Shortly, property owners with a portfolio valued at Dh2 million or more might be eligible for Golden Visas without applying. Officials from the Federal Authority for Identity Citizenship Customs & Port Security (ICP) of the United Arab Emirates said as much at the UAE Innovates show.
A spokeswoman declared on Tuesday that “residents who have property worth Dh2 million or more in the UAE will not have to apply for a Golden Visa.” “Each emirate’s land department will have access to the ICP portal, so when they renew a resident’s visa, they can automatically know how much their property is worth. Without the need to apply, those who match the requirements will be granted a Golden Visa immediately.
When golden visas were first introduced in 2018, they could only be obtained by citizens who have distinguished themselves by their contributions to the UAE. Subsequently, the criteria were broadened, and the visa was granted to high achievers in school, front-line employees, investors, and property owners.
The UAE government substantially loosened restrictions for property owners earlier this year. The buyer’s minimum Dh1 million down payment restriction was eliminated to qualify for the visa. Real estate brokers disclosed that owners choosing a mortgage or payment plan might apply for the long-term visa if the property’s worth exceeded Dh2 million.
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