Ras Al Khaimah Investment Authority (RAKIA) has confirmed it will not seek any changes to federal rules that regulate the granting of residency visas to property owners in the emirate.
Khater Massaad, RAKIA's chief executive officer, told Emirates Business 24/7: "Ras Al Khaimah has been very particular in following the federal laws and bypassing them is never an option."
As the newspaper noted, the comments pertain to a recent suggestion by a RAK-based legal firm which argued for the establishment of a special purpose vehicle in RAKIA to allow directors and/or shareholders to obtain a three-year visa.
Under present UAE federal regulations, foreign property owners are entitled to a six-month multiple-entry visa, which came into effect on June 1st.
The law states that applicants must own a property of not less than Dh1 million and earn Dh10,000 a month to retain the visa, which needs to be renewed every six months and costs Dh2,000.
Meanwhile, a report by Kuwait Financial Centre Markaz revealed last week that the Gulf Cooperation Council posted collective corporate earnings growth of 40 per cent for the first quarter of this year thanks to a strong contribution from the UAE.