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Visa issue key to boosting UAE market - experts
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 2 June 2009Posted on Saturday, 6 June 2009
Omar
Posted by Property Guru at 14:59 UAE time
Thanks for agreeing with me. I don't agree with your comment of going to a cheaper place after termination. be it from bombay or canada. You forgot to consider the basic point. If I own a property in Bombay or Canada and if my CEO fired me. I would simply stay in MY property and look for another job. My family don't have to move and my kids don't have to leave PUNE or CANADA. They don't have to leave their friends, teachers.
In any big city, if the housing is taken care of what else is needed. PLEASE PAY ATTENTION THAT IF I LOOSE MY WORK. EVEN IF I HAVE LOT OF WEALTH, I CAN'T STAY HERE.
WHAT IF I HAVE LOT OF MONEY AND I DON'T NEED ANY GOVERNEMENT ASSISTANCE AND I JUST DON'T WANT TO WORK AND SIMPLY WANT TO INVEST MY MONEY. THE ONLY WAY IS TO MAKE A COMPNAY THEN.
SO IF I CAN MAKE A COMPANY, WHY DO I HAVE TO BUY A PROPERTY WHICH CAN'T ASSURE MY STAY IN THE COUNTRY? EVERY ONE WILL THEN RENT ONLY.
THE QUESTION IS WHEN I AGREE TO PUT ALL MY WEALTH OR A GOOD PORTION OF WEALTH IN FORM OF AN IMMOVABLE PROPERTY IN A COUNTRY, DOES IT NOT MAKE ME A SERIOUS CONTRIBUTORY TO THE DEVELOPMENT OF COUNTRY. WHY AM I SO UNDERSIRED THAT I HAVE TO LEAVE THE COUNTRY EVERY SIX MONTHS ?
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Posted on Friday, 5 June 2009
about visa rules
Posted by robinson at 19:44 UAE time
dear friends i am here in dubai for the last ten years . dubai is keep on growing . but familys those who are in the middle class are suffering here. every year the rents is going high in dubai
but according to our experience in our work place our salarys are not increceing so naturally you will look for another job
in this time the visa rules will really hurt us a lot ,, i am good example for that . so many will go back to their country
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Posted on Thursday, 4 June 2009
Mart, property guru, consultant
Posted by Omar at 22:47 UAE time
I fully agree with property guru. Consultant, yes, Dubai is not doing well like before and has many changes but people are still alive. Mart, NO, i dont work in real estate + if you think Dubai is so bad, why are you still here my Friend.
Barack Obama is taking Dubai as an example of human prosperity so better to listen from such a smart man Harvard Graduate!
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Nacheez
Posted by Omar at 22:41 UAE time
I want to ask you a question: Let's say you are from Pune, India and you work in Bombay for a big financial co and your CEO terminated you! What would you do? Go to Pune or a cheaper place. What about if you had gone to Canada and they terminated you. You would move to a cheaper place, look for a job, reduce your costs to the minimum and... Do the same in UAE my friend. Simple!I agree about visa facilities but let's face it, most good companies that have good relationship with its executives have not cancelled visas until they find another job! I dont think a company in DIFC that you worked for during several years would cancel your visa!!
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The credibility is at stake
Posted by Property Guru at 10:13 UAE time
I am in the property business in UAE for past 8 years and despite crash and huge losses by many including many, I have no compliants. I strongly believe people who invested in greed, they lost and who invested in Dubai are fine.
However, the u turn or nowhere turn in visa policy is more depressing than the losses. No we have no answer for any investor "Why dubai or UAE".
The basic reason for my buying property in Dubai in 2002 was not that I was a genious and I knew it will appreciate. I used to work in private sector and with uncertainty and sudden job loss the whole family life was disrupted. Because I decide to quit or loose my job the whole family has to pay the price by leaving the country, kids school etc.
I bought only because I saw it a method of having "shock absorber". Even if I went out of job for few months, I would have switched to my property visa that did not allow me to work. I was not complaining even if this did not allow me to work as when you have work you don't actually need this visa.
I guess the government is confused between VISA and citizenship. No expat property owner is looking forward to become citizen and get the previlages. If we can earn to invest in UAE, we can earn enough to look after our lives. We don't need free housing, pensions and all what citizens get.
All we need is a right of continuous stay for a reasonable period. 3 years renewal is good enough. So why can't you simply give a residence visa with "no civil rights". By civil rights I mean a UAE passport and what ever comes along with it. IF you find a person is having any criminal/ security and safety threat due to his actions in the country just don't renew or cancel his visa.
We have those rights in our own countries, why duplicate them?
Even god has given us life at lease with death as a certain cancellation time. Who wants to or can stay in this world forever anyways?
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Posted on Wednesday, 3 June 2009
Visa Rules
Posted by nn at 22:29 UAE time
It is clear that the govt. used the visa angle as a marketing gimmick to lure investors to UAE and fuel the construction boom. It opened a flood-gate caisson and by now revoking those promises they could not have chosen a worse time to do so, in the midst of the worst financial crisis in the past 80 yrs.
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UAE residency
Posted by lakshman Dalpadado at 20:08 UAE time
Most readers are skirting the single most important reason for buying property in UAE- TAX FREE RESIDENCY and offshore banking!!. UAE has no income tax,capital gains tax, inheritance taxes or Death duties.
EU countries and UK ( Not USA) tax on residency which is defined as 183 days of residency in a country. If one stay less than 6 months a year in UK one is exempted from UK income taxes. Therefor if one stays more than 6 month in UAE one avoids paying UK( and EU) income tax, which is a hugh saving!!. Most Brits and EU nationals bought properties hoping that they they will get long term residency thus avoiding 30-50% income taxes back at home. But to get this tax relief they have to stay out of UK for over six months- and Dubai seems to be an excellent place to stay and soak up the sun knowing that you would be at least 30% richer!!
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WRONG COMPARISON
Posted by Alex at 20:07 UAE time
Those claiming that many foreign countries do not link visas to property ownership should remember the other side of the coin that
those same countries permit personal residency and EVEN citizenship, and do not link visas to driving, banking, tenancy etc etc.
The previous system of developers sponsoring visas was fine.
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Residence Visa
Posted by Mrs K at 16:33 UAE time
Two friends of mine living in the Emirates Hills and having rental income from their villas in Palm Jumeira and several apts in Dubai Marina and JLT are now selling these properties because of the hassle of these 6 mths visa. They have decided to move to Cyprus because the laws & regulations in regard to residency over there are more welcoming then in the UAE. Between them they own nearly AEd 100 million in properties and yet they feel rather unwelcome. They are currently sponsored by Emaar on a 3 years renewable visa. When they called Emaar about future extension they were told to call back in 2 mths time because they have stopped issuing or renewing visas. They thought Dubai will be their retirement home but obviously they are wrong. In Singapore if you invest in properties worth AED 4 million, you can apply for Permanent Residence and after few years, if you can proof that you are benefitting the country by your skills or investments, you can then apply for citizenship. In Malaysia if you invest, you can get residency based on "My 2nd Home" Here, you don't have to leave the country in order to renew your visa. My friends are not seeking permanent residency or citizenship, just a peaceful enjoyable life without the hassle.
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Visa Rules
Posted by Mpower at 15:58 UAE time
I have a 10 year visa for the USA, and i don't even own a flat, it was a 10 minute interview, no blood or stool test even. They have their process and criteria and i was an ideal candidate.
I was born in this country, i know U.A.E has no intention of giving citizenship and neither am i interested , all what investors, long term residents are asking is for is long term residency as they promised.
Here is a microcosmic view to the problem;
How would you like it, if i promised to keep you in the house and one fine morning after you have paid all the rent/fees/tax/service charge/visa charges i finally tell you listen " My mama feels that your a burden to the house, however she doesn't mind if you visit her ones in a while; if not sorry there is no refundable clause, take it or leave it."
If you guys haven't got it, what majority are complaining about is why promise residency when there was none in the first place; was it a marketing gimmick.
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Recovery
Posted by John Smith at 15:07 UAE time
There are many good points raised here as uasual. I have just returned from Dubai I can report that the Mall Of Emerates was indeed packed on Froday and almost as full thursday.
Certainly no surprise as it's the main shopping day, what was noticeable was the distinct lack of shopping bags and the fact that veery shop was on sale. The secoend floor designer areas were almost deserted. Not a good sign.
I was impressed by the acceleration of the infrastructure and hated the metro.
It would seem everything is on place to make Dubai the centre of business in the region.
The only thing lacking is affordable housing. Chappy makes an excellent point below, until prices come a lot further down people will not consider buying.
And even though they have come down some they still need to keep going.
In people's minds they have a set price for flats houses and Villas based on their experiences form their home countries. 100,000 for a two bed flat is bout what people would expect outside London and 150,000 Is the average for a 3 bed house in the UK.
Untill prices come down to the levels that the majority of people think are fair value then Dubai cannot start to rebuild.
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permanent residency
Posted by Mart at 14:29 UAE time
Naj,
In Europe and the USA (for example) one can get residency if one is able to prove that one is "financially secure". There is no requirement that such a person works.
This isn't the case in the UAE - hence they are having a very tough job trying to sell all those apartments and villas to rich people who have now discovered that can't even get residency for any more than 6 months. Which is great news of course for the few expats who are still left as prices fall ever lower!
Even if Dubai does change its mind about freehold and residency they'll have a tough job getting anyone to believe that they won't change the rules yet again when the wind changes direction. This property crash has shown that you've got to be insane as a foreigner to buy in Dubai.
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Omar, part of the charm offensive
Posted by Geriant at 14:26 UAE time
Methinks "Omar" is part of the paid-for charm offensive, brought on to counter the never-ending slew of bad press, particularly about property in Dubai.
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Which Other???
Posted by Naj_ksa at 13:50 UAE time
Which other country gives an automatic Residence Visa upon purchase of a property there???? Can anyone please enlighten.
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Another estate agent unmasked?
Posted by Mart at 13:42 UAE time
Omar,
"5- I live in the Greens: 6 months ago, 50% of the flats got empty, now 90% are full (i judge based on lights lit at night and occupied designated parking)."
Curious then that during that six month period rents for a 1 bed flat in the Greens have fallen from around AED100k to AED60k (and I'm sure you could haggle and get 50k)? If there is so much demand, why have prices halved?
Where are all these people moving to Dubai working? Building projects are shelved, companies are closing down, the freezones are emptying? What are all these new people that you think are moving to Dubai actually doing?
I'm guessing you work in real estate!!! The same chaps who a year ago said there would be no crash in Dubai!
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