3 year visa for property investors in UAE

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The Federal Government has yesterday approved the extension of visa for real estate investors from six months to three years. The decision was taken during a cabinet meeting chaired by vice president and prime minister of the UAE and ruler of Dubai HH Sheikh Mohammed Bin Rashid Al Maktoum.

The government took a raft of measures as part of its efforts to underpin economic growth within its strategic plan 2011-2013, including extension of visa for real estate investors to three years instead of six months, a local newswire stated.

According to the existing law, (foreign) owners of real estate worth more than Dh1 million are eligible to get a six month visa, which needs to be reviewed every six months for Dh2,120 each time.

Brigadier Surour said: The move is aimed to ease the procedures of the new visa and encourage more investors to buy more properties.

The meeting, which took place at the Presidential Palace also, gave its nod for the Optional Retirement Programme for Emirati employees at government entities who have completed 30 or more years of service as per the federal pension and social security law.

Sources: Arabian Business; Gulf News

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