Property Visa Changes - AgainBy Seabee
But the goalposts were moved after the game was well under way.
The standard three year residence visa suddenly was no longer available. It was replaced by a six month visit visa - hardly fair to those who'd invested their money on the original basis. It was also a bad decision in relation to both confidence in Dubai being a good place to do business and in supporting the by-then crashed real estate sector.
Now that bad decision has been reversed, partially at least.
A three year visa is again offered, but it's still only a visit visa not a residence visa.
Gulf News quotes Maj. Gen. Nasser Bin Al Awadi Al Menhali, Assistant Undersecretary for Naturalisation, Residence & Port Affairs, as saying: "Investors who own property worth Dh1 million can get three year mutiple-entry visit visas. However, they have to exit the country every six months".
The Khaleej Times report adds that a property owner applying for the visa: "...also needs to open a bank account locally or aboard and is required to provide proof of a minimum monthly income of Dh10,000. The investor shall also get a medical insurance renewable every six months, apart from a valid medical fitness test every two years."
It's a step in the right direction but it still misses the target. It needs to be a true residence visa. And it needs to be simple.
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