Several benefits for 3-year property visa holders

The new three-year property visa, being officially referred to as the real estate investor visa, announced by the UAE Federal government, is likely to make life easier for those who opt for it.

A number of services - such as applying for a local driving licence, personal loans and getting admission to schools – will likely be opened to holders of these visas.

However, the new visa may also limit the stay of a property owner in the country for a period of nine to 10 months in a year, Emirates 24|7 can reveal.

“A number of proposals were discussed at the meeting with ministry officials and one of the proposals was to restrict stay of the property owner to nine or 10 months in a year. However, the final regulation is yet to be drafted,” people aware of the matter said.

“The longer duration was requested to allow investors, who want their children to attend schools, have enough time. Generally, schools have long summer holidays and Eid vacation. So, we though, nine or 10 months is sufficient.”

The source added that almost 70 per cent of the work is already complete with the announcement of the three year visa by the government.

Finna B, a property investor, who is currently in Dubai on a six-month property visa, told this website that she is not able to buy a car in her own name.

“You must have residence visa and not a property visa to buy a car. You also need a residence visa to open PO Box at the post office. Therefore, I hope the new three-year property visa will solve these problems,” she added.

The UAE Federal government on June 28 announced it was extending visa for real estate investors from six months to three years.

This website had reported then that the discussion about extension of the property visa was held about a month-and-a-half ago and a number of issues were discussed.

However, no decision has been taken on lowering the property valuation clause with the number of visas to be issued linked to the size of the apartment than investment value.

Follow Emirates 24|7 on Google News.