UAE Approves Extension of Visas for Real Estate Investors from Six Months to Three Years
The UAE federal government has approved the extension of visas for real estate investors from six months to three years, it has been announced. The decision, which is likely to boost a struggling real estate market and boost investor confidence, was taken during a Cabinet meeting chaired by vice-president and prime minister of the UAE and the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum.
“The government took a raft of measures as part of its efforts to underpin economic growth within its strategic plan 2011-2013, including extension of visa for real estate investors to three years instead of six months,” the UAE’s official news agency WAM announced. Presently, foreign owners of property worth more than 1 million dirhams are eligible to get a six-month visa, which needs to be reviewed every six months.
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