By Martin Morris
Homeowners given right to 6-month renewable multi-entry visas subject to conditions.
Foreigners buying a home in the UAE valued at more than 1 million dirhams will be eligible for a six-month renewable residency visa under a new federal law announced on SaturdayA statement issued by the Ministry of the Interior said the move underlines the government’s commitment to serving the interests of all people who view the country as 'an oasis of stability and peace'.
''By allowing individuals to bring in their wives and children, it is also showing its keeness to ensure family stability''' it added.
In view of the resolution, a new para will be added to article 33 of the executive regulations of the law for entry and residency of foreigners.
It will read:''Owners of built-in properties can stay for six months from the date of entry into the country. On the expiry of this period, the owner pledges to depart for his homeland or any of the GCC countries. He will only be allowed to enter the country again after meeting the required conditions''.
To meet the qualification the owner should obtain title to the property from the property registration authority in the emirate. The unit, be it a house or an apartment, should be wholly owned by the person concerned. Owners of vacant land are not included. The structure must also be suitable for living and appropriate to the size of the family for an individual wishing to bring his family over.
The owner must also show proof of a ''fixed income of not less than Dh 10,000'', equivalent in foreign currency whether inside or outside the country. The visa does not give the owner of the property the right to work inside the country.
Seriously, can someone explain this para? The owner must also show proof of a ''fixed income of not less than Dh 10,000'', equivalent in foreign currency whether inside or outside the country. The visa does not give the owner of the property the right to work inside the country. If i have an employment visa then i dont need this visa - clear. What if i lost my job? How can i show evidence of AED 10,000 fixed monthly? How confusing...
good try but not enough to revive the sector....! more bold move needed as investors are fed up with inconsistent laws over the last few years.
This should be called an extended visit visa ,instead of a residence visa. How ,can a person call his family for 6 months stay ,if his children are school going. Naturally ,I would not like to call my family and ask them to stay with me ,in a Million Dirham home,if I am not able to send my children to school ,so why I should buy one ? The law should provide for at least 1 year renewable .
I received a 5 year multiple entry visa for Taiwan on my US passport and I don't own any property in Taiwan under my name. The cost of that visa was only $100 as well. What is the UAE charging for this one? lol.. I get a free 6 month entry visa on my US passport when I enter Europe and don't need to own a 1 Million Dhm. home in Europe to be able to receive this free 6 month entry visa but in fact it is given to most tourists and visitors for free upon arrival at the airport in Europe. The UAE needs to get its act together if it wans its eceonomy to recover and tourism industry to grow because with these regulations in place teir current laws and regulations will discourage tourism and investors from investing or visiting the UAE.
This can hadly be called a gain for foreigners ! Why would a foreigner buy a property over AED 1 M only to be asked to leave the country every 6 months and be treated as a second class citizen? This grudging attitude of Dubai towards expats taking residence has been the biggest mistake of Dubai. Remember ... Dubai needs expats and not the other way around !!
Whilst the new residency rules are welcome they are still too restrictive. I have a renewable three year visa as a homeowner and that is OK, and if still applicable, would greatly boost foreign interest in buying property in the UAE. Why was it changed? Also, our adult son cannot stay with us for more than three months without having to leave the country. He has just completed his MBA from a prestigeous US Business School ( his third degree) but until date has not secured a job in this difficult period. Where does he live if not with his parents.
That is exactly what was expected. This is absolutely ludicrous. It excludes around 50% of the property market, it is too short and too cumbersome and it has too many conditions which will make the potential investors run away from the thought of buying properties in Dubai. I wonder why they are even doing this? This is equal to not doing anything.
Nice way to attract investors. So folks are you ready for another joy ride of Dubai Properties. Comments invited.
what about the owner's of the property with value less than one million?What shall they do?Can anybody clarify this?
A labourer on AED 700/month salary gets a three year visa - a foreigners buying a home in the UAE valued at more than 1 million dirhams will be eligible for a six-month renewable residency visa ??