A new resolution from the UAE Ministry of Interior
applicable to owners of freehold title properties
Property owners in the UAE will now be issued a six month multiple entry visa, as per the resolution passed by Lt. General HH Sheikh Saif bin Zayed Al Nahyan.
Foreign investors of built-in-properties which have a value of more than AED 1 million will now be able to stay in the country for a period of six months at a stretch.
On expiry of the visa the home owner must exit the country to his homeland or any GCC country and can re-apply for a new visa. Authorities will start issuing the visa from June 1, 2009.
To be eligible of this visa, property owners must meet the following requirements:
- The property should be built-in not vacant land.
- The value of the property should be over AED 1 million ( approx. AU$345,438 ).
- The owner must register the property with the registration authority of the
emirate and obtain a title deed.
- The property must be wholly owned by the concerned person.
- The unit should be fit and suitable for domicile residence which will be checked
by the department of naturalization and residency.
- The owner should have a monthly income of AED 10,000 ( approx. AU$3,454 ).
- This visa does not allow the owner to work in the UAE.
- The owner can apply for visas for his/her immediate family – spouse and children.
- The visa costs AED 2,000 (approx. AU$691 ) for each family member and same costs apply on renewal.
- Compulsory health insurance needs to be in place for the owner and his/her family members which should be valid for the entire period of the visa.
Since the Emirate of Dubai has allowed foreigners to purchase freehold property, there has been a huge increase in the number of high-rise construction projects.
Dubai has become a very attractive choice for overseas investors, both private and commercial.
Consider the following incentives :-
- low purchase prices
- an ever increasing high demand
- zero property and income tax
- high standard of living
- freehold title
- stable economy
- 100% foreign ownership
- zero corporate tax for 15 years, renewable
- full exemption from import duties
- no foreign currency restrictions
- minimal bureaucratic red-tape
- efficient, accessible government departments
- skilled local workforce
- modern communication systems
- state-of-the-art infrastructure
- plentiful energy supply
Fuelled largely by the incentives listed above, a residential and commercial boom has lead to many new developments, so it should be no surprise that Dubai is emerging as a leading world market for property investors.
Since the option for foreigners to purchase free-hold real estate became available in Dubai , prices have risen steadily and the resale market has been quite heated. Increases look set to continue providing personal investors with the opportunity for substantial capital gain. Commercial interests should find the business paradigm in Dubai very "upbeat" and highly motivational with real economic advantages.
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