Dubai Land Department (DLD), in coordination and cooperation with the General Directorate of Residency and Foreigners Affairs (GDRFA), has granted five-year renewable visas to 20 foreign investors from across the world.
The investors, from Tunisia, the US, Commonwealth of Dominica, India, Iraq, China, Libya, Jordan, Iran, Pakistan, Kazakhstan, and Saint Kitts and Nevis, are responsible for direct real estate investments in Dubai exceeding AED200 million ($54.4 million).
A ceremony was held at DLD in the presence of Major General Mohammed Al Marri, director general of GDRFA Dubai and Sultan Butti bin Mejren, director general of DLD.
During the ceremony, the five-year golden visas were given to real estate investors whose individual investments in the local real estate market exceeded AED5 million.
This visa also benefits their family members including wives and children, DLD said in a statement, adding that 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.
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 May, the Federal Authority for Identity and Citizenship announced the implementation of the UAE Cabinet’s decision to issue five-year residency visas for entrepreneurs.
The move is part of the UAE's aim to enhance the ease of doing business in the country.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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