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Abu Dhabi: The new crown epidemic has just passed, and when the whole world is undergoing major adjustments, the United Arab Emirates (UAE) has taken this opportunity to attract the world’s best talents and business and real estate investments.
Similarly, the UAE made several changes to the UAE immigration policy that came into effect on October 3 last year, becoming the world’s immigration hub.
Immigration patterns in UAE cities have changed dramatically since the start of the COVID-19 pandemic. To date, citizens of nearly 200 countries have settled in the United Arab Emirates. This number is expected to rise significantly over the next few years.
Since the start of the COVID-19 pandemic, the number of Indians in these areas has increased dramatically. Indians currently make up 38 percent of the UAE’s population, numbering more than 3.8 million.
The main attractions of the UAE for Indian expats are the relaxed government policies, good political and cultural relations, proximity to the home country, good income and return on investment.
The local government’s new golden visa has played a greater advantage than other countries in attracting talents. With these new talents, the UAE is changing its image from an oil and luxury center to an innovation and technology center, a center for start-ups, and Advocate of sustainable development and tolerance and coexistence.
Why golden visas are popular with Indians
Investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes are all eligible for the Golden Visa.
The Golden Visa allows you to live in the UAE for 10 years (previously it was 5 years). This visa can also be used as a six-month entry visa, which can be renewed upon expiry. Sponsor family members, including spouse and children, regardless of age, and guarantee unlimited support services.
Unlike other Gulf countries, Golden Visa holders can stay in the UAE without the support of a sponsor or employer. In order to keep the Golden Residence valid, there is no limit to the maximum period of stay outside the UAE. Previously, visa holders had to return to the UAE every six months if they traveled abroad, but this has been abolished. If the original holder of the Golden Residence Visa dies, his or her family can now remain in the UAE until the permit expires.
In addition, under the new law, entrepreneurs/investors can also obtain a 10-year residence visa by investing in start-ups in the UAE. Scientists and researchers who have achieved high achievements and influence in their respective fields can obtain golden visas.
The UAE government invites talents in the fields of coding, medicine and education and provides them with golden visas, making the UAE a coding and medical hub in the region.
Key changes in UAE’s new immigration law
Not only the golden visa, the local government has also introduced many new policies. The five-year green visa allows foreigners to sponsor themselves without seeking help from UAE nationals or their employers. Freelancers, skilled workers and investors are all eligible to apply for this visa. Green visa holders can also sponsor their family members.
Tourist visas now allow visitors to stay in the UAE for 90 days. The five-year multiple-entry tourist visa allows visitors to stay in the UAE for up to 90 consecutive days. The Work Exploration Visa will allow professionals to search for work in the UAE without a sponsor or host.
CEPA and the Implications of Healthy Political and Social Relations
The historic India-UAE Comprehensive Economic Partnership Agreement (CEPA) came into force on May 1, 2022. It is expected that the total bilateral trade in goods will exceed US$100 billion and the total trade in services will exceed US$15 billion within the year. 5 years.
Indian companies can easily shift their base to Dubai as the UAE now allows 100% foreign ownership in 122 economic activities across 13 industries. The zero-tariff access to the UAE has greatly encouraged Indian domestic manufacturers in key industries to set up bases in the UAE.
The ease of doing business, good infrastructure and tax incentives are motivating the Indian business community to move their operations to the UAE.
The friendly relationship between the UAE and India and the coordination between the authorities of these countries can ensure that investors will have their funds and assets safe in case of any problems. The geographical distance between India and the UAE and the high number of flights between the two countries is another reason for the peace of mind of the migrants.
Investor’s real estate boom
The drop in prices post-COVID-19 has also sparked interest among tradesmen and professionals from various industries. Dubai remains a buyer’s market and housing affordability has remained attractive over the past few years.
A Golden Visa can be obtained with an investment of 2 million dirhams. The Golden Visa route has increased the demand for luxury residences and properties in the UAE and has made the UAE a second home for Indian nationals. Recent reforms to the golden visa scheme have increased demand for Dubai property from wealthy Indians.
There has been an unprecedented surge in demand for real estate in Dubai as golden visa rules have been tweaked. Indians top Russians when it comes to buying property in Dubai.
Under the new rules, the investment limit has been lowered to AED 2 million (INR 420 million) from the previous maximum of AED 5 million (INR 104 crore). Such deep cuts have contributed to a massive surge in real estate demand in Dubai, where wealthy Indians are also on a buying spree.
Rental income: Apart from the Golden Visa, from an investor perspective Dubai has an average rental yield of 7%, compared to New York (2.8%), Singapore (2.5%), London (2.6%) and Hong Kong (2.3%) ).
For foreign investors, the Dubai real estate market is highly regulated. Investors are protected by a strictly enforced real estate regulator, and developers are accountable to them.
RBI makes remittances easier
The Reserve Bank of India’s free remittance scheme allows Indian investors to formally transfer $250,000 to Dubai per financial year. Under the scheme, a couple can transfer $500,000 a year to invest in real estate in Dubai.
Indian investors accounted for 20% of all real estate transactions in Dubai in the first quarter of 2023, investing nearly $2 billion during the period, industry sources said.
(Aside from the title, this story was not edited by Siasat staff and was published via a syndicated feed.)
This post was last modified on July 1, 2023 at 6:14pm
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