Property owners who have a portfolio worth Dh2 million or more may soon be able to get Golden Visas without having to apply for it. That is according to officials at the UAE's Federal Authority for Identity Citizenship Customs & Port Security (ICP) stand at the UAE Innovates exhibition.
“Residents who have property worth Dh2 million or more in the UAE will not have to apply for a Golden Visa,”
said a spokesperson on Tuesday.
“The land departments of each emirate will be linked to the ICP portal and when renewing the visa, they will be automatically able to see the value of the property the resident owns. Those who meet the requirements will be automatically issued a Golden Visa, without having to apply for it.”
Golden Visas were announced in 2018 and were initially only given to residents who had made outstanding contributions to the UAE. Later the categories were expanded and the visa was given to property owners, investors, frontline workers, and high-achieving students among others.
Earlier this year, the UAE government further eased conditions for property owners. The requirement for buyers to make a minimum down payment of Dh1 million to be eligible for the visa was removed. Real estate agents revealed that if a property's value exceeds Dh2 million, owners opting for a payment plan or mortgage could apply for a long-term visa.
Rolled out in 2024
According to the spokesperson, this initiative will be rolled out this year.
“It will come into effect very shortly and people will be able to go directly to the immigration and get the visas issued,”
she said.
Since they were announced, the Golden Visas have become extremely popular among UAE residents. The 10-year visa offers several advantages for its holders, including being able to sponsor residence permits for family members like their spouses and children. The age limit for sponsoring sons has been increased from 18 to 25 years, and there is no age restriction for unmarried daughters. Additionally, there are no restrictions on sponsoring the number of domestic workers, and the Golden Residence remains valid without any limitations on the maximum duration of stay outside the UAE.
Last month, real estate agents revealed that there was a strong and growing demand for the visa among European investors, with many buying assets in Dubai just to get the visa. The General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai had also revealed figures saying that the emirate has seen a 52 percent increase in the number of Golden Visas issued in the first half of 2023, as compared to the same period in the previous year.
The UAE Innovates exhibition, which was held at Emirates Towers Boulevard, brought together several government agencies that displayed several of their unique projects. It marks the end of a month that saw a consolidated effort by the government, the private sector, and individuals to help create a widespread culture of innovation.
A nationwide celebration, UAE Innovates was launched in 2015 and has become a yearly flagship event in the country. It celebrates innovation in the country and supports the implementation of the advanced national innovation strategy. Since 2021, yearly awards have been handed out to celebrate innovative individuals and organizations in the UAE. The Mohammed bin Rashid Center for Government Innovation (MBRGI) will announce this year’s winners later this week.
News Source: Khaleej Times
