New property visas likely from next week

Dubai Naturalisation and Residency Department (DNRD) is expected to receive full resolution details about the 3-year property visa sometime later this week, a senior official said.

Brigadier Obaid bin Suroor, Deputy Director of DNRD, told Emirates 24l7 that the department is receiving a lot of calls from real estate developers, property owners, investors and media inquiring about the 3-year property visa details.

Most of investors, according to Obaid, are calling to inquire whether their families will also be eligible for 3-year visa; whether new law includes plot owners; whether owners of less than Dh1 million property can apply for visa; or owners of 2-3 flats with total value of Dh1 million would also be eligible.

DNRD has not yet received a copy of resolution to extend visa for real estate investors to 3 years instead of six months, which was passed recently by the Federal National Council, he said, adding that the Ministry of Interior is likely to release resolution to all departments concerned and foreign affairs departments this week in order to implement the resolution.

He said DNRD will start issuing 3-year visa immediately after receiving the FNC resolution and will invite property developers, investors and media persons to answer their questions. He expected this conference to be held next week.

Under the previous resolution, property investors had to leave country after six months in order to renew multiple entry visa.

Current real-estate visa holders worried about renewal

Ray (name changed), a UK citizen, owns a property in the Meadows. His three-year property visa, issued in 2008, expired last month. He was all set to open a free zone company this month so he could get residency for his family. Now, he has put his decision on hold!

Faisal (name changed), a Pakistani national, is having the same problem. He is an owner of an apartment in Downtown Dubai and his visa expired last month. Although he too was advised to open a free zone company, he has decided not to do so and is waiting for more clarity on the new three-year property visa.

On June 28, the UAE government announced it was extending visa for real estate investors from six months to three years.

“I am not interested in the six-month visa… there are a lot of problems with it. I don’t know whether my car insurance policy will be renewed or will the banks allow me to operate my local accounts normally,” Ray said.

“I had bought a car when I had this three year visa … shall I get all the benefits that I got earlier if I am on the six-month visa,” he asked.

Faisal said he has asked his property consultant to get all the details for him so he could make his decision.

The consultant, who wished not to be named, told Emirates 24|7 that he had visited the immigration office, but was told they had not got any directive about the new real estate investor visa.

Ludmila Yamalova, Managing Partner of HPL Yamalova & Plewka JLT, who visited the DNRD office yesterday, said immigration officials told her that the three-year real estate investor visa was not yet being issued and property owners were entitled to only the six month visa.

“You need the original title deed with the price of the property mentioned in it. The investor has to be there in person, must bring six month bank statement and a no-objection certificate from the developer as well,” she added.; When contacted, an Ajman Real-estate Regulatory Authority official said they had not got any information about the new and so they could not comment anything.

Currently, the property price has to be not less than Dh1 million to be eligible for a six-month property visa and it must be purchased and registered in the name of one investor.

This website reported earlier that 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, Major-General Nasser bin Al Awadi Al Menhali, Assistant Undersecretary for Naturalisation, Residence and Ports Affairs, was quoted in the media, saying that with property worth more than a Dh1m will be allowed to stay for three years on the new visa.

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