Property owners who have a portfolio worth of 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 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 the long-term visa.
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 per cent 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 who displayed several of their unique projects. It marks the end of a month which saw a consolidated effort by the government, the private sector, and individuals to help create a widespread culture of innovation.
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