Opinion | Editorials
Clear the doubts on freehold visas
There should be policy guidelines so that investor confidence remains strong.
- Gulf News
- Published: 00:01 June 25, 2008
Of late, there has been a lot of confusion regarding the issuance of residence visas linked to property ownership in Dubai. Different people are giving different versions, often contradictory, of how this visa scheme works, and this is fuelling speculation.
The Dubai government opened the emirate's property sector to foreign investors in designated freehold areas in 2002.
In the absence of a proper real estate law then, the three master developers - Emaar, Nakheel and Dubai Properties - have promised to facilitate three-year renewable residence visas to owners of freehold properties as a gesture under a special arrangement with the residency department.
More than 20,000 families have moved into their freehold homes in the past six years, many on residence visas linked to their homes. Property ownership by foreigners does not automatically guarantee a residence visa globally.
There is no reason why Dubai or the UAE will have to make it mandatory. However, developers and brokers should also not be allowed to mislead investors with empty promises.
Gulf News tried to clear the confusion on this burning issue - close to the heart of hundreds of thousands of foreign investors, many of whom were led to believe that they could gain residence visas automatically by buying a property, albeit erroneously.
It is high time for the government to issue clear policy guidelines on the subject to clear the confusion on freehold linked residence visas so that investor confidence remains strong.
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