A UAE state is considering a long term residence visa scheme for property investors which exceed the current three-year permit system. The government of Ras Al Khaimah (RAK) is pondering the move as it bids to boost the country’s emerging real estate market, Gulf News reports.
According to the news provider, Dr Khater Massaad, chief executive of the Ras Al Khaimah Investment Authority, said the idea was being considered by officials but did not give a timeline.
Quoted by Gulf News, Dr Massaad 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 property buyers.
“We are hopeful this will happen some day, which will boost foreign investment in real estate sector.”
Currently, foreign property investors are only granted a three-year renewable permit via offshore firms and developers since there is no law guaranteeing visas to outside owners.
Earlier this week RAK development firm Rakeen unveiled the Gateway project and began selling land from the plan to property investors and developers.
Based on the Emirates Road close to the new World Trade Center in RAK, the development is a huge mixed-use venture.
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