Demand from cash-rich Indians for UAE Golden Visa is said to be seeing a sudden spike in recent weeks as some of the European Union nations phase out their Golden Visa programmes or tighten real estate investment rules for citizenship seekers.
Greece has announced that it will double the amount required for a Golden Visa starting in May 2023, while Portugal and Ireland have already ended their programmes for acquiring Golden Visa.
A surge in real estate prices, especially house prices, is cited as the reason for the European countries to end or make their residency visa programmes more expensive.
This has made the UAE an attractive option for high net-worth individuals (HNWIs) from India to acquire a Golden Visa in the UAE, offered to investors on certain conditions.
For instance, the UAE offers a 10-year residency visa for investing only AED2 million in a real estate asset.
The Golden Visa is a long-term residence visa which enables foreign talents to live, work or study in the UAE while enjoying several exclusive benefits.
This has led to wealthy Indians looking to invest overseas to once again turn to the UAE for opportunities, industry experts said.
The surge in property investments in Dubai is also on account of the approaching July entry date for implementation of the 20 percent tax at source on overseas remittances, announced in this year’s budget.
Industry experts said the rising yields on property investments in Dubai is another major factor in the recent rise in Indian investors looking for real estate investments in the Gulf city.
Average rents in Dubai have reportedly seen a rise of over 28 percent in the last one year period.
While average apartment rents have seen a higher uptick in rent, rents for villas have also been closing up during the period.
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