What gives us a feeling of security? An apartment, stable job or business, our family and the ability to make future plans. All these basic needs are essential if you are living in your country. But what if you are living or planning to move abroad? In this case, the list above should be complemented by one more very important criteria – residency. These are the top essential things which secure our life abroad.
Dubai shifter into a less oil-dependent country a few years ago. With an amazing growth rate of 6.1% in 2014, Dubai becomes one of the fastest growing economies in the world. It allowed to build trade relations with multiple countries in the world. As a result, it aids its economy. It all leads Dubai government to move towards a relatively diversified economy, improvement of infrastructure and ample foreign assets, according to the Institute of International Finance.
The introduction of 5% VAT further diversified revenues. VAT is a measure that will give more stability.
Investments for residency
According to the latest statistical data, 3.23 million people are living in Dubai and this number will increase up to 10 million by 2027. Among the main reasons for people to move to Dubai are stable economy, numerous opportunities when it comes to investments, business and career growth. Upcoming Expo 2020 attracted a number of new investors to the city. In order to improve its image as a land of opportunities and take care of those who chose Dubai as an investment destination, its government implemented new rules and regulations. Dubai investments for residency now have few options such as 5-, 10-years residency visa and 100% ownership. According to His Highness Sheikh Mohammed, global investors can have 100% ownership of their companies in the country. He the following vision in his Tweet: “Our open environment, tolerant values, infrastructure, and flexible legislation constitute the best plan to attract global investments and exceptional talents. The UAE will remain a land of opportunities. It is the best environment to realize the dreams of humans and unleashes their exceptional potentialities.”
How much should you invest to be eligible for Dubai residency?
Depending on the number of your investments you can be granted 5- or 10- years visa. Those who own property worth AED 5 million or more will be eligible for a 5-year residency visa. Investors who hold an investment through a deposit in an established company or a business partnership worth AED 10 million or more will be granted a renewable residency visa every 10 years. Others who made various investments of no less than AED 10 million, including property – which must be worth no more than 40% of the total investment – will also qualify for a renewable residency visa every 10 years.
Entrepreneurs who own a project worth AED 500,000 or above can be granted 5 years visa with the further possibility of upgrading it to an investor’s visa. It can be done only if all needed requirements are met.
What are the main benefits of the investor’s visa?
Apart from getting 5- or 10-years residency visa, Dubai investors will receive a number of other benefits such as:
- Free entry into the country and residence on its territory;
- Arrangements for moving to the UAE for members of the family;
- Opening a personal account in one of the banks of the UAE;
- Obtaining a driver’s license and insurance in one of the Emirates;
- Teaching in educational institutions throughout the country;
- Free entry into the countries of the Persian Gulf and some other countries;
- Receiving profit and income that are not taxable.
The above article provides full information on Dubai investments for residency and how an investor can benefit from it. But the main question is: “What project to choose to invest in?” This puzzle can be solved by one of our experienced property advisors. Universal Prime Real Estate property advisor can not only suggest what project you should invest in, but also what is the best time for investment including projects with high ROI that you should consider.
Contact Universal Prime Real Estate and let our agents help you in creating a better future for you.