Friday, August 07, 2009

New visa rule implemented for property owners in UAE

Property owners in UAE will have to leave the country every six months, to continue staying in the emirate without a work visa, according to new rule by the DNRD (Dubai Naturalization and Residency Department).

Renewal of the new six-month property visa for non-working investors will be carried out at the airport, based on the statement by DNRD.

Once the multi-visit visa issued by the property owner expires abroad, his visa will be renewed at the airport on arrival, said the statement issued by the department.

The multi-visit visa was announced in June by a regulation to clarify the law on developers sponsoring investors on residency visas. But confusion prevailed, as to whether the investors already sponsored by master developers such as Nakheel and Emaar would be required to make the transfer.

The Deputy Director of the department, Brig. Obaid bin Surur, mentioned that the DNRD officials have begun implementation of the law last month, and are fielding inquiries from developers round-the-clock.

According to the new regulation, investors will have to meet few criteria to gain a multi-entry visa. They will have to own a Dh.1million worth property, own health insurance in the UAE, have a monthly salary of minimum Dh.10,000. The investors will also have to be 100-percent owners of the property title deeds, and should present them to the department.

Although the new law has been welcomed, analysts are of the opinion that a longer stay is required to revitalize the market.

According to a statement by the ING financial group in June, people from economically/politically unstable countries in the region had purchased residences in Dubai, presuming that they would automatically be granted residency, a huge asset to own, if the situation in their home countries turned sour.

Dubai was the only market in the region to offer this link, it pointed out.

1 comment:

inskhi said...

Dh,1 Million is not good because most apartments are less than 1 million and most are 2 & 3 lac Dhms.