Jul 04 2011 |
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Several benefits for 3-year property visa holders
By Parag Deulgaonkar
Possibility that final regulation may limit stay to 9 or 10 months in a year
A number of services - such as applying for a local driving licence, personal loans and getting admission to schools - will likely be opened to holders of these visas.
However, the new visa may also limit the stay of a property owner in the country for a period of nine to 10 months in a year, Emirates 24|7 can reveal.
"The longer duration was requested to allow investors, who want their children to attend schools, have enough time. Generally, schools have long summer holidays and Eid vacation. So, we though, nine or 10 months is sufficient."
Finna B, a property investor, who is currently in Dubai on a six-month property visa, told this website that she is not able to buy a car in her own name.
"You must have residence visa and not a property visa to buy a car. You also need a residence visa to open PO Box at the post office. Therefore, I hope the new three-year property visa will solve these problems," she added.
The UAE Federal government on June 28 announced it was extending visa for real estate investors from six months to three years.
This website had reported then that the discussion about extension of the property visa was held about a month-and-a-half ago and a number of issues were discussed.
However, no decision has been taken on lowering the property valuation clause with the number of visas to be issued linked to the size of the apartment than investment value.
© Emirates 24|7 2011
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