As reported by the Al Arabiya News Channel, the United Arab Emirates Minister of the Interior has issued a decree granting expatriate property owners multiple-entry visitor visas allowing them to stay six months at a time. Previously, the UAE had allowed foreign investment in property, but the residency rights of foreigners who purchased residential property were unclear.
Details of the decree include:
- Owners of developed properties (wholly-owned residential units, suitable for accommodating a family) can stay for six months from the date of entry into the UAE.
- The visa does not allow the property owner to work in the UAE.
- Upon expiration of the six month period, the property owner must return to his or her home country or any of the GCC countries.
- The initial six month visa may be renewed if certain conditions (minimum monthly income and property value) are met.
- The property must be worth at least AED 1 million ($272,300), and the owner’s fixed income must be at least AED 10,000 ($2,723) a month, or the equivalent in foreign currency.
Property analysts commented that the new policy still required clarification before it would have the intended effect of reviving the UAE’s real estate market. For example, it is unclear whether the decree applies to leasehold as well as freehold properties.
According to Maktoob Business, uncertainty remains two years after Oman enacted a law granting residency visas to foreign property owners, mainly because the law did not specify whether developers or the government would issue the visa. As a result, many foreign property owners have been unable to secure a residency visa. Instead, individuals who wish to remain in Oman for longer than one month must either secure a visa through their employer or renew a visitor’s visa on a monthly basis (which requires exiting Oman in order to apply for the visa).