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Dubai grants 'golden visas' to 20 investors with $54m in real estate

DLD and GDRFA Dubai coordinate to provide five-year visas for investors from 12 countries, including India, Pakistan, and China

Dubai's DLD has handed golden visas to 20 investors.
Dubai Land Department
Dubai's DLD has handed golden visas to 20 investors.

Dubai Land Department (DLD), in coordination and cooperation with the General Directorate of Residency and Foreigners Affairs (GDRFA), has granted five-year 'golden visas' to 20 investors belonging to 12 nationalities – including Tunisia, the US, Commonwealth of Dominica, India, Iraq, China, Libya, Jordan, Iran, Pakistan, Kazakhstan, and Saint Kitts and Nevis – who hold direct real estate investments worth more than $54.4m (AED200m).

The long-term residency visas were awarded to investors whose individual investments in the local real estate market exceed $1.4m (AED5m) and are registered at DLD.

This privilege also benefits their family members, such as their wives and children. The conditions for obtaining the golden visa without a sponsor includes investing in one or more existing properties that satisfy the total value condition, regardless of whether the property is owned by an individual or a group of investors.

The visas were awarded during a ceremony held at DLD in the presence of HE Maj Gen Mohammed Al Marri, director general of GDRFA Dubai, and HE Sultan Butti bin Mejren, director general of DLD.

Commenting on the development, Bin Mejren said: “We would like to thank GDRFA for cooperating with us in this project that will greatly benefit Dubai and the UAE, consolidating the emirate’s position at the forefront of destinations capable of attracting capital and foreign direct investment, in line with the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

"The integration and cooperation between the government sectors through this project contributes to the happiness of citizens, residents, and visitors, and highlights the readiness of our institutions to formulate innovative solutions.

"This helps us shed light on our role as a government entity that contributes to Dubai’s sustainable development and solidifies the UAE’s position on the global economic map.”

Al Marri added: “We are proud to be part of this great success achieved by the UAE at the local and international levels under the directives of our wise leadership, which is a driving force for comprehensive and sustainable economic and social development that made the UAE a dream for those searching for a better future.

"The UAE Cabinet’s decision to grant golden visas comes in line with the objectives of UAE Vision 2021 to achieve an economy based on flexibility, diversity, and innovation. GDRFA provided a number of investors with a five-year golden visa in cooperation and coordination with DLD.”

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Construction Week - Issue 749
Sep 15, 2019