Monday, October 26, 2009

ARRA aims overhaul of property visa regulations

Ajman Real Estate Regulatory Agency (ARRA) authorities have put forward a proposal to overhaul current property visa regulations. ARRA is the first property agency to officially submit such a proposal.

ARRA aims to remove property values, fixed incomes and compulsory exists as the criteria for granting or renewing the six-month residency visas.

The said regulation was a part of the federal resolution issued this May. ARRA however, has asked that it should be possible to renew visas every six months until three years, without having the need to leave and re-enter the country.

Speaking about the minimum property value regulation, which is a part of the visa criteria, ARRA says "The property value in the Northern Emirates does not exceed even half the value in other emirates. This will only lead to serving certain kind of investor."

As for requirement of fixed income of not less than Dh.10,000, ARRA said that this may cause several problems and will open door for companies operating outside the country, to give salary certificates with no reliable references.

ARRA had signed an agreement with Dubai's RERA to create a unified strategy to develop the property sector. The agreement emphasizes the need to create a unified strategy to develop, organize and modernize real estate-related activities.

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