Thursday, May 07, 2009

More details about multiple-entry visa revealed

The multiple-entry visas for property owners can be renewed just after their exit from the country, clarified the officials at the Interior Ministry yesterday.

Earlier, the property owners were eligible to renew their visas, under the condition that they stay away from UAE for minimum of one month. Early this week, the Minister of Interior, Lt. Gen. Shaikh Saif Bin Zayed Al Nahyan, issued a decree permitting expatriate property owners to obtain multiple-entry visas for six-month validity, provided, the owners met the criteria required to be eligible for the visas.

This rule has been made applicable to all of the emirates, provided, the property in question is worth Dh.1million or more, and should be wholly owned by the investor seeking visa. The property should also be ready for the investor to move in, and the investor should earn a monthly income of Dh.10,000 or more, or the equivalent in foreign currencies.

The visa can be renewed any number of times, without any waiting period, although the visa holders cannot stay in the country for more than six months at a stretch. After staying in the country for six months, the investors will have to leave the UAE before renewing their visas.
Further, the law also emphasizes that the apartment/villa should be capable of comfortably accommodating the family of the investor. The investor will have to obtain the title of the property from the Registration Authority in the respective emirate.

With this rule getting effective, the earlier trend of leasing of properties for up to 99 years, with the promise of residence visas, as advertised by few developers, stands nullified.

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