UAE Announces freehold owners to be granted six month residency

 

A senior executive from the UAE Federal Department of Naturalisation and Residency has been quoted in the National as saying that the government has plans to offer owners of freehold property in the United Arab Emirates renewable six month visas within the next year.

 

The news is likely to be welcomed by all parties throughout the UAE real estate industry, particularly real estate agents who have seen property prices falling throughout the Emirates as a direct result of the global economic crisis.

 

The announcement is part of a larger co-ordinated government response to the fall in property prices throughout the UAE. Brig Gen Nassar Al Minhah, Acting Director General of the Federal Department of Naturalisation and Residency went on to say the new law was part of a longer term strategy throughout the emirates, which was aimed at unifying the federal visa system related to home purchases.

 

The new initiative would see the owners of freehold property offered a renewable six month visa regardless of the nationality of the purchaser or the size of the property being purchased.