No residency visa for property buyers-Impact on property market

[really_true]

This is a country full of contradictions
esp the govt agencies one will say something
another will come out and have a a twist in it

Let the water clear this is where the investors make money

[New_Investor]

Guys,

I just bought a 1 BD at badrah Phase 2 and i specifically was curious about this point and they said Visa will be provided, also it's clearly stated in the reservation contract that visa will be provided to the owner, spouse and children upto age of 18 and unmarried daughters !!!!

no who should we believe, the developer or the news ??????

[Roshan]

Originally Posted by New_Investor

Guys,

I just bought a 1 BD at badrah Phase 2 and i specifically was curious about this point and they said Visa will be provided, also it's clearly stated in the reservation contract that visa will be provided to the owner, spouse and children upto age of 18 and unmarried daughters !!!!

no who should we believe, the developer or the news ??????

Eventually they will clear this doubt. Dubai has grown in leaps and bounds in the last few years. Too much for any country to digest.

Logically speaking, what's the point of buying freehold if they cannot stay in it.

The land department does not have control over the immigration department. That's why this doubts. It's only matter of time before the ruler issues a decree.

Regards

Roshan

[girlinterrupted]

Originally Posted by stylinexpat

I assume if you don't come from Iran,Iraq,Pakistan,Inida,Bangledash or some other country that you should be fine Those with European, Canadian,US or Australian passports probably won't have any problems. I think they are going through ethnic cleansing at the moment. This unfortunately is quite sad. Look at Jumeirah Beach Residence and notice who they rent to if you are renting from the Sheikh

I think that is a very biased comment and not to mention ignorance on the part of the commentator. You are forgetting a big majority of other middle eastern countries apart from the GCC who have a big presence in UAE namely Labenese, Egyptians, Syrians, Palestinians etc who also need a visa to enter the country.

Secondly most of the investors who invest in UAE whether they are from the UK Canada, or European countries would like to have a residence visa without having to travel in and out of the country once they have outlived their stay.

Third and very important fact is that majority of money is coming from investors that were mentioned above namely Iran, Iraq, Pakistan, India, Bangladesh and this will definitely put a dampener on the investment if true.

I agree with the member who said that the Land Department is not related to the Residency Department as the residency department still reserves the right to refuse. Therefore I would give more weight to the first news issued by the official of the residency department.

Nevertheless issuing contradictory statements in succession is bound to create further confusion and lower investors confidence no matter what their nationality. Property is a major investment in anyone's life whether you are buying for yourself to live in or buying for investment purposes, you want to feel safe, assured and know that the process is transparent. This news will further confuse the buyer rather than clarify anything.

I am sure that the government will further clarify this issue which would reassure the investor.

[Roshan]

Originally Posted by New_Investor

Guys,

I just bought a 1 BD at badrah Phase 2 and i specifically was curious about this point and they said Visa will be provided, also it's clearly stated in the reservation contract that visa will be provided to the owner, spouse and children upto age of 18 and unmarried daughters !!!!

no who should we believe, the developer or the news ??????

While your property appreciates, relax. It's only a matter of time when they set the record straight.

What is the meaning of freehold if you cannot stay in it. Dubai has invested much to much and will not alolow such a point to spoil the party..

It's only the matter of time when this issue will be sorted out.

If the visa clause is in the contract, you are even more protected.

Regards

Roshan

[New_Investor]

Originally Posted by Roshan

While your property appreciates, relax. It's only a matter of time when they set the record straight.

What is the meaning of freehold if you cannot stay in it. Dubai has invested much to much and will not allow such a point to spoil the party..

It's only the matter of time when this issue will be sorted out.

If the visa clause is in the contract, you are even more protected.

Regards

Roshan

Thanks Roshan for the comforting words, by the way there are a lot of other ways to get a visa in Dubai and resident visa should be the last thing that bother them, for example, most of western nationals they can get visit visa for 100 AED per month, so worse case scenario that they will have to pay 1200 per year, which will not happen, as also buy only having business starting buy 25000 AED you can get an investor visa, which i recommend if you are going to have a lot of business in Dubai + you have the normal resident visa which any of your family member will provide and most importantly normally if you are going to live in Dubai then most properly you'll also work here which will automatically secure a resident visa and a labor approval as well, and the good thing is that u'll not have to pay a penny for your visa, it will be borne by your company/....

[uae properties]

Yes, it is a fact.
No residency visas, only visit visas.
The visit visas will have several categories. eg. the owner will be granted a 2 week visit visas if he/she wishes to collect the rent.
Like any any investment globally, residency visas are not purchased with investments.
All signs point to something big going to happen.
Prices have started to fall and it may get worse.
As they say, "cash is king"

[revolutionary]

Originally Posted by uae properties

Yes, it is a fact.
No residency visas, only visit visas.
The visit visas will have several categories. eg. the owner will be granted a 2 week visit visas if he/she wishes to collect the rent.
Like any any investment globally, residency visas are not purchased with investments.
All signs point to something big going to happen.
Prices have started to fall and it may get worse.
As they say, "cash is king"

It does make sense not to give residency visa linked solely with ownership of real estate investments. However in many cases, that real estate is someone's intended main residence and was bought based on the widely stated 'fact' that residency would be sponsored by the Master Developer.

I am one of those that intend to move to become resident in Dubai and use my apartment as my main residence. Considering the type of work I perform flying into Europe every week, there was no requirement to seek an employment visa, but my choice of Dubai was based on being near my family. A resident visa in this case would be valuable to avoid frequent applications and uncertainty.

I'm sure there must be many people who bought their Dubai residence with a view to retirement. Again no requirement to have an employment visa but relying on visit visas would not make for a hassle-free retirement.

I had been considering the purchase of an office in one of the Freezones so that I could get the employment visa 'automatically' but now for me that is also discredited.

When I initially looked at the linking of residence visas to freehold homes and employment visas to freehold offices, I thought Dubai had really hit on something that would definitely attract high value people looking for clarity and certainty. Buy an apartment and guarantee to live in a safe cosmopolitan environment, buy an office and enjoy 0% income and business taxes. Very attractive! Not so attractive now with all this uncertainty.

[uae properties]

Yep.
The developers, how should I put it : mis-stated the offer of the residency visas.
Ask any developer: who authorized them to sell residency visas?.....no answer!
Yes, it was a potential offer.
I believe the DNRD will loo at each case on an individual basis and decide.
An investment is not a ticket to residency, jusy an investment.
The residency is another issue altogether.

[Teddy Tuesday]

When I opened a bank account with Emirates bank they said it will be upgraded to a full service account ie access to credit cards etc once I had a residents visa. This visa I was told becomes available once the development I invested in is complete and I become 100% owner.

If the banks are spreadind this word who knows?