Permanent Residency (PR) in an overseas hotspot often inspires the beneficiaries to think BIG, and make long-term plans overseas, including making big investments and acquiring properties in their second home.
The situation seems to be no different in the United Arab Emirates (UAE). As per an evaluation by some real estate specialists and immigrants, living in the UAE for a long period, the recent all-encompassing improvements made to the UAE Visas, made public by Sheikh Mohammed, will be pivotal and stimulate the acquiring of property by immigrants, and settle in the country with the prized PR status.
Reportedly, the UAE has declared that it will provide 10-year Residential Visas to the foreign manpower in-demand and greater flexibility for the retirees.
As discussed in the opening paragraph, usually, immigrants pour their funds into either foreign savings plans or property. They prefer to use the said funds in the foreign economy in case they are offered with some pretty good options, to reside for a long period of time. As per the observers, instead of a short-lived manpower, a more permanent one also incurs financial gains.
Reportedly, the immigrants have also hailed the amendments made to the UAE Visas. Sharing his thoughts on the issue, an Indian IT Consultant living in a rented accommodation in the region, for the last 5 years stated that the PR Visas will inspire him to purchase a home in the country.
He stated that his in-laws have been living in the nation for the preceding 50 years even as the UAE is a home to their family. And in case he gets an opportunity, they would prefer getting PR in the nation.
Sharing a somewhat similar sentiment, another person, reportedly, stated that in case the UAE offers a Residency Visa, the subsequent logical step will be to buy a home in the region.