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
- Urgently Wanted : Federal Ministers - November 19th, 2008
- GEO TV Transmission blocked in Karachi? - November 17th, 2008
- American meat exporters using fradulent halal certificates - November 14th, 2008
- The case of Khanani and Kalia - November 10th, 2008
- Alcohol Exports Bring $220 Million To Pakistan - November 9th, 2008
- Open Letter of Appreciation to Government of Pakistan - November 5th, 2008
- Earthquake Strikes in Balochistan: More than 250 dead, 20,000 displaced - October 30th, 2008
- Pity the Nation - October 26th, 2008
- Lab Pay Aati Hai Dua .. Ban Kay Tamanna Meri - October 16th, 2008
- Predictions of the Century: The Fate of Sarah Palin, and Asif Ali Zardari and United States of America - October 12th, 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.