The changes to the United Arab Emirates (UAE) Golden Visa Program are boosting the Indian expatriate population in Dubai, or more specifically their contribution to the real estate market, according to the Sisat Daily report.
The same says that for a period from 2015 until 2021, wealthy nationals from India alone contributed a total of Dirhams 83.62 billion to the real estate market in the United Arab Emirates, VisaGuide.World reports.
In addition, by 2027, the number of Indians with high net worth is expected to increase by 107 percent. Indian population account for the largest demographic of the ex-pat population at a total of 27.49 percent.
The increase is expected to further continue and, by the end of this year the real estate market to reach the forecasted Dirhams 300 billion in sales transactions.
In addition to Indians, the United Kingdom, Italy, and Russia are among the top countries to purchase property in Dubai.
“The Emirates has witnessed huge economic growth over the past decade and it is projected to continue with Dubai, intended to make the city top 20 wealthiest in the world by the end of 2023,” the founder and Cheif Executive Officer (CEO) of Unique Properties, Arash Jalili, pointed out, according to Arabian Business report.
He added that nationals of Dubai will continue to be a driving force in the following years, stressing that they will be even more so in the second half of this year, after additional tax collections imposed by India, encourage Indians to invest in nations like the UAE, where they can benefit from favorable tax advantages.
The Golden Visa scheme permits wealthy nationals from other countries to acquire residency in the UAE, provided they invest in this territory and meet several requirements.
In order to further ease the application process for the Residency by Investment scheme, authorities in UAE previously introduced a new platform called “One Touch”.
The decision was announced by the UAE Federal Authority for Identity, Nationality, Customs, and Port Security (ICP).
Besides, previously, the Minister of UAE for Artificial Intelligence, Digital Economy, and Remote Work Applications and Chairman of the Dubai Chamber of Digital Economy, Omar Sultan Al Olama, unfolded new plans to issue 100,000 golden visas to all leading programmers from other countries, as part of efforts to bring to UAE top talents.
Up to this point, a large number of countries worldwide offer the Golden Visa Program, which makes a significant contribution to the countries’ economies, in spite of the fact that the scheme is often criticized for being involved in several illegal affairs, including money laundering and corruption.
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