Friday, August 19, 2022

Indians are buying property in Dubai

The ET report pointed out that there were quite a few takers from India who were keen to get a second home in Dubai

PRAVASISAMWAD.COM

The United Arab Emirates’ (UAE) Golden Visa initiative launched by the UAE has attracted Indian homebuyers and boosted real estate sector sale in Dubai. This follows the revamp of the golden visa rules by the UAE. The move has led to a demand for luxury homes in the Gulf nation, according to the Economic Times.

The report pointed out that there were quite a few takers from India who were keen to get a second home in Dubai. UAE’s golden visa programme allows ‘foreign talents to live and work or study in the UAE while enjoying exclusive benefits’. These ‘exclusive benefits’ include the ability to stay outside the UAE for more than the usual restriction of six months, ability to sponsor family members, including spouse and children without any age bar, ability to sponsor unlimited number of domestic helpers and allowing family members to stay in the UAE until the end of their permit even if the visa holder has passed away.

The visa is renewable and remains valid for a decade. One can also proceed with residence issuance with the help of the golden visa which also acts as an entry visa for six months.

The UAE reduced the minimum eligibility requirement to AED 2 million (about INR 4.2 crore) from 5 million (about INR 10.4 crore) while extending the visa duration

The interest for property in Dubai among Indian homebuyers has led real estate developers in Dubai to hold property expos in India where information about the new golden visa rules are publicised. Akash Puri, Director, International Business, India Sotheby’s International Realty told the Economic Times that buying a house in the UAE remained ‘the simplest way of investing and securing a golden visa’. He added that there was no capital gains tax in Dubai which made the move more attractive.

The UAE reduced the minimum eligibility requirement to AED 2 million (about INR 4.2 crore) from 5 million (about INR 10.4 crore) while extending the visa duration.

Entrepreneurs, professionals, investors, and specialists in the medical, scientific, research and technical fields are eligible for the golden visa.

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Tirthankar Ghosh
Tirthankar Ghosh is a senior journalist and presently Managing Editor, Newsline Publications. He has also been writing for well over 15 years for the New York-based Air Cargo News Flying Typers.

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