ABU DHABI, New laws to grant six-month residency visas to individuals who buy freehold properties will be ready next month, a top Ministry of Interior official said on Tuesday.
The ministry is also studying the possibility of granting residency visas to the families of property owners.
The move comes amid a 20 per cent decline in property prices and a predicted fall of up to 50 per cent in some areas by the end of the year.
We are working on this draft to unify and streamline the procedures of issuance of residency visas for expatriates who purchase properties such as flats, offices, and shops, said Brigadier Nassir Al Awadi Al Menhali, Acting Director-General of the Federal Naturalisation and Residency Department.
?They will get a six-month visa which can be renewed.
Al Menhali said that details of the law, such as how much the renewal would cost, have not yet been worked out.
It couldn?t come at a better time for the market, said Vincent Easton, head of sales at Sherwoods, a property consultant firm. ?I?m just confused about why it is only six months. It seems more like a visit visa.
Previously, developers in Dubai had tried to entice prospective buyers from Pakistan and Iran by saying they could sponsor them for a three-year visa. However, problems arose when the application for residency was rejected by the Naturalisation and Residency Department (NRD).
In Abu Dhabi, a few developers had offered sponsorship to homebuyers.
Al Menhali said that there is no codified law which automatically grants expatriates residency if they purchase properties. He added that it is better to standardise the procedure across the entire country rather than some emirates applying different rules.
It is not acceptable that every emirate has its own law or regulation because there is a federal law of naturalisation and residency that should be followed by all NRDs countrywide.
B. R. Shetty, head of the NMC Group of companies, welcomed the decision to introduce a unified property law, and to grant visas to property owners irrespective of their employment status.
These are timely decisions. Both these steps will boost investor confidence, and will remove uncertainties in the property market. People across the globe who have come here will now be tempted to make the UAE their second home as this is also a zero-tax country. They will now be encouraged to stay here even after their retirement to start business or consultations or any such activities, Shetty said.
Surjit Singh, another prominent Indian industrialist, who also owns property in the UAE, said the unified property law would help narrow property price discrepancies across the emirates.
He said the move indicated the rulers? concern for the interests of the expatriate community.
this is good move and though they have shown their cunningness when they cancelled visa after promising it.. let us hope this time they are honest and serius about it.
this move will surely help investor's to go out from a dead investment.. i will sell imm. my apartment to anyone who is in need of visa... and will never come back to uae for any kind of investoment.
Looks like the 6-month residency visa is aimed to generate high revenue by increasing the number of renewal sessions to 6 instead of normal 1 in three years.
investors are cows for this government and they dont want to loose any chance to milk them. so every six months they will need our money to renew it.
they are selling their property for ever but giving visa for six months only.. and that also they will cancel again whenever they think time is suitable.. so dont rely on them dont trust them just get out from here as soon as you have chance
hey guys i agree with you all . really stuck with the investment . better to get out . cant see any light end of the tunnel . wonder why only 6 months . the property youre owning is freehold but visa is only for 6 mths . very funny
and they can eliminate this law again when the market picks up again after 2 or 3 years because at that time they dont need your money, they will have enough buyers.
Six months is too short.
Three years would be widely acceptable, and even one year renewable would have been somewhat welcomed. Cost of the visa and subsequent renewals would also be an issue. They should keep the cost low as this special visa is intended for a segment of people who have already invested substantial sums in UAE thereby in a way contributed in the growth of the economy.
I also hope these visas will allow multiple entries, as I am sure the authorities would have no reason to restrict mobility of property owner visa holders during the validity of the visa.
I just hope they are much more careful in implementing anything from now!! They want the city to be like the 1st world but others remain 4th world! Speed up fellows!!
six-month residency visas
ABU DHABI, New laws to grant six-month residency visas to individuals who buy freehold properties will be ready next month, a top Ministry of Interior official said on Tuesday.
The ministry is also studying the possibility of granting residency visas to the families of property owners.
The move comes amid a 20 per cent decline in property prices and a predicted fall of up to 50 per cent in some areas by the end of the year.
We are working on this draft to unify and streamline the procedures of issuance of residency visas for expatriates who purchase properties such as flats, offices, and shops, said Brigadier Nassir Al Awadi Al Menhali, Acting Director-General of the Federal Naturalisation and Residency Department.
?They will get a six-month visa which can be renewed.
Al Menhali said that details of the law, such as how much the renewal would cost, have not yet been worked out.
It couldn?t come at a better time for the market, said Vincent Easton, head of sales at Sherwoods, a property consultant firm. ?I?m just confused about why it is only six months. It seems more like a visit visa.
Previously, developers in Dubai had tried to entice prospective buyers from Pakistan and Iran by saying they could sponsor them for a three-year visa. However, problems arose when the application for residency was rejected by the Naturalisation and Residency Department (NRD).
In Abu Dhabi, a few developers had offered sponsorship to homebuyers.
Al Menhali said that there is no codified law which automatically grants expatriates residency if they purchase properties. He added that it is better to standardise the procedure across the entire country rather than some emirates applying different rules.
It is not acceptable that every emirate has its own law or regulation because there is a federal law of naturalisation and residency that should be followed by all NRDs countrywide.
B. R. Shetty, head of the NMC Group of companies, welcomed the decision to introduce a unified property law, and to grant visas to property owners irrespective of their employment status.
These are timely decisions. Both these steps will boost investor confidence, and will remove uncertainties in the property market. People across the globe who have come here will now be tempted to make the UAE their second home as this is also a zero-tax country. They will now be encouraged to stay here even after their retirement to start business or consultations or any such activities, Shetty said.
Surjit Singh, another prominent Indian industrialist, who also owns property in the UAE, said the unified property law would help narrow property price discrepancies across the emirates.
He said the move indicated the rulers? concern for the interests of the expatriate community.
Source (Khaleej Times) :
http://news.wadionline.com/news/10791/property-visa-law-on-the-way-in-march
good move
this is good move and though they have shown their cunningness when they cancelled visa after promising it.. let us hope this time they are honest and serius about it.
this move will surely help investor's to go out from a dead investment.. i will sell imm. my apartment to anyone who is in need of visa... and will never come back to uae for any kind of investoment.
but y only 6 months looks like visit visa
This time I believe the Visa promise is going to b a law which was not there before but why only 6 months atleast 1-2 yrs thats my worry...
A source of additional revenue
Looks like the 6-month residency visa is aimed to generate high revenue by increasing the number of renewal sessions to 6 instead of normal 1 in three years.
yes we are cows for them
investors are cows for this government and they dont want to loose any chance to milk them. so every six months they will need our money to renew it.
they are selling their property for ever but giving visa for six months only.. and that also they will cancel again whenever they think time is suitable.. so dont rely on them dont trust them just get out from here as soon as you have chance
very disappointing move
hey guys i agree with you all . really stuck with the investment . better to get out . cant see any light end of the tunnel . wonder why only 6 months . the property youre owning is freehold but visa is only for 6 mths . very funny
The investment in uae is
The investment in uae is very unsafe with the regulation changing everyday. It is better to get our money back and get out of this bullshit.
We are really involved.......
and they can eliminate this
and they can eliminate this law again when the market picks up again after 2 or 3 years because at that time they dont need your money, they will have enough buyers.
Fed up with these games and tricks.
^^
Brothers!
Let's be optimistic, atleast there's a property visa which in many most countries they do not offer them.
Renewal is Ok, since it will cost only minimal.
Six months!
Six months is too short.
Three years would be widely acceptable, and even one year renewable would have been somewhat welcomed. Cost of the visa and subsequent renewals would also be an issue. They should keep the cost low as this special visa is intended for a segment of people who have already invested substantial sums in UAE thereby in a way contributed in the growth of the economy.
I also hope these visas will allow multiple entries, as I am sure the authorities would have no reason to restrict mobility of property owner visa holders during the validity of the visa.
^^
I just hope they are much more careful in implementing anything from now!! They want the city to be like the 1st world but others remain 4th world! Speed up fellows!!
Inshallah!