Date added: : 02.03.2020

Property developers appealed to the authorities of the United Arab Emirates in order to reduce the cost of a “golden visa” for obtaining a residence permit. Experts are sure that this will contribute to the development of the UAE economy.

Companies operating in the real estate market of the United Arab Emirates intend to apply to the government to reduce the cost of the “golden visa”, which is often used to obtain a residence permit in the country. Today its price is 10 million dirhams, which is equivalent to 2.72 million dollars. Developers propose to set the permit value at the level of 2-4 million dirhams, which is approximately 550 thousand-1 million dollars.

According to Imran Faruk, CEO of Samana Developers company, such a step will increase the UAE’s investment attractiveness in the real estate market and attract more people wishing to obtain a residence permit in the UAE. According to Farouk, companies that sell or rent real estate experience difficulties. A step towards salvation is the reduction in the cost of a “golden visa”, which will attract new investors and residents.

Farouk said that the objective price of a “golden visa”, in his opinion, is 2 million dirhams (550,000 dollars). The expert refers to the experience of Greece, which offers a residence permit for the purchase of real estate in the amount of 250 thousand dollars. In some countries of the Caribbean, a “golden visa” is available when you buy property worth $ 100 thousand.

Law firm Law&Trust offers services to clients who wish to obtain a “golden visa” and a residence permit in the United Arab Emirates. Our lawyers will tell you how to do this, help you choose an object for investment and make a deal.