Dubai: Foreigners buying property worth more than Dh1 million will be allowed to stay in the UAE for three years under an extended visa scheme announced last week by the UAE Cabinet.
The visa will not be available to investors in land, but will allow property investors to sponsor their families and stay in the UAE for three years without leaving, according to senior government officials.
Major General Nasser Bin Al Awadi Al Menhali, assistant undersecretary for Naturalisation, Residence and Ports Affairs, told Gulf News that the full details of the law would be made public soon.
It is still unclear if the visa provides investors all the usual benefits of a residence visa, such as enabling them to open bank accounts and apply for local driving licences.
But Al Menhali said that investors will have an international bank account which would allow them to access banking services.
Sultan Butti Bin Mejren, Director-General of the Dubai Land Department, said his department would be involved in checking the value of properties to see if owners qualify for visas.
"As soon as the bylaws are issued, the link between the two departments will be activated to check the real value of the property as well as the transaction that will alert the system of the transaction," Bin Mejren said.
Al Menhali added: "The aim of this law is not full residence in the UAE but to give more flexibility and make it easy for the investors to stay and move in and out of the UAE to manage and watch over their properties."