< PreviousFINAL KEYS 110MARCH 2024 In 2019, the United Arab Emirates (UAE) introduced the Golden Visa program, giving talented individuals the opportunity to live and work in the country under their own sponsorship with a 10-year renewable visa. Over time, more categories were added to make it easier for more people to call UAE their home. And one way to qualify for this long-term visa was by making a fi nancial investment in the country. For example, investors were required to invest in property worth at least $544,000 (AED 2 million) or if they were looking to purchase property through a mortgage or instalment plan, they’d had to make a minimum down payment of roughly $272,000 (AED 1 million) or 50% of the property’s value to Images supplied by: Shutterstock FINAL KEYSFINAL KEYS 111MARCH 2024 The adjustment in the Golden Visa program is expected to boost the real estate and construction industries by attracting more international investors, infl uencing demand, and prices in popular regions” Centre: Downtown Dubai skyline; Young married couple moving to a new apartment FINAL KEYS be eligible for this visa. However, in a signifi cant legal development, the UAE has offi cially revised the criteria for acquiring a Golden Visa through real estate investment, eff ective January 24, 2024. Eliminating the previous requirement of a minimum down payment of $272,000 (AED 1 million) or 50% of the property’s value, FINAL KEYS 112MARCH 2024 now, ownership of property valued at $544,000 (AED 2 million) or more allows for Golden Visa qualifi cation, irrespective of the property’s status (whether off - plan, completed, mortgaged, or not mortgaged), eliminating the need for a substantial initial investment. KEY BENEFITS Hailing this move as a signifi cant step towards attracting foreign investment and catalysing growth in the real estate sector, Mahmoud Kreidie, Lawyer at BSA, a Dubai-based law fi rm elaborates on the long-term benefi ts: • Enhanced market stimulation: By discarding the down payment mandate, the Golden Visa scheme is now accessible to an expanded investor base, promoting a surge in real estate transactions and construction projects. • Family sponsorship: The revised policy allows Golden Visa holders to sponsor their immediate family members for the same 10-year residency, enhancing the appeal for family-oriented investments. • Financing fl exibility: Adapted regulations cater to diverse fi nancial strategies, supporting mortgages up to 80 per cent of the property’s value and accommodating lengthy payment schedules, which is expected to invigorate the construction sector and real estate development. Left: Getting the construction of the house right Right: A well-composed a chic living room FINAL KEYSFINAL KEYS 113MARCH 2024113MARCH 2024 FINAL KEYSFINAL KEYS 114MARCH 2024 MARKET IMPACT AND BROADER IMPLICATIONS The adjustment in the Golden Visa program is expected to boost the real estate and construction industries by attracting more international investors, infl uencing demand and prices in popular regions. Moreover, this reform aligns with the UAE’s economic diversifi cation goals and its aim to attract global talent and investment, not just in property but also in other key professions. “At BSA Law, we’ve observed a notable uptick in consultations regarding Development Agreements, Sales and Purchase Agreements and Mortgage Agreements, indicating heightened enthusiasm for real estate ventures and the pursuit of Golden Visas,” adds Kreidie. A CLOSER LOOK According to the latest data from the Dubai Land Department, the real estate market in the emirate has hit record levels. In the past year, there were 1.6 million transactions, a 17% increase from the year before. The total value of these transactions reached $172.6 billion (AED 634 billion), with 166,400 deals in 2023 - a 20% increase in value and a 36% increase in volume. And now the reformulation of the Golden Visa eligibility criteria marks a strategic enhancement of the UAE’s real estate market’s appeal. Furthermore, this initiative will not only streamline the Golden Visa acquisition process but despite the high sales prices, there’s an anticipation of a growing section of tenants looking to become end-user buyers to avoid very high rentals and frequent renewal negotiations or relocations. FINAL KEYS Left: Real estate investment leads to high profi ts The reformulation of the Golden Visa eligibility criteria marks a strategic enhancement of the UAE’s real estate market’s appeal”atlas by Etihad Airways, home to award-winning content and read by over 1.3 million engaged readers a month Michael Underdown Commercial Director michael.underdown@itp.com +971 50 396 2115 +971 4 444 3566 To elevate your brand and connect with Etihad Airways’ passengers, contact: November 2023 | ATLAS BY ETIHAD | 3332 | ATLAS BY ETIHAD | November 2023 10.1632° N, 76.6413° E10.1632° N, 76.6413° E he image of palm-lined beaches and verdant rolling grasslands sloping towards the Arabian Sea is seared into my mind after a four-hour flight with Etihad Airways into Cochin International Airport, situated in the Indian state of Kerala. As we descend, I peer out of the window to the scene beneath and I’m filled with anticipation to discover a land I’ve already heard so much about. Away from the busy streets of Mumbai and crowded Delhi, Kerala offers a more laidback atmosphere, but one that is every bit as memorable. It’s known as God’s Own Country, thanks to its vast emerald valleys and lush landscapes. The term has a mythological origin, too, tied to the belief that Parashurama, a manifestation of Lord Vishnu, a principal deity in Hinduism, threw his axe into the sea to create a home in which his followers could live peacefully. If ever a story epitomises a place, it’s this one: Kerala, born at the hands of a God for the purpose of people living in harmony. Kerala is world-famous for its houseboats that plough the glistening backwaters, a labyrinthine 900-kilometre network of brackish canals, lakes Beaches BackwatersBackwaters & Kerala, India’s tropical coastal jewel, has much to offer curious travellers By Francesca Kirby November 2023 | ATLAS BY ETIHAD | 2524 | ATLAS BY ETIHAD | November 2023 suitcase Smooth skin The Barbiere multi-action face cream for men from Acqua Di Parma combines moisturing, smoothing, and revitalising properties to combat exposure to blue light from digital screens and environmental elements. It also comes in eco-friendly packaging ($120, acquadiparma.com). Wild ocean Enriched with almond, hazelnut, and prickly pear oils, this Wildocean beard oil is designed for medium to long facial hair that needs softening ($21, beautyethic.com). 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