After a busy weekend of car racing, there is no hitting the brakes for professionals in the UAE this weekNovember 29, 2015 10:12
Buy to stay in the UAE
Property investors in the country will now be granted six-month multi-entry visas, they’re subject to numerous conditions.
May 3, 2009 2:36 by Aarti Nagraj
Real estate investors in the UAE will now be granted six-month multi-entry visas under a new resolutions issued by lieutenant general Sheikh Saif bin Zayed Al Nahyan, the Minister of Interior. However, the permit can only be granted if the owner meets several requirements and conditions, reports official news agency WAM.
Firstly, the property should be “built-up” and owners of vacant lands will not be given the visas. The owner should obtain a title of the property from the property registration authority in the emirate. The unit has to be “wholly owned by the concerned person.”
The value of the apartment or house should not be less than AED1 million, and it has to be “fit for accommodation” and for members of the family. “The Department of Naturalization and Residency (DNRD) will scrutinize this point,” says the report.
The law also states that the owner should have a minimum fixed income of AED10,000 or its equivalent in foreign currencies, whether he or she is working inside or outside the country.
At the end of the six month period, the owner has to go back to his/her homeland, or any other GCC countries. “He will only be allowed to enter the country again after meeting the required conditions,” it states.
The visa doesn’t give the owner the right to work inside the country, but he or she can include his or her spouse and children in the visa application.
While the law clarifies the confusion over property visas in the country (many developers had promised lifelong/99 year visas to investors), it appears to be vague. For instance, Who determines if the value of the unit in question is AED1 million? Is the value determined by the price of the unit at the time of purchase, or does it fluctuate with the market conditions? In other words, if an investor bought a house for AED90,000 three years ago, and it is currently priced at AED1.5 million, does he or she qualify for the visa?
Also, what if someone retires after buying a property here? Will he or she qualify for the visa?
Kipp tried to contact the relevant authorities to answer some of our questions, but after speaking to the DNRD, the Ministry of Interior, Dubai’s Real Estate Regulatory Authority (Rera) and the Land Department, we found that hardly anyone in these departments knew about the resolutions.
Eventually, we were informed that the concerned person was busy with meetings throughout the day.