{"id":8099,"date":"2016-10-09T17:49:07","date_gmt":"2016-10-09T17:49:07","guid":{"rendered":"https:\/\/www.investmentimmigration.com\/?p=8099"},"modified":"2019-02-12T13:46:29","modified_gmt":"2019-02-12T18:46:29","slug":"long-term-visa-boost-dubai-investment-immigration-program","status":"publish","type":"post","link":"https:\/\/www.investmentimmigration.com\/long-term-visa-boost-dubai-investment-immigration-program\/","title":{"rendered":"Long-Term Visa Would Boost Dubai Investment Immigration Program"},"content":{"rendered":"

\"RealReal estate experts say the Dubai property market could receive a significant boost if expatriate\u00a0 investors were given longer-term visas and the process was simplified.<\/p>\n

Multiple requirements\u00a0 for investors include the need for the property to be worth more than a million dirhams, for it to be entirely owned by the investor and located in a freehold area.<\/p>\n

Investors must also have a minimum income of 10,000 dirhams per month (1 dirham = $0.36).<\/p>\n

The need to meet such specific criteria can often put investors off from the outset.<\/p>\n

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Further reading<\/b><\/p>\n

For more on Dubai\u2019s investment immigration programs, click here<\/a>.<\/p>\n

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But provided all the conditions are met, the reward is still only a visa requiring renewal every six months.<\/p>\n

A separate application for a two-year property permit can be applied for from the government, but fees can range anywhere from 2,300 dirhams to 14,000 dirhams.<\/p>\n

Add to that a refundable 3,000 dirham fee to sponsor a spouse or other dependents, and the outlay continues to rise sharply.<\/p>\n

Experts say the visa stipulations are one element of what makes Dubai such a transient society.<\/p>\n

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Dubai: Quick Facts<\/h3>\n

Population: 2.1 million<\/b><\/p>\n

Size: 4,114 km2<\/b><\/p>\n

GDP: $82.1 billion<\/b><\/p>\n

Average earnings: $44,200 <\/b>(tax free)<\/p>\n

Unemployment: 4.2%<\/b><\/p>\n

Inflation: 2.0%<\/b><\/p>\n

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Residents cannot plan for the long term because they know they will not be able to retire in the country.<\/p>\n

Long-term visas for property purchasers would be one idea to consider, giving investors stability and at the same time boosting the real estate market.<\/p>\n

As more and more countries offer residence and citizenship investment programs, Dubai may need to loosen its requirements to make its CIP more competitive.<\/p>\n

Property owners can currently remain in the country after retirement, but only with the inconvenience and instability of having to apply to remain every six months or two years.<\/p>\n

The security of a longer-term visa would mean expatriates could finally begin to look upon Dubai as somewhere to call home.<\/p>\n

Further reading<\/b><\/p>\n