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Overseas Property News
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UAE to introduce multiple-entry visas
Country: UAE
6 May 2009 Multiple-entry visas for expatriate UAE property owners, who qualify, will be issued from 1 June, officials announced this week. Foreigners buying property in the UAE will have to meet a set of requirements set out by the authorities. According to the ruling, the property should be worth at least £180,000, it should already have been completed, it should be wholly owned by the investor and the owner must earn a monthly income of at least £1,800 or equivalent in foreign currencies. Brigadier Nasser Al Awadhi Al Minhali, acting director-general of Naturalisation and Residency Department, said: “The multiple entry visas for expatriate property owners will be issued from June 1, based on the conditions stipulated by the ministerial decree issued on May 2.”
It is hoped that the multiple entry visas, a federal regulation, which will be valid for six months, will help add transparency to the country’s property sector.
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