European Interest Surges in UAE’s Golden Visa Scheme
KEY TAKEAWAYS
European citizens’ interest in the United Arab Emirates' Golden Visa Program has marked a notable increase.
This interest is fueled by the program's benefits, including the ability to sponsor family members and domestic workers to stay longer without needing an employment visa.
In addition, the abolition of the one million Dirham minimum down payment requirement for the Residency by Investment scheme is also expected to attract a larger number of wealthy foreign investors.
Citizens from European countries have shown increasing interest in the United Arab Emirates’ Golden Visa Program.
Real estate executives told Khaleej Times that the program offering ten-year residency has attracted investors from Switzerland, Germany, France and the United Kingdom.
In addition, according to Betterhomes, investors from the United Kingdom, Russia, Italy, France and Turkey were ranked among the top 10 property buyers in the UAE in 2023.
Yes. European buyers have a strong interest in the Golden Visas market as they can sponsor family members and domestic workers without needing an employment visa. They can also spend longer in the UAE than when on a tourist visa. As Golden Visa holders, they can open bank accounts and operate as residents here.
head of sales progression at Allsopp & Allsopp Group, Jess Stephenson
Residency by Investment Program gives foreigners the opportunity to acquire residency in countries that offer such schemes.
Recently, the UAE decided to abolish the one million Dirham (approximately Rs 2,26,31,327) minimum down payment requirement for the Residency by Investment scheme, which has also led citizens from a large number of countries to head eyes to this program.
Local media reports noted that the new changes could lead to more building projects and more jobs and also further boost the economy related to the real estate market.
Besides, according to local media reports, this might also bring in new investors and make the existing ones feel more confident, thus helping to maintain the UAE’s real estate market stable and healthy.
According to the General Directorate of Residency and Foreigners Affairs (GDRFA), Dubai has experienced a total of 52 per cent increase in the number of golden visas issued in the first half of last year, compared to the same period in the previous year.
Authorities in the United Arrab Emirates launched the Golden Visa Scheme in order to bring a larger number of foreigners to the country, thus giving them the opportunity to acquire residency if they invest financially in this territory.
Soon after its introduction, the scheme became among the most significant ones in the Middle East and North Africa.