Why is it taking so long? – More you wait more you lose – simple as that.New visa law 'soon' for Dubai property buyers - Real Estate - ArabianBusiness.com
for the 'nay' sayers who beleive Dubai is 'finished' and gov't doesn't care - think again !!!
BEcause it is on the federal level and it takes time.Why is it taking so long? – More you wait more you lose – simple as that.
And probably they will come up with some dodgy law and it will not make much difference.
Unfortunately - under the former visa statute - it was absused beyond belief. 'Some' buyers found ways to pay token amounts down, get visas for 'extended' families - transfer / sell the unit a few months later - usually - another relative - get another 5-10 visas...the extended family, a few months later - transfer again... you get the picture. One official was telling me that they started to realize that 20-30 visas ended-up getting issued for a studio / one bedroom in less than a year !!! and this led to issues about people working illegally etc... so, yes, it does take some time to develop the proper framework that is fair and can be properly administrated.... e.g. - let's say you buy a place for AED 2-3 million - a villa - the person buying a studio at IC should NOT have the same level of entitlement - so, like in many other countries - if you show significant financial / inestment strength you represent less risk - you will be entitled to longer visa... I reckon there will be various grade levels...Why is it taking so long? – More you wait more you lose – simple as that.
And probably they will come up with some dodgy law and it will not make much difference.
There are rumors that it will be changed to 3yrs renewable visa. But no official confirmation yet so this not solid.I dont think a 6 month visa is much to cheer about.
If this is the new law, nothing changes; visa issue is still a problem.
Dubai wants your money but they don’t want peanuts.6 months!!! I wont be retiring in Dubai with my hard earned cash then. This country is starting to suck, more than it already did. I really wish I hadn't bothered. You don't know how fed up I am of the property development in Dubai!!!!
Highly unfortunate this type of laws are implemented, Buyers and investors blood sucked by these new laws.......already my friends are having the worst times of their lives having invested in the UAE.Dubai wants your money but they don’t want peanuts.
Less than a million $(cash) forget about Dubai.
Is it attractive I don’t think so?
The problem is that we are stacked with crap properties in Dubai and there is no way out
Gulf News quotes this at Dh 1 million not dollars! That puts a one bed in the Marina above the level.Dubai wants your money but they don’t want peanuts.
Less than a million $(cash) forget about Dubai.
Is it attractive I don’t think so?
The problem is that we are stacked with crap properties in Dubai and there is no way out
I think people are really missing the major issue here. The real issue is neither the 6 month duration of the visa nor the 1 million Dirham value limit nor the requirement to own the property outright. Although difficult to achieve, lots of people may qualify for residence visas under these criteria.My big concern is the 6 month duration. If that went to 3 years with auto-renewal (ok for a fee) except for those that transgress certain predefined rules then that would be much better. A rolling 6 month regime may be OK so you would always have 6 months in which to make alternative arrangements if residency cancelled.
I'm with you there Carl, Instead of stimulation the housing market, this proposed law will depress it further, it just highlights the current thinking from the top that all is OK out there and 'everyone will come to the UAE' regardless of the conditions imposed. This law has AD's hands all over it and really shows who is in control now.I think people are really missing the major issue here. The real issue is neither the 6 month duration of the visa nor the 1 million Dirham value limit nor the requirement to own the property outright. Although difficult to achieve, lots of people may qualify for residence visas under these criteria.
The real barrier to getting the residence visa (that astonishingly no one seems to be talking about) is the requirement to have 10,000 (US$2,725) Dirhams of (after-tax) income per month from sources in the UAE or overseas. I don't know about you, but I haven't met many people who earn that much money in residual passive income every month without working for a paycheck. The kind who do have such an income are unlikely to want to purchase a property in Dubai merely to get a residence visa. If they wish to move permanently to Dubai, they will likely seek far more sophisticated vehicles to implement such a move.
Most of the demand for residence visas linked to freehold properties came from salaried-class residents in the UAE who were terrified of the 30 day exit-rule. Their reasoning was that if purchasing property gave them some kind of residence status, they could use that to remain in the UAE to look for work in the event that they were laid off or fired from their jobs. This was the very reason that freehold in Ajman took off - the demographic was middle-class South Asians who did not have visa-free entry into the UAE unlike the European expats. This is a demographic that lives paycheck to paycheck (sending any balance home in remittances) and has nowhere near this kind of passive income every month to qualify.
I'm afraid, the new visa rules change very little. They give wealthy end-users a chance to live permanently in the UAE, but then such wealthy end-users had many other alternative routes to accomplish the same result anyway.
Gulf News quotes this at Dh 1 million not dollars! That puts a one bed in the Marina above the level.
So you won't get a visa if you are only looking to stay in a studio in International City - isn't it reasonable for the Emiratis to consider the type of serious investor or wealthy individual who they would like to issue a resident visa to? If you can't afford a million dirham place then you are unlikely to be able to be self-supporting or be flying internationally to work. Quite a reasonable test I would say.
Not sure if anyone has made the point that this seems to exclude those properties that are mortgaged - needs to be owned outright. That makes it easy for retirees but not so easy for those that are in the process of building their capital - again a reasonable approach to weed out those that may be tempted to try to work illegally.
My big concern is the 6 month duration. If that went to 3 years with auto-renewal (ok for a fee) except for those that transgress certain predefined rules then that would be much better. A rolling 6 month regime may be OK so you would always have 6 months in which to make alternative arrangements if residency cancelled.
Better would be to offer maybe a second class citizenship (assuming Emiratis always will want to keep their special status) that did not involve issue of passports or voting right for example, but allowed unlimited residency period so long as some basic rules are followed i.e. maintain Dh million property without mortgage, no working, no criminality. A simple note on the defined property registered at the Land Department could satisfy maintaining the first rule and the others are police matters of record.
We need to see the details. Don't really fancy paying a taxes every 6 months!!
