Dubai Land department considering three-year rent freeze on new contracts

The Dubai Land Department is considering a proposal on a no-rental hike provision for three years after the signing of a lease agreement between landlord and tenant.

“The Dispute Resolution Committee is studying such a proposal, but no decision has been taken on the ‘if and when’ to roll it out,” a spokesperson said. “Right now, all rental decisions are based on the Dubai Rent Index, and it will continue to be so until the three-year no-hike proposal is cleared.”

Sharjah currently has a three-year cut-off on new contracts when it comes to rental increases.

It isn’t clear whether the proposal only extends to residential properties, or would cover all manner of real estate categories, including retail premises. If it becomes all-inclusive, this would have a huge bearing for the retail sector, whereby retailers have complained vociferously about how mall operators set and hike rents, even when market conditions do not dictate them.

Long-term UAE residency visas for expatriates in five new job categories

Maj Gen Saeed Rakan Al Rashedi (left) briefs the media

The long-term residency visas for expatriates from five select categories has come into force, permitting them to stay in the UAE for up to 10 years, a top official of the Federal Authority for Identity and Citizenship announced in the capital 2^nd May 2019.

Announcing details at a media briefing at the General Identity Directorate in Khalifa City of Abu Dhabi, Major-General Saeed Rakan Al Rashedi, Director-General for Foreigners Affairs and Ports, said, “Today we announce the launch of new services in the field of residency, implementing the UAE Cabinet Decision No. 56 for the year 2018. It grants long-term stay in the country to investors, real estate investors, entrepreneurs, talented people like doctors, researchers, innovators and outstanding students.”

New long-term visa categories

Investors - 10 Year Visa

Conditions:

• Public investment via deposit or company (not less than Dh10 million)
• Non-real estate investments shouldn’t be less than 60 per cent of total investments
• An investor should hold full ownership – not loan. Or he can prove that he reserves rights of investments for three years as a minimum.
• The asset should not be encumbered by claims that impair the appropriateness of the financial value of Dh10 million

 Benefits:

10-year visa is renewable

Possibilities of having partnered with a condition that each partner should invest Dh10 million

Visa for spouse and children for 10 years

10-year visa for one executive director and one advisor

Six-month validity entry visa with permits for multiple travels

Real Estate Investors - 5 Year Visa

Conditions:

• Total investment in real estate should not be less than Dh5 million
• An investor should hold full ownership – not loan. Or he can prove that he reserves rights of investments for three years as a minimum
• The financial asset should not be encumbered by claims that impair the appropriateness of the financial value

Benefits:

Five-year renewable residency visa

Five-year visa for spouse and children

Five-year visa for one executive director and one advisor

Six-month validity entry visa with permits for multiple travels

Entrepreneurs - 5 Year Visa

Conditions:

Owning a project with a value of not less than Dh500,000 with accreditation certificates from the government

Benefits:

Five-year visa, which can be upgraded to investors visa

Five-year visa for spouse and children

Six-month validity entry visa with permits for multiple travels. This also can be extended for another six months

Five-year visa for three executive directors.

Researchers/ Scientists, Doctors, Innovators - 10 Year Visa

 Conditions:

 Existence of a valid work contract and with specialisation in fields that are prioritised in the country

 Benefits:

10-year renewable visa

10-year visa for spouse and children

Outstanding Students - 5 Year Visa

Conditions:

The student should have at least 95 per cent in secondary school with a distinction of 3.75 GPA upon graduation from any university

Benefits:

Five-year renewable visa

Five-year renewable visa for his family

 Image Credit: Courtesy: Federal Authority for Identity and Citizenship