Tuesday, June 7, 2011

Registering property under a free zone firm is an option still under discussion: Official

Dubai has not finalised any new residence visa system for property owners and the talks of granting residency visa are very “premature“, a senior government official .

“At a recent meeting, ways of giving residency visas were discussed and one option was to allow people to register their properties as companies in free zone. This will then allow them to get residency visa. But, this was just a proposal and nothing has been finalised,” the official said on conditions of anonymity.

“There is no way a retired person who wants to live in Dubai can get a residency visa even if he owns a property. We are trying to help people like them.”

He reiterated “it was just a proposal in the meeting… nothing has been worked out.”

Last year, this website had reported that certain developers in Ras Al Khaimah were offering residency visa linked to properties if registered with a free zone. Real estate agents said that companies there were still helping buyers to get free zone visa.

When called, Rakia CEO, Dr Khater Massaad denied offering any such visas at all, saying, “We are fully committed to following the federal regulations on granting property visas.”

The federal law currently entitles foreign owners of the UAE property to a six-month multiple-entry visa, which came into effect on June 1, 2010. 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 needs to be renewed every six months at the cost Dh2,000.