Dubai set to introduce new residence visa system for property owners

06/06/2011 - Dubai Investment News Posted by Bob Brunskill
Dubai set to introduce new residence visa system for property owners

Dubai intends to introduce a new residence visa system for property owners, according to a report appearing in the 'Al Bayan' newspaper.The newspaper cites a government source as saying: "Authorities are discussing ways of granting owners of properties in the emirate, residence visas based on transparent rules and legislation".Although the new rule is expected to boost the realty sector, realtors are wary about the costs involved. They say that the costs involved in setting up a company to register a property under it could go up and this could put off buyers.The new mechanism, the official explained, suggests that "property owners to establish a company in the free zone and then the company will own the property which will let the property owner who owns the company to obtain a residence permit on the basis of ownership of the company, not the property".In order to establish the company, property owners must meet specific requirements.