The UAE Golden Visa may be granted automatically for some, eliminating the need to apply
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Owners with a portfolio worth Dh2 million or more will soon be able to obtain Golden Visas without having to apply. This is according to UAE officials. Federal Authority for Citizen Identity, Customs and Port Security (ICP) stand at the UAE Innovates exhibition.
“Residents who own property worth Dh2 million or more in the UAE will not have to apply for a Golden Visa.”
a spokesperson said Tuesday.
“The land departments of each emirate will be linked to the ICP portal and upon visa renewal they will be able to automatically see the value of the property owned by the resident. “Those who meet the requirements will automatically receive a Golden Visa, without having to apply for it.”
Golden Visas were announced in 2018 and were initially only granted to residents who had made outstanding contributions to the UAE. The categories were later expanded and the visa was granted to homeowners, investors, frontline workers and high-achieving students, among others.
Earlier this year, the UAE government further eased conditions for homeowners. 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 the value of a property exceeds Dh2 million, owners who opt for a payment plan or mortgage could apply for a long-term visa.
Launched in 2024
According to the spokesperson, this initiative will be launched this year.
“It will go into effect very soon and people will be able to go directly to immigration and get visas.”
she said.
Since they were announced, Golden Visas have become extremely popular among UAE residents. The 10-year visa offers several advantages to its holders, including the ability to sponsor residence permits for family members such as 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. Furthermore, there are no restrictions on sponsoring the number of domestic workers and the Gold Residency remains valid without limitations on the maximum duration of stay outside the UAE.
Last month, real estate agents revealed that there was strong and growing visa demand among European investors, with many buying assets in Dubai just to obtain the visa. The General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai 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, compared to the same period. from the previous year. year.
The UAE Innovates exhibition, which was held at Emirates Towers Boulevard, brought together various government agencies who showcased several of their unique projects. It marks the end of a month that saw a consolidated effort by government, the private sector and individuals to help create a widespread culture of innovation.
UAE Innovates, a nationwide celebration, was launched in 2015 and has become an iconic annual event in the country. Celebrates innovation in the country and supports the implementation of the advanced national innovation strategy. Since 2021, annual awards have been given to honor innovative people and organizations in the UAE. He Mohammed bin Rashid Center for Government Innovation (MBRGI) will announce this year’s winners later this week.
News Source: Khaleej Times
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