in moving trends across the region. Here’s what you need to know to understand its immediate effects.
New long-term UAE visas are game changers
Before we study their impact, it’s important to know the five types of long-term residential visas that have recently been introduced in the UAE.
Investors
A 10-year residency visa can be obtained by investors who invest Dhs10m, out of which 60 per cent should not be in real estate. It can be a public investment through a depositor in a business. Those who invest Dhs5m or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dhs500,000 or those with the approval of an accredited business incubator in the UAE.
هذه القصة مأخوذة من طبعة February 2019 من Gulf Business.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة February 2019 من Gulf Business.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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