Travel Magazine

Property Visa Changes - Again

By Seabee
When foreigners were told they could buy property in designated areas of Dubai, a residence visa - subject to the usual DNRD requirements - was included as an added inducement to invest in the emirate.
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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