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Automatic Golden Visa for UAE Property Owners: New Rules and Benefits

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Automatic Golden Visa for UAE Property Owners: New Rules and Benefits

In a groundbreaking development, property owners in the UAE holding portfolios valued at Dh2 million or more may soon receive Golden Visas automatically, without the need for application. This initiative, set to be implemented in 2024, aims to streamline the visa process for eligible residents, enhancing convenience and accessibility.

What is the Golden Visa?

Initially introduced in 2018, the UAE Golden Visa was reserved for individuals who made significant contributions to the UAE economy, including investors, high-achieving students, and frontline workers. Over time, eligibility criteria expanded to include property owners among others, providing them with a 10-year visa and various privileges.

New Automatic Issuance for Property Owners

According to officials from the Federal Authority for Identity Citizenship Customs & Port Security (ICP), property owners with assets exceeding Dh2 million will no longer need to apply for a Golden Visa. Instead, the value of their property holdings will be automatically verified through the respective emirate’s land department linked to the ICP portal. Upon visa renewal, eligible individuals will receive their Golden Visa directly.

Benefits of the Golden Visa

The Golden Visa offers numerous advantages:

– Long-term Residency: Holders can reside in the UAE for up to 10 years.

– Family Sponsorship: Enables sponsorship of family members, including spouses, children up to 25 years old, and unmarried daughters with no age limit.

– Flexible Stay: No restrictions on the duration of stay outside the UAE.

– Sponsorship of Domestic Workers: Allows for sponsoring multiple domestic workers without limitations.

Ease of Application Process

The removal of the requirement for a minimum down payment of Dh1 million earlier this year has further facilitated access to the Golden Visa for property owners. This change accommodates owners utilizing payment plans or mortgages for properties valued above Dh2 million.

Implementation Timeline

The new automatic issuance of Golden Visas is expected to be rolled out in 2024. Residents meeting the property value threshold can visit immigration directly for visa issuance, simplifying the process significantly.

Growing Popularity and Demand

Since its inception, the Golden Visa has garnered immense popularity, particularly among international investors seeking long-term residency in the UAE. The issuance of Golden Visas in Dubai alone witnessed a 52% increase in the first half of 2023 compared to the previous year, underscoring its appeal and utility.

UAE Innovates Exhibition

The announcement was made during the UAE Innovates exhibition at Emirates Towers boulevard, where various government agencies showcased innovative projects and initiatives. This event underscores the UAE’s commitment to fostering a culture of innovation and advancing national strategies.

Contact Al Kabban & Associates at +97144539090 or email info@alkabban.com to speak to one of our many specialist lawyers who can assist you with all matters related to the UAE Golden Visa.

Follow us on social media for more updates on everything law related in the UAE: @AlKabban_Law

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