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29 March 2024

RAK developers continue to offer 3-year visas

According to the law, applicants would have to own a property of not less than Dh1m and earn Dh10,000 a month. (FILE)

Published
By Karen Hart

Some developers in Ras Al Kaimah are guaranteeing three-year residence visas in exchange of buying a property located in the emirate. This is despite the federal law that only allows for six months visa.

Al Hamra Village, for one, is openly advertising that it can provide visa and financing to Royal Breeze Direct Sea View Apartments.

According to a sales representative, an expatriate can 100 per cent own a property in Al Hamra Village and can enjoy other benefits including a residence visa that is renewable every three years and an interest-free financing of up to 40 per cent of the property value.

“You will get the visa from our sister company, which is Rakia. The visa is guaranteed once you purchase a property,” the sales agent said. “You will get the title deed after paying in full. For the visa, we will arrange a trade licence for you so you can get a residence visa. It will cost Dh5,000 but that is a one time payment. This visa is renewable every three years for Dh2,000.”

"Ras Al Kaimah laws are totally different. Here the visa is guaranteed," she added. The sales agent added that to avail of their interest-free financing schemes, a 60 per cent deposit has to be made over the period of two years.

This sales campaign mirrors the content of newsletter by a RAK-based legal firm that says establishment of a special purpose vehicle in the Rakia free zone will allow the director and/or shareholder to obtain a three-year visa and allow them to sponsor their dependents.

Under the UAE federal law, foreign owners of the UAE property are only entitled to a six-month multiple-entry visa, which came into effect on June 1.

According to the law, applicants would have to own a property of not less than Dh1 million and earn Dh10,000 a month.

The visa, which needs to be renewed every six months, costs Dh2,000.