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Real estate investors not entitled to residency
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 24 June 2008
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Results 1 to 12 of 12
Posted on Monday, 30 June 2008
Government BackTracking
Posted by Ashraf at 06:14 UAE time
THe blame rests 100% on the government. It is really strange that the government is making statements to the contrary 5 years down the road. Why did it not stop its agencies (Emaar, Nakheel and Dubai Investments) way back in 20023 when these offers were beng made?
Perhaps at that time government wanted to lure investors in its new idea of generating money by selling sand to foreigners.
This and I am sure many other issues will continue to appear on the scene until a complete property law is enacted.
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Posted on Sunday, 29 June 2008
STOP PUBLISHING COMMENTS HERE!!!!!!!!!!!!!!!!!!!!
Posted by Raj at 17:07 UAE time
Come on Dubai fellas ... dont let the world think that u have been sleeping while all developers have been advertising Resi visas right under your noses?? Clearly investors have been misguided and obviously they can do nothing abt it except complain. Well good luck fellows - this is not the first time Dubai has offered and withdrawn it under pretext it is a developing country hence changes will take place. Good luck to all!
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Residency visa with property
Posted by Graham at 15:45 UAE time
Unfortunately this has been driven by greed on both sides. Buy the purchaser seeing these amazing returns suddely seem to forget the basics in real estate investment that you would do in UK for example if buying a property; 1) have a land deed that is clear - not so yet in Dubai yet 2) have a lawyer - tell you what can be built infront/around your property (so no 6 lane highways suddenly built next to your quiet neighbourhood- greens - or you sea view becoming a view of somebodies toilet window - marina) and who would have checked UAE law to see if there was a law to give residency with property (no there was never and will unlikely be since this is a federal law and individual emirates can not just ignore - so even residency given by setting up company in RAK for 20,000dhs could be blown out off water by powers that be in Abu Dhabi) and 3) getting a surveyor to tell you how long it will stand up for.
From the sellers - they have been greedy to see real estate prices go up and therefore made these promises
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I'm Confused
Posted by Trevor at 11:45 UAE time
As far as I was aware the law is relatively straightforward. The master developer can apply on behalf of the owner to the Residency Department for a 3 year residency permit if the owner has no alternative. The residency is granted at the option of the Ministry on the same terms as normal residency.
Anything else is just spin. Did you get your contract looked at by a lawyer?
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Posted on Saturday, 28 June 2008
ABSURD LAWS
Posted by jay at 21:03 UAE time
A law is a binding on any Government towards its citizens or residents. The Laws should be clarified BEFORE foreigners are lured to invest their hard earned lifetime savings. I sincerely wish that the Govt steps in to put an end to all this exploitation and clarifies the rules to clear Dubai's tarnished image.
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Residence Bungle
Posted by jay at 20:40 UAE time
This is the most rudiculous and absurd piece of news that I have ever heard !! The Dubai Govt is unsure about their rules, thereby living upto to the image of a Third World Country. This is totally a breach of trust and was not expected from the Dubai Govt. The rulers should step in before it is too late and the image of this "Haven on Earth" is tarnished once and for all in the minds of all investors and the whole world. What a SHAME indeed!!
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Posted on Wednesday, 25 June 2008
No RV for Investors
Posted by madjedi at 20:50 UAE time
This measure, if confirmed, would have a major negative impact on property prices and on developers in Dubai. Many foreigners have purchased property to obtain official residency in Dubai for tax or other reasons. They will have to move to other Emirates which have not abolish this entitlement.
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Residency
Posted by Jack at 18:06 UAE time
The region is fraught with 'foot in mouth' statements, however, no smoke and all that...if true then it looks like the 'honeymoon' could be over and the realities of investing in a 'developing' country, without the right mechanisms in place at the start, are beginning to manifest themselves...
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Hello and Goodbye
Posted by Kenny at 18:02 UAE time
First it is you can have your pets in your owned property and then its no you cannot. Next they take away the residency permit that was promised with the purchase of property. When can we expect them to take away your property, whereupon, they give you the compensation they want to give and it is take it or leave it. Let's not forget that we are living in the Middle East and the confidence they thought they installed in people is now fast dwindling.
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Surprise...Surprise
Posted by Asad at 09:03 UAE time
I am wondering isn't it high time that Dubai Govt. made correct statements and set records right instead of having senior Dubai executives making comments and confusing everyone. If there is no Residence Visa why should anyone by a property and get stuck with it?
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Posted on Tuesday, 24 June 2008
Dubai better get it right for all
Posted by jude C at 21:59 UAE time
It is a shame that certain govt. depts cannot seem to get things right. What happens to all the people who bought property 'believing' in the govt. of Dubai and its vision? It really is a shame ...... how many more examples like this before we all lose faith in this place?
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Could have big impact
Posted by Cutter at 15:47 UAE time
This is a very dangerous statement. I was interested in purchasing a property in Dubai basically for the Residence Permit and the tax advantages the RP will grant me. If they don't issue an RP, there is no reason for me to purchase in UAE.
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