UAE Launches Automatic Golden Visa Issuance for Property Owners Worth 2M Dirhams

Those who own property worth two million dirhams or more may soon be able to apply for Golden Visas directly instead of going through the usual hoops.

The statement was made at the UAE Innovates show by officials of the UAE's Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP).

Property owners may soon receive Golden Visas automatically

According to a spokesperson, residents possessing properties valued at Dh2 million or above will no longer need to apply for a Golden Visa. Instead, the land departments of each emirate will be linked to the ICP portal. During visa renewal, authorities will automatically verify the property value, and eligible individuals will receive Golden Visas without the need for a separate application.

Golden Visas were introduced in 2018, initially reserved for residents who made significant contributions to the UAE. Over time, the eligibility criteria expanded to include property owners, investors, frontline workers, and high-achieving students.

Earlier this year, the UAE government relaxed conditions for property owners, removing the requirement for a minimum down payment of Dh1 million. Real estate agents revealed that property owners with assets exceeding Dh2 million, even those utilizing payment plans or mortgages, could apply for Golden Visas.

Implementation of the new initiative is expected later this year. The spokesperson stated that eligible individuals could directly approach immigration authorities for visa issuance.

Since their introduction, Golden Visas have gained popularity among UAE residents. This 10-year visa offers numerous benefits, including the ability to sponsor family members' residence permits, with expanded age limits for sponsorship and no restrictions on sponsoring domestic workers. Moreover, Golden Residence remains valid without limitations on the duration of a stay outside the UAE.

Real estate agents noted a surge in demand for Golden Visas among European investors, with many purchasing properties in Dubai solely for visa eligibility. Dubai's General Directorate of Residency and Foreigners Affairs reported a 52% increase in Golden Visas issued in the first half of 2023 compared to the previous year.

The UAE Innovates exhibition, held at Emirates Towers Boulevard, showcased innovative projects by various government agencies. This annual event celebrates and promotes innovation nationwide, aligning with the UAE's commitment to fostering a culture of innovation and implementing advanced national strategies. The Mohammed bin Rashid Center for Government Innovation will announce this year's innovation award winners later this week.

Read also: The UAE issues 5 categories for visa holders who are allowed to stay and work after their expiration

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