In the United Arab Emirates, the Federal Authority for National Identity and Citizenship and Customs and Ports Security has said that the new process of the law on the arrival and residence of foreigners in the UAE will come into effect from October 3.
Several concessions have been given to Iqama holders. The quality of life of expatriates in the UAE will improve. They will get new experience of investment, employment and housing.
According to Emirates Illum, the federal authority said in a statement that an investor in real estate can get a golden Iqama upon purchasing a property. This facility will be provided even if he has purchased the property by taking a loan from a local bank approved by the Emirates.
This is included in the new procedure of the Golden Iqama Supplement. Two categories of investors can obtain a Golden Iqama Permit upon fulfilling the prescribed terms and conditions.
One of these categories is for Public Investment Investors in the Emirates and the other is for Investors in the Emirates Real Estate.
The new scheme for investors in domestic real estate for Golden Iqama has three conditions.
First, the investor must have acquired one or more properties in the UAE worth at least 2 million dirhams.
The second condition is that the investor is the sole owner of the entire property. The property has been purchased with a loan from an Emirati bank designated by the local authorities or the investor has acquired a property worth at least two million dirhams in a single building or multiple locations.
One condition is that the properties should be sold through a local company approved by the local government.
Investors are also prohibited from having full health insurance for themselves and their families for the entire period of stay in the properties.
Under the new scheme, there are seven conditions for the Emirate to grant a Golden Iqama to a public investment investor.
The investor must deposit at least 2 million dirhams in an investment fund or a national bank operating in the emirate or a company or institution established in the state with a capital of at least 2 million dirhams.
Has a stake in an existing company or entity or a new company worth at least 2 million dirhams or owns a company or entity that pays taxes prescribed by the federal government. The annual minimum limit of tax should be two and a half lakh dirhams.
The investor and his family are also prohibited from taking a full health insurance scheme along with the Golden Iqama application.
