A law that would clarify the rules on issuing residency visas to property buyers in Dubai will be released within this year, Emirates Business has learnt.
"We believe this has to be cleared. We raised it to the government and the government came back and said there is a law that will come very soon and we feel it has to come," said Hamad Buamim, Director-General of DCCI.
"The law will clarify who deserves a visa in terms of their investment in the real estate. We don't know when it will be out but the government says it will be soon. I think soon means within this year."
According to Hisham Abdullah Al Shirawi, Second Vice-Chairman of Dubai Chamber, the law has to come via a decree issued by the government, seconded by the Ministry of Interior and completely approved by the immigration.
Previously, most real estate advertisements boasted of 99-year visa for purchase of freehold property. But Al Shirawi said such guarantees are not within the jurisdiction of any property firm. "The government said there would be a certain arrangement but there was no specific law," said Al Shirawi.
"Some of the developers just extended their promises for certain commercial benefits without having any legal back-up to substantiate their claims," said Al Shirawi.
He further urged the government to have an official spokesperson to deal with the visa issues. "I do advocate the concept that we should have an official spokesman, who addresses these issues in a very clear and transparent manner."
Even from the start of freehold concept, ownership of property does not guarantee residence visa, KK Sarachandra Bose, partner at Dar Al Adalah Advocates and Legal Consultants, said.
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