Interesting
RAK Developers Guaranteeing 3-Year Visas
Desktop News
19-Aug-2010
Author : Nithya
Even though the federal law emphasizes on offering residential visas for a period of just 6 months, certain developers at RAK are ensuring that the prospective clients would be offered residential visa for 3 year, provided they purchase a property in the UAE.
One of the real estate developers offering this service openly is from the Al Hamra Village. The property developer is offering 3-year residential visas as well as financing for Royal Breeze Direct Sea View Apartments.
A sales representative of the above mentioned, the real estate developer is offering an expatriate 100% ownership of Al Hamra Village property with a residence visa which can be renewed once in 3 years. The real estate developer is also offer up to 40% financing for purchasing the property.
“You will get the visa from our sister company, which is Rakia. The visa is guaranteed once you purchase a property,” the sales agent said. “You will get the title deed after paying in full. For the visa, we will arrange a trade licence for you so you can get a residence visa. It will cost Dh5,000 but that is a one-time payment. This visa is renewable every three years for Dh2,000.”
"Ras Al Kaimah laws are totally different. Here the visa is guaranteed," she added. The criteria for enjoying the interest-free financing plans is the presence of 60% deposit has to be made over the period of two yeover 2 years.
The UAE federal law insists that expatriates can hold the ownership of a UAE property only for a period of 6 months via multiple-entry visa. The law also insists that the property should have a maximum value of Dh1 million and the owner should have a monthly income of Dh10,000.
The visa, which needs to be renewed every six months, costs Dh2,000.
Source : Emirates 24|7
NOT INTERESTED
You know I will never, never, ever trust any real estates broker or any developer in whole UAE. No matter what they say. They can keep their VISA . I am not interested. I will prefer to invest elsewhere, where there are civilised laws to protect investors rights. You know what I mean.
KEEP WELL AWAY FROM THESE CROOKS.
Residence Visa
I am sure that this (residence /trade visa part) will not be written in the sale/purchase contract of the real estate. Additionally, trade license is a different type of visa which might have its on pre-requisities to issue/more importantly for renewal.
This might be one of the options the devloper might be trying it out to get the investors money. Once they have the money with them, they will not even reply your emails or return your phone calls..
I agree with abdool, would not even invest a cent any more in UAE and try for the refund of what ever I have invested so far..
This is possible
Yes...there are some legal tricks to ensure Residence Visa. RAK offers Residence Visa for investors in their free zone. I don't know about the credibility of the developer mentioned above or its sister company. But this is legally possible.
Its a bait!
It's just a bait to get the fish into the hook!