18 September 2012
Owners have called for reducing the equity cap and include those with a mortgage on their property.
'Emirates24|7' had reported that owners of property valued over Dh1 million and having no mortgage on it can approach the Dubai Land Department with the title deed along with a passport copy and passport size photograph in order to start the process of obtaining a 2-year investor visa in the UAE.
Jogi Raj who owns a flat in Jumeirah Lakes Towers says the move will be more useful for investors who are more than 60-years old and want to have a retired life. "Otherwise I do not see any use of this. It is just an eye-wash. Those who want to start a business will anyways be on their own visa, while those who are employed in a company will be provided by a company visa," he said.
"It is an-eyewash. What is the use of this investor visa in the first place? An individual who can afford an equity of Dh1million does not need an investor visa," said Jose, who owns a property in Dubai Silicon Oasis.
"In fact they should be reducing the cap on the minimum property value from Dh1million to Dh700,000. It also does not make sense that that those who have mortgaged their property are not included. In fact they are the ones who probably are in need of an investor visa," said Pooja Mehta.
According to another property owner Dubai should focus on more genuine requirements of property owners.
"Instead of introducing such meaningless gestures, they should address some genuine issues. For example I was supposed get my property ready and handed over to me in 2010. I am still waiting for it. Right now I am even ready to forgo the down payment I made, and exit the deal. But I cannot do so. There are dozens of other more relevant issues that needs to be addressed rather than providing investor visa to those who can afford to pay Dh1million straight on," said a property owner who has invested in a project in Jumeirah Village.
Owners have called for reducing the equity cap and include those with a mortgage on their property.
'Emirates24|7' had reported that owners of property valued over Dh1 million and having no mortgage on it can approach the Dubai Land Department with the title deed along with a passport copy and passport size photograph in order to start the process of obtaining a 2-year investor visa in the UAE.
Jogi Raj who owns a flat in Jumeirah Lakes Towers says the move will be more useful for investors who are more than 60-years old and want to have a retired life. "Otherwise I do not see any use of this. It is just an eye-wash. Those who want to start a business will anyways be on their own visa, while those who are employed in a company will be provided by a company visa," he said.
"It is an-eyewash. What is the use of this investor visa in the first place? An individual who can afford an equity of Dh1million does not need an investor visa," said Jose, who owns a property in Dubai Silicon Oasis.
"In fact they should be reducing the cap on the minimum property value from Dh1million to Dh700,000. It also does not make sense that that those who have mortgaged their property are not included. In fact they are the ones who probably are in need of an investor visa," said Pooja Mehta.
According to another property owner Dubai should focus on more genuine requirements of property owners.
"Instead of introducing such meaningless gestures, they should address some genuine issues. For example I was supposed get my property ready and handed over to me in 2010. I am still waiting for it. Right now I am even ready to forgo the down payment I made, and exit the deal. But I cannot do so. There are dozens of other more relevant issues that needs to be addressed rather than providing investor visa to those who can afford to pay Dh1million straight on," said a property owner who has invested in a project in Jumeirah Village.
© Emirates 24|7 2012
