Dubai Land Department grants long-term residency visas to 20 property investors

Dubai Land Department (DLD) has granted five-year residency visas to 20 investors who have individually invested over Dhs5m in real estate in Dubai.

The investors include nationals from Tunisia, the US, Commonwealth of Dominica, India, Iraq, China, Libya, Jordan, Iran, Pakistan, Kazakhstan, and Saint Kitts and Nevis, a statement said.

The visas, given in coordination with the General Directorate of Residency and Foreigners Affairs (GDRFA), also extends to their family members — wives and children.

The conditions for obtaining the golden visa without a sponsor includes investing over Dhs5m in one or more existing properties, regardless of whether the property is owned by an individual or a group of investors.

Sultan Butti bin Mejren, director general of DLD said the move will “consolidate Dubai’s position at the forefront of destinations capable of attracting capital and foreign direct investment”.

The UAE launched the gold card permanent residency scheme for expatriates in May.

Read: UAE has issued gold-card residency visas to 400 expats so far

Permanent residency will be granted to “exceptional” professionals, Sheikh Mohammed bin Rashid Al Maktoum, the country’s Vice President and Prime Minister and Ruler of Dubai said at the time.

“We launched a new “Golden Card” system to grant permanent residency to investors and exceptional doctors, engineers, scientists and artists,” he said.

The first batch of 6,800 recipients includes expats who have made total investments of over Dhs100bn.

Indian businessman M.A Yussufali, the chairman and director Lulu Group, became the first expat in the UAE to receive the gold card permanent residency in June.

Read: Indian businessman becomes first expat to get UAE gold card residency

Gold card holders are granted a 10-year residency visa covering them and and their families (spouse and children) without the need for a sponsor, which will be automatically renewed provided all the conditions are met.

They can freely move in and out of the country and investors can also employ three workers and obtain residence for a senior employee, advisor or manager.

Read: UAE unveils ‘golden card’ permanent residency scheme for expats