From September 2022, new regulations on the entry and residence of foreigners, which were approved by the UAE Cabinet on 18 April, will come into force, introducing a more flexible system for issuing visas and residence permits. What will change for the better?

As of September this year, new regulations on the entry and residence of foreigners will come into force, introducing a more flexible system for issuing visas and residence permits. For example, the new scheme covers ten types of entry visas, which are issued under simplified requirements and offer additional benefits. In particular, for real estate investors wishing to become owners of a 10-year resident visa, the minimum threshold of the purchased property has been reduced to 2 million AED (about $545,000). In addition, amendments have been introduced to allow for a visa to be granted even if the property is purchased with a mortgage, subject to the issuance of a loan by certain local banks. 

Another innovation is an opportunity to acquire a golden visa after the purchase of a property under construction or several properties if their total cost averages 2 million dirhams (545,000$) or more, and the transaction is conducted by an authorised real estate company.

According to Nikita Kuznetsov, general director of one of the leading real estate agencies in the UAE Metropolitan Premium Properties, «raising taxes, inflation and geopolitical instability continue to push more and more wealthy investors to move to the UAE. By reforming employment and visa regulations, as well as constantly improving the transparency of legal and financial procedures, Dubai is giving investors additional confidence in the safety and efficiency of their investments. As a consequence, along with impressive sales rates (projects under construction), we are recording particular demand for ultra-luxurious properties.

It is worth remembering that the purchase of real estate in the UAE allows foreign investors to obtain a 3, 5 and 10-year resident visa and all the associated benefits for a comfortable stay, including opening their own business and accounts in local banks. By the way, there are no taxes on individuals’ income in the UAE. As for Dubai, since September 2021 there are unique conditions: a long-term resident visa can be obtained by purchasing a finished housing costing from 750,000 dirhams (about $ 204,000), given that previously the minimum amount of investment, which allowed to obtain such a visa was, as in other emirates, 1 million dirhams ($ 272,000).

It should be taken into account that a visa is not issued automatically after investing the necessary amount into real estate. The process of issuing visa is quite complicated, that is why to avoid possible difficulties and additional expenses, as well as to save your time, it is recommended to turn to professionals. They will help you choose and buy an appropriate property and apply for a visa.

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