Well, the game of rule popping goes on for investors who bought “free hold” properties in UAE, thinking they have got residency permit of 25 years. When builders, developers and real estate agents were conning investors government was looking the other way. It suddenly woke up from slumber and started (and modifying) one law after the other for “transparent” real estate transactions.
The newly announced multiple-entry visas for property owners can be renewed as soon as they leave the country, contradicting the earlier official claim that to become eligible to renew the visa, property owners should leave the UAE for at least a month.
On May 2, in an unprecedented move, Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Minister of Interior, issued a decree allowing expatriate property owners to obtain multiple-entry visas that are valid for a period of six months. Property owners must meet a set of criteria to be eligible for the visas.
The ruling, which applies to all of the emirates, stipulates that:
– The property in question should be worth at least Dh1 million and be wholly owned by the investor who is applying for the visa. [meaning investors with property less than a millions dirhams shall not get the residency visa]
– The property should also be ready for the investor to move in and the investor must have a monthly income of no less than Dh10,000, or the equivalent in foreign currencies.
– The visa may be renewed any number of times, with no waiting period, but holders cannot stay in the country for more than six months at a time.
– After spending six months in the country, investors are expected to leave the UAE before renewing their visas, according to the ruling.
– The apartment or villa must be capable of comfortably accommodating the family of the investor, without elaborating.
– The investor is required to obtain the title of the property from the registration authority in the respective emirate.
This will certainly place the small investors in a jam.
