(EMAILWIRE.COM, May 10, 2009 ) UAE - From June 1st, the new multiple-entry visas for expatriate property owners will be issued in the United Arab Emirates in a bid to better regulate the real estate sector by allowing expatriate property owners to obtain multiple entry visas valid for six months...
The new decree - which applies across all emirates in the UAE - states that, in order to qualify for the visa, the apartment or villa must easily accommodate the family of the property investor and must be worth at least £180,000.
Many of the countryÂ’s seven emirates liberalised UAE property ownership laws in recent years and officials hope less stringent visa standards will encourage further investment and attract more foreigners.
Requirements for the new visa also ask that the expat obtains the title of the property from the registration authority in the respective emirate. The property must also be ready to move into and the investor must have a minimum monthly income of £1,800 or equivalent in foreign currencies. The new visa does not permit the property owner to work.
Brigadier Nasser Al Awadhi Al Minhali, Acting Director-General of the Naturalisation and Residency Department says that the decree standardises the rules and will help to stimulate the economy.
Sheikh Mohammed bin Rashid al-Maktoum said, “We are very keen to ensure convenient conditions for expat property owners.”
The new decree reads, ‘The multi-entry permit can be renewed only after an owner leaves the UAE.
‘Owners of built-up properties can stay for six months from the date of entry into the country.
‘On the expiry of this period, the owner pledges to depart for his homeland or any of the GCC countries.
‘He will only be allowed to enter the country again after meeting the required conditions but can include a spouse and children on the application and enter with them,’ added the decree.
But, whilst it may sound good in theory, according to industry experts, the new decree remains confusing and is unlikely to have any real impact on the UAEÂ’s ailing property market.
They argue that the visa extension wonÂ’t have the desired impact as it prevents expats from working in the emirates. Some are also arguing that the required monthly income level is far too high and will exclude many expats from obtaining the new visas.
For more information on properties in UAE and the property market in general, please visit http://uae.themovechannel.com/
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Notes to editors:
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
