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| Dubai welcomes property buyers on new visa |
| Posted on June 24, 2008 | Print Version |
A short term visa system for real estate buyers is about to take off in Dubai.
Foreign investors will be able to access the visas once a law is approved by the government.
The Dubai government opened the emirate's property sector to foreign investors in designated freehold areas in 2002, with some developers erroneously promising to facilitate three-year renewable residence visas to owners of freehold properties.
While some property owners thought they would get residence visas automatically, they have now been warned to wait for the new type of visa. Even then they will need to make application, generally through the master developer of the development. Owning a property in Dubai is one qualification for a visa, however being of good standing is just as important.
The residence visas will not enable residents to be employed or to engage in business in Dubai, that will still require a different type of visa.
Anyone already working in Dubai or licensed to conduct a business, and already have the relevant visa, will not be able to apply for a separate residents visa.
Each property sold to foreigners will qualify for one visa.
Source:-Argentina Star |
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