On 21st May, United Arab Emirates announced a new permanent residency program for foreign nationals in the UAE, called the ‘Golden Card’ visa. Previously, United Arab Emirates issued 2 to 3 years employer linked visas to the foreign nationals who made up 90% of the residents living in the UAE, which is the second largest economy in the Arab. Shifting from the rigid policy last year in May 2018, 5 to 10-year visas announced for the expats investing Dh 5 and Dh 10 million inclusive of real estate. The criteria for the visa will be revealed soon but it has been confirmed that permanent residency is going to include spouse and children of the Golden card visa holder.
This is a big opportunity for anyone who is willing to work in UAE and invest in real estate. Dubai is a business-friendly and tax-free environment and also a huge property market that offers high-quality real estate, stability in rental yields and continuous planned expansion.
Kanika Gupta Shori, the Founder and COO of Square Yards said regarding the Permanent residency programme that it is a great initiative for the real estate investors who are in UAE for a long time and it is a big security to them knowing that they can stay. Square Yards is one of the biggest players in Dubai primary market and has a reported growth rate of 75% year on year and a gross transactional value of AED 800 million in the financial year 2019. The Tech enabled team of experts at Square Yards help the non-resident Indians and other foreign nationals to navigate the primary residential market of UAE for best property deals. Kanika also said that overall she feels that this is going to encourage expats who invest more in the country and to give back even more through their businesses, services and social work.
The Golden Card visa is being hailed as a Ramadan blessing for those who have contributed towards developing UAE and finally they can consider Dubai as a home rather than a temporary destination for earning. This will directly influence the high demand for real estate.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.