Worldwide renowned resorts such as Dubai, Sharjah, Abu Dhabi draw tourists’ attention from all over the world. Besides relaxing on the beaches of an eternally sunny country, many people think about whether it is possible to emigrate to the UAE after purchasing the off-plan in Dubai in order to live and work there permanently. The large number of immigrants is quite understandable, because the standard of living in the Emirates is recognized as one of the highest in the world, but nevertheless, the authorities are constantly working to make the living conditions of citizens only get better. Ax Capital real estate agency highlights the main reasons that motivate people to come over to the UAE and buy real estate in Dubai.
Dubai is one of the most progressive cities in the world with a multi-ethnic population. Due to its loyal foreign economic and tax policy and a consistently high quality of life, it acts as an attractive investment platform for foreigners. But, like any other purchase, such an investment has both disadvantages and advantages. We will tell you in detail about each of them below.
High international business activity
The city has an extremely advantageous geographical location. Namely, it is situated at the intersection of sea and air trade routes between Asia, Africa and Europe. Dubai is literally crowded with foreigners. Some of them visit the city for 1-2 weeks, while others prefer to live in a resort city all year round. This state of affairs makes the demand for home purchase or rental extremely significant. And given the fact that the city is not only a popular resort, but also a metropolis with a developed transport network, this makes Dubai an ideal place for foreign transactions of any scale. According to Airport Council International, the city’s international airport is rated the 4th in the world in terms of passenger traffic and 6th in terms of cargo traffic.
High quality of life
Despite the fact that Dubai is situated at the edge of the desert, it belongs to a highly developed ultra-modern metropolitan area with the expected advantages. The city is filled with shopping malls, business centers, restaurants, etc.
The entertainment infrastructure, as well as the hotel and restaurant business, works to the maximum extent possible.
Another striking advantage is transportation. In Dubai, you can find both the usual buses or taxis, and driverless metro cars.
The roads are worth of special attention. Particular attention is paid to the roadbed quality and the convenience of transport interchanges. This is not surprising, because in Dubai there are more than 1 million cars per 2 million inhabitants. According to the data of the Worldwide Quality of Living Survey, conducted by the British company Mercer Human Resource, the city is rated 75th in terms of quality of life among 221 metropolitans.
Despite the fact that Dubai is a highly developed metropolis and a popular resort, the cost of local property is quite commensurate with housing prices in European million-plus cities. For example, new-built apartments in the center of Dubai will cost you from $ 2,000 per sq.m.
Buying real estate in Dubai has its advantages: low cost and high payback – on average in 10-12 years. The drawbacks are the procurement of a resident visa, a territorial limitation on the purchase. To live in Dubai, foreign citizens need to obtain an appropriate visa, but it is not available to everyone. Such a document can be obtained by: homeowners worth at least 1 million dirhams (if the value of real property is less than the specified amount, then the housing availability cannot be a sufficient basis for assigning residence), founders of companies whose authorized capital is at least $ 5,500, employees of local companies, students who are in training within the UAE. The law also provides for obtaining a family visa from relatives who are citizens or residents of the United Arab Emirates. In recent years, the United Arab Emirates has become more and more popular as a travel country, but many people are not only planning a vacation, but seriously thinking about obtaining a residence permit or even moving to the United Arab Emirates for permanent residence. In the conditions of closed borders, owning the property abroad and owning a residence permit provides many advantages, therefore, the demand for investment immigration programs is enormous now. In order to have a legal basis for being in the UAE, one must have a certain official status. A foreigner needs to obtain a tourist, work, student or visitor visa, depending on the purpose for which he is arriving.
According to the legislation of the United Arab Emirates, foreigners can stay in the country on a guest and travel visa for up to 29 days, and for a business visa – up to 14 days. A multiple-entry visa is issued for 6 months and permits its holder to make a visit to the country several times and to remain on its territory for up to 14 days per visit.
Advantages of obtaining a residence permit in the Emirates:
- Total absence of taxes. The UAE does not require residents to pay taxes from holders of a resident visa, as other countries do.
- Availability of your own company creation. On the territory of the emirates, one can simply, quickly and relatively inexpensively register the company. Such works will cost approximately $ 5,350-8,000, depending on the type of activity.
- Obtaining a residence permit is possible immediately for all family members. This is relevant for both entrepreneurs and property owners who want to move with their family.
- The opportunity to open a personal bank account. Banks in the UAE are not inferior to well-known European banks in terms of the service quality, besides, they are rightfully considered one of the safest financial institutions in the world.
- Excellent geographical location of the state and safe passage through the other countries of the Persian Gulf.
- High level of security in which the foreigners feel very comfortable in the UAE
- Economic stability of the region and positive long-term outlook
The United Arab Emirates is called one of the most suitable regions for building big business. A favorable tax system, special economic zones, an impressive level of economic advancement – all of this and so much more provide an extremely favorable atmosphere for business people.
Investing in real estate in the United Arab Emirates is a promising business line today. If you can and want to become a member of this market, you can contact the specialists and see the possible offers on the website https://www.axcapital.ae/, use your chance to increase your fortune and look to the future with confidence!