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UAE’s New Golden Visa Policy: Automatic Residency for Property Owners

Unlocking Long-Term Stay Benefits with Property Investment

Dubai: As per the new UAE Golden Visa Policy, the UAE’s Federal Authority for Identity and Citizenship (ICP) recently announced soon that property owners with assets worth AED 2 million or more may automatically receive Golden Visas.

ICP officials at the UAE Innovates event explained, “Residents who own property above AED 2 million in the UAE will not need to apply for a Golden Visa.” They added, “Each emirate’s land departments will connect to the ICP portal. When people renew their visas, the portal will check property values. Owners meeting the requirement will automatically get a Golden Visa without applying.”

The 10-year Golden Visa started in 2018. First, it went to residents who immensely helped the UAE. Later, more groups qualified, like property buyers, investors, frontline workers, and top students.

Automatic Golden Visa for Property Owners

Earlier this year, the rules made getting a visa easier for property owners. Buyers no longer need to make a minimum AED 1 million down payment. Now, people can get long-term visas through mortgages or payment plans. Their property needs to be worth over AED 2 million.

An ICP spokesperson said the automatic visa will start soon in 2024 itself. People can go directly to immigration and get approved visas quickly.

Benefits of the Golden Visa

The Golden Visa has become very popular in the UAE. It lets residents sponsor visas for families like spouses and children. Sons can be supported until age 25, not just 18. There is no age limit for unmarried daughters. There are also no limits on sponsoring domestic workers. People keep the Golden Visa while outside the UAE.

Last month, real estate agents saw strong demand from European buyers. Many want to buy property in Dubai to get a 10-year visa. Dubai residency officials also reported a 52% increase in Golden Visas in early 2023 compared to 2022.

The UAE Innovates event showed government innovation projects. It ended a month of promoting innovation across the UAE. The yearly event celebrates progress and supports the national innovation strategy. This week, innovation award winners will be announced.

The upcoming automatic visas for property owners over AED 2 million will likely increase demand further. This makes the 10-year residency more accessible for foreign professionals. The UAE is giving more incentives to attract global expertise and investment.

In Summary UAE is making the Golden Visa easier to get for property owners. Soon, people with real estate worth over AED 2 million may automatically qualify. They will not need to apply. The federal authority will check property values when owners renew visas. If they meet the amount, they will get approved for the 10-year residency.

The Golden Visa is very popular in the UAE. It lets people sponsor family members and live abroad. Demand has been increasing, especially from foreign buyers. The automatic visa for high-value property owners will boost interest further. It helps the UAE bring in global expertise and investment. The government keeps finding new ways to make the Golden Visa more accessible. This incentive for real estate will support the country’s growth.

Alok Verma

Alok Verma is an accomplished International Reporter at IndiaFocus with a deep-seated passion for global affairs and cross-border stories. With an impressive track record in international journalism, Alok is dedicated… More »

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