UAE Property Buyers may not get Residency Visas
UAE property boom started few years back when the Emirates decided to allow foreigners to purchase land for residence or commercial use.
In 2002, Dubai was the the first emirate to do so, and in the absence of a proper real estate law then, the three master developers - Emaar, Nakheel and Dubai Properties - had promised to facilitate a three-year renewable residence visas to owners of freehold properties under a special arrangement with the residency department.
More than 20,000 families have moved into their freehold homes during the last six years, most of them on residence visas linked to their homes.
Now, when investors are driving like crazy to acquire a piece of land in UAE and people are selling dirt at gold prices, government of UAE has decided to pull major attraction out of the scheme. According to recent Gulf News report, Dubai is set to introduce a set of short-term visas in place of three-year residency visa, for foreign investors in real-estate sector.
RERA, a government agency that has its own financial and administrative independence with full legal authority to regulate the real estate sector in Dubai, has submitted proposals for a law to issue short-term visas in place of residency visas for real-estate investors. These visas may range from two weeks to few months depending on type and amount of investment.
The proposal, if approved, might be implemented at a federal level, especially that the local laws of most emirates allow foreign ownership of property.
The law, if implemented, may burst the property bubble and discourage new visitors. It may also become another major revenue stream for UAE government, as investors have to travel 3-4 times a year to check out their properties.
Other posts by Kashif Aziz
- Aafia Siddiqui Indicted for Attempting to Kill United States Nationals in Afghanistan - September 3rd, 2008
- Senator Zardari? - September 2nd, 2008
- Afghanistan Government to release Dr. Aafia Siddiqui's son - September 2nd, 2008
- Alarming Development in Nayyar Zaidi Case - August 31st, 2008
- United States DoJ confirms identity of Dr. Aafia Siddiqui's son, but he denies it - August 30th, 2008
- Pakistan edging towards another Military Rule? - Part 2 - August 30th, 2008
- Pakistan edging towards another Military Rule? - Part 1 - August 29th, 2008
- Say No to Electricity Bills - August 28th, 2008
- Tanzeem Naqvi resigned from KESC - August 28th, 2008
- Pakistan faces severe Power Crisis - August 27th, 2008
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June 26th, 2008 09:50 GMT
The way they treated GEO, it became obvious that they cannot be trusted. Sometime back, their police chief recommended that citizenship should not be offered to others because the locals would become minorities. Of course, they will not allow outsiders to settle in their counhtry, because they cannot tolerate local women being married to foreigners. What happens if a Pakistani gets involved in a property or monetary dispute with a local? The court will definitely rule against the Pakistani, who will probably be deported.