Property owners who have a portfolio worth of Dh2 million or more may soon get Golden Visas without applying

In the near future, property owners with a portfolio valued at Dh2 million or more could be eligible for Golden Visas without having to apply. 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.

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 top achievers in school, front-line employees, investors, and property owners, among others.

The UAE government substantially loosened restrictions on property owners earlier this year. The buyer's minimum Dh1 million down payment restriction was eliminated in order to qualify for the visa.

Real estate brokers said that owners choosing a mortgage or payment plan might apply for the long-term visa if the property's worth exceeded Dh2 million.

Residents of the UAE are increasingly requesting Golden Visas. The ability to sponsor residence permits for family members, such as spouses and children, is one of the many benefits that come with having a 10-year visa. There is no age limit for unmarried daughters, however the age limit for sponsoring boys has been raised from 18 to 25. Furthermore, there are no constraints on the quantity of domestic workers who may be sponsored, and the Golden Residence is still valid for an unlimited amount of time outside of the United Arab Emirates.