Print
Email
Discuss this article ( Comments)
A new law that would clarify the rules on issuing residency visas to property buyers in Dubai could be introduced this year, it was reported on Wednesday.
Business leaders say they have raised the issue with government officials who have told them that new regulations will be brought in "soon".
"We believe this has to be cleared. We raised it to the government and the government came back and said there is a law that will come very soon and we feel it has to come," said Hamad Buamim, director general of the Dubai Chamber of Commerce and Industry.
"The law will clarify who deserves a visa in terms of their investment in the real estate. We don't know when it will be out but the government says it will be soon. I think soon means within this year," he told the paper.
Previously, most real estate advertisements boasted of 99-year visa for purchase of freehold property but officials say such guarantees are not within the jurisdiction of any property firm.
