The UAE's largest city, Dubai, continues to be an attractive destination for investors and individuals seeking long-term residency. In the first half of 2023, Dubai saw a significant increase in the issuance of resident visas, indicating the emirate's growing appeal. Here are some key highlights from this development:
1. Remarkable Increase in Resident Visas: Dubai experienced a remarkable 63% increase in the issuance of resident visas during the first half of 2023. These resident visas serve as the equivalent of long-term residence permits, granting individuals the opportunity to reside in the emirate for extended periods.
2. Diverse Reasons for Visa Issuance: UAE residence visas are granted for various reasons, including educational pursuits, business activities, and real estate investments. Notably, individuals who invest in real estate worth at least 750,000 AED ($204,000) can secure residence permits that may extend up to 10 years. This "golden visa" program has seen a 52% increase in visas issued for the maximum period this year.
3. Growing Guest and Tourist Visas: In addition to the surge in resident visas, Dubai also witnessed increases in guest visas (34%) and tourist visas (21%). This indicates that Dubai continues to attract a diverse range of visitors, including those who wish to explore the city's offerings and opportunities.
4. High Volume of Applications Processed: The Department responsible for visa processing and border control has been active in 2023. They processed a total of 11,319,991 applications, covering residence permits, entry and exit through air and land borders, as well as seaports. This high volume underscores the emirate's significance as a global travel and business hub.
Dubai's ability to attract investors and offer various visa options, including the "golden visa" program for real estate investors, demonstrates its commitment to fostering economic growth and international collaboration. As Dubai continues to evolve and diversify, it remains a destination of choice for those seeking long-term opportunities and experiences in the UAE.
