Unlock High ROI's on property
Invest Smart, Invest with Provident
Discover a World of Opportunities to Maximize ROI.
The last year has witnessed a major change in the way the world works. Due to the pandemic, everyone had to work from home across the world. This brought in a new way of working in every sector of all industries.
UAE, in an unprecedented move, announced a remote working visa in the UAE for foreigners. With this new one-year remote working visa, foreigners can enter the UAE and work in the UAE, even if their actual offices are located outside the UAE. This was announced on Sunday by Sheikh Mohamed bin Rashid Al Maktoum, the Vice President & Prime Minister of UAE and the Ruler of Dubai, during a cabinet meeting.
This is a self-sponsored visa issued to foreigners in accordance with the terms and rules issues with the visa. It is perfect for those who work in the digital sphere, freelancers, consultants, IT sector workers as well as knowledge-based sectors or individuals who are looking for a place with the sun and sea to work in, without having to leave their secure job in their home country.
This is a strategic move that will not just be a step closer to realising the Dubai 2040 Urban Plan vision, but also is in line with the current trend of working from home in several countries. With most countries closing borders, this remote working visa can be of help to many foreigners, and in turn, increase the influx of expat residents in the UAE.
Here are some facts you should know:
1. The new visa will attract more expats from across the world and will thus result in creating a high-quality talent pool in the country. This in turn will attract more businesses to the country, as well as tourists.
2. The fact that one can now move to the UAE without employment within the country, and work remotely, is a much-welcomed move among the expat crowd. This is also going to boost the country’s economy.
3. As a country that is setting an example for the world in terms of being an ideal lifestyle destination for people adapting to the new normal in the work environment.
4. One of the biggest boosts is anticipated in the real estate market as well as the F&B, entertainment, and retail sectors. With more people moving into the country, the number of properties to live in will be higher in demand.
5. According to real estate experts, this would be an ideal time for investors to get good rental returns on their investment, as well as a good time to buy a property in the country.
6. The new move will support the further digital growth of the region as well as improve work-life balance and improve the business sectors.
According to a PricewaterhouseCoopers’ (PwC) survey that was conducted in the US, remote work was a major success in the region and has changed the way corporate structures work.
For more information, get in touch with us at Provident