New law to regulate Dubai residency visas planned
New law to regulate Dubai residency visas planned
Officials in Dubai are exploring a new law to govern the issuing of residency visas. Traditionally, investors buying freehold property in Dubai have been promised that their purchase includes a 99 year residency visa.
Many property companies used the prospect of a residency visa as a sales tool, reports TheMoveChannel.com. Those buying
apartments in Dubai are thought to have been encouraged to seal the deal this way. However, there is no law to back up the offer.
Government officials in the emirate are now saying that the property companies did not have the right to promise visas. They are discussing a new law to clarify the matter and better regulate the issuing of residency visas.
Director general of the Dubai Chamber of Commerce and Industry, Hamid Buamim, said: "We believe this has to be cleared up. We raised it to the government and [they] came back and said there is a law that will come very soon and we feel it has to come. The law will clarify who deserves a visa in terms of their investment in real estate."
It is not yet known when a new law will be passed, but it is thought it could be a long process. Any new law must come through a decree issued by the emirate's government, seconded by the Ministry of the Interior and approved by the immigration authorities.
This story was brought to you by holiday
lettings.co.uk, the UK's No.1 for holiday homes worldwide.
Related Stories
Tighter regulation of off-plan property sales in Dubai announced
New mortgage law announced for Dubai
UK Free Zone for Dubai complete with luxury residences30 April 2009
Print this article
