Tuesday, July 22, 2008

Ras Al Khaimah plans to offer long-term residence visas to investors

The government in Ras Al Khaimah plans to offer long term residence visas (more than three-year residency permits) to property buyers, revealed a top government official.

The Ras Al Khaimah Government is making an effort to facilitate long term residence visas to property buyers, announced Dr. Khater Massasad, the Chief Executive of RAKIA (Ras Al Khaimah Investment Authority).

Dr. Khater said that he hopes that this will happen in future, and boost foreign investments in property sector.

At present, UAE grants a three-year renewable employment and residence visas to expat workers and professionals in private sectors, sponsored by their employers and spouses, while the public sector employees are granted a five-year visa.

The discussions are on regarding issuance of long-term residence and business visas that are likely to help expatriate investors and businessmen in boosting investor confidence. This initiative, if successful, will boost investments further. Currently property investors are granted three-year renewable residency permits, facilitated through offshore companies and developers.

There is no federal law that guarantees residence visas to property owners, and it is being facilitated through companies. The companies sponsor the residence visas of investors. This enables investors to get their visas, while also being able to live in these properties.

No comments: