Tuesday, July 05, 2011

Oh good, clarification.

Gulf News is pressing on with reports about what they present as the great new residence visa for foreign property owners.

As I pointed out last Wednesday, it ain't a residence visa, it's a multi-entry visit visa available to some property owners. With lots of conditions - many of them not announced yet.

Today GN has a story headed 'New residence visa will increase flexibility for real estate investors'.

Oh yeah?

The story includes some of the usual 'clarification' that we're so used to.

Last Wednesday Gulf News quoted Maj. Gen. Nasser Bin Al Awadi Al Menhali, Assistant Undersecretary for Naturalisation, Residence & Port Affairs, as saying: "Investors who own property worth Dh1 million can get three year mutiple-entry visit visas. However, they have to exit the country every six months".

Today they quote 'senior government officials' as saying: "The visa...will allow property investors to sponsor their families and stay in the UAE for three years without leaving."

So they either have to exit the country every six months or they don't. Wait for more 'clarification'.

As for the unannounced conditions, Major General Nasser Bin Al Awadi Al Menhali has told Gulf News that the full details of the law would be made public soon.

The report goes on to point out that: "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."

Another thing that's unclear is the Dh1 million 'value' of the property. Is that the price paid or the value now? And if it's the value now, who fixes the value?

Deja vu.  It's exactly as happened with the original six month visit visa, exitedly welcomed but misrepresented by the media and the real estate industry as a residence visa that would restore confidence and increase sales. They're again wildly enthusiastic, presenting the latest incarnation as the answer to many of the problems of the real estate sector and investors.

Take a deep breath fellas. We have conflicting information, the law isn't issued yet, the details haven't been announced, we don't know how it's going to work.

The Gulf News report here.

1 comment:

hugedxb said...

And didn't I see somewhere today that this new 'visa' will require the holder to leave for three months in every 12 months?

The whole thing beggars belief.