DLD grants five-year Golden Visas to twenty investors

Business Bureau, Gulf Today

Dubai Land Department (DLD), in coordination and cooperation 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 Dhs200 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 Dhs 5 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.

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 His Highness 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.”

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 commented: “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.

Majida Ali Rashid, CEO of the Promotion and Real Estate Investment Management sector at DLD, said: “Cube Centre is one of the initiatives launched by DLD through the Promotion and Real Estate Investment Management sector that will significantly contribute to the success of this national initiative, as it will provide the highest quality services to real estate investors in one comprehensive stop to complete all the required procedures, strengthening their belonging to the UAE as a second home where they can enjoy security and safety. We are keen to develop the Centre by attracting more government partners to ensure customer happiness and convenience, encourage investors to support the vision of the wise leadership, and fully align with their directives to keep Dubai and the UAE the preferred investment destination.”

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.

Dubai Land Department (DLD) was founded in January 1960 to establish the most prominent real estate sector in the Middle East and the world. It provides outstanding and integrated services to all its customers while developing the necessary legislation to propel the real estate sector in Dubai through the regulation of the sector, organising and promoting real estate investments, and spreading industry knowledge in search of regional and worldwide real estate innovation.