Tuesday 11 August 2020

Dubai grants 5-year golden visas to 20 investors

, July 12, 2019

Dubai Land Department (DLD), in coordination with the General Directorate of Residency and Foreigners Affairs (GDRFA), granted golden visas to 20 investors belonging to 12 nationalities, whose value of direct real estate investments exceeded Dh200 million ($54.4 million).

 This came during a ceremony held at DLD in the presence of Major General Mohammed Al Marri, director general of GDRFA Dubai; Sultan Butti bin Mejren, director general of DLD; and a number of CEOs and senior directors from the public and private sectors.

During the ceremony, the five-year golden visas were given to real estate investors whose individual investments in the local real estate market exceed Dh5 million ($1.36 million) and are registered at DLD. This privilege also benefits their family members — 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 list of countries the investors belong to includes Tunisia, the USA, Commonwealth of Dominica, India, Iraq, China, Libya, Jordan, Iran, Pakistan, Kazakhstan, and Saint Kitts and Nevis.

The investors were granted golden visas through Cube Centre, which reduces the effort and time of real estate investors by providing with all the needed amenities. All government and private entities are present at Cube Centre, including GDRFA, Dubai Department of Economic Development (DED), Emirates Identity Authority, police station, a medical centre for medical examinations, a printing office, and insurance companies.

Al Marri said: “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.”

Al Marri affirmed that GDRFA is working to implement the directives of our leadership and support initiatives at a practical pace to achieve them, stressing that the UAE spares no effort in overcoming obstacles to investors, reinforcing their view of the country as the safest and most stable investment destination in the region.

Cube Centre is one of DLD’s most important initiatives, which is fully aligned with its futuristic strategy and its vision of making Dubai an innovative and sustainable global real estate environment as well as the happiest city in the world via its smart services that the investors can easily access. – TradeArabia News Service


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