Dubai Naturalisation and Residency Department (DNRD) is awaiting approval from the UAE Federal National Council (FNC) regarding full resolution details about the 3-year property visa.
Emirates 24l7 reports that Brigadier Obaid bin Suroor, Deputy Director of DNRD, told? that the department is receiving a lot of calls from real estate developers, property owners, investors and media inquiring about the 3-year property visa details.
DNRD has not yet received a copy of resolution to extend visa for real estate investors to 3 years instead of six months, which was passed recently by the Federal National Council, he said, adding that the Ministry of Interior is likely to release resolution to all departments concerned and foreign affairs departments this week in order to implement the resolution.
He said DNRD will start issuing 3-year visa immediately after receiving the FNC resolution and will invite property developers, investors and media persons to answer their questions. He expected this conference to be held next week.
Under the previous resolution, property investors had to leave country after six months in order to renew multiple entry visa.
Many residents who have taken the six-month valid Property Visa earlier are awaiting for more clarity on the new three-year property visa.
On June 28, the UAE government announced it was extending visa for real estate investors from six months to three years. Currently, the property price has to be not less than Dh1 million to be eligible for a six-month property visa and it must be purchased and registered in the name of one investor.
As per DNRD officials, the three-year real estate investor visa was is not yet being issued and property owners were entitled to only the six month visa.