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Ras Al Khaimah: The Ras Al Khaimah government is seeking to provide long term residence visas - more than the current three-year residency permits - to property buyers, a top government official said.
"The Government of Ras Al Khaimah, especially Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, is trying to facilitate longer term residence visas to the property buyers," Dr Khater Massaad, chief executive of the Ras Al Khaimah Investment Authority (Rakia), told Gulf News yesterday.
"We are hopeful this will happen some day, which will boost foreign investment in real estate sector."
Currently, the UAE provides a three-year renewable employment and residence visas to expatriate workers and professionals working in the private sector, sponsored by employers and spouses.
However, expatriate employees in the public sector get a five-year visa. There have been discussions on issuing longer term residence and business visas, which will help expatriate businessmen and investors, and further boost investor confidence.
The move, if successful, will also boost inward investment further. Property buyers are now allowed a three-year renewable residency permit, facilitated through developers and offshore companies, Dr Massaad said.
"Since there is no federal law guaranteeing residence visas to property owners, we are facilitating these through companies - property developers and offshore companies. These companies sponsor the investors' residence visas," he said. "That way, the investors get their visas and live in these properties."
Your comments
It is realy a very good step
M.SALEEM
Dubai,UAE
Posted: July 16, 2008, 10:49
It will be a great decision,taken by his highness.
Mohammed
chittagong,bangladesh.
Posted: July 16, 2008, 09:22
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