Saturday, August 21, 2010

Few developers announce three-year residence visas for property purchase in RAK

Certain developers in Ras Al Khaimah (RAK) are offering three-year residence visas for purchase of property within the emirate, despite the fact that federal law permits only six month visa, it has been reported.

For instance, the Al Hamra Village in RAK is said to have been openly campaigning that it can offer visa and financing to Royal Breeze Direct Sea View Apartments.

An expatriate residing at Al Hamra Village said that an expatriate can have 100 percent ownership of a property in Al Hamra Village, while also enjoying several other benefits, including residence visa renewable every three years, and interest-free financing of up to 40 percent of property value.

The expatriate, who is also a sales agent, said that the visa will be provided by Rakia, and will be guaranteed on purchase of a property. The title deed will be given after submitting full payment. A trade license will be will be given before obtaining the residence visa. For this, a one-time payment of Dh.5000 will have to be submitted. The visa given is renewable every three years for Dh.2000.

Although, the RAK laws are entirely different, the visa is guaranteed, the agent said.
For availing the interest-free finance scheme, a deposit of 60 percent will have to be made over a two-year period, he said.

The sales campaign reflects the newsletter content by an RAK-based legal firm, which said that establishment of a special purpose vehicle in the Rakia free zone will permit the director and shareholder to obtain a three-year visa and permit them to sponsor dependents.

However, as per the UAE federal law foreign owners of the UAE property, are entitled to a six-month multiple entry visa, effective 1st June this year. The law mandates that applicants own a property worth minimum Dh.1million and earn a monthly salary of Dh.10,000 for the visa. The visa will have to be renewable every six months at a cost of Dh.2000.

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