Can I buy a car with the new UAE property visa?
I own an apartment in Dubai and live there but I work outside the UAE. Eight years ago I got the Property Residency Visa, which allowed me to buy a car, stay longer in the country than 30 days, etc, but this no longer exists. I am now a tourist in my own house and cannot even park my own car in my parking spot. I have some questions: Would I be able to buy a car with the new property visa? Is the Dh1 million rule applicable to the original price, purchase price or the current value of the property? ER, Dubai
The rules state that anyone who owns a property in the UAE that has a value of Dh1m or more can apply for the six-month property visa. There is no clarification of what value is considered, but I understand that evidence of a current value in excess of Dh1m will be sufficient. The applicant must also have an income of at least Dh10,000 per month, which can be from employment outside the UAE or from investments, and again proof is required. The title deed needs to be in one name only and only that person can apply for a multiple-entry visa. This applies to completed properties only and not those under construction. After the six-month period the individual can apply for renewal, and the cost each time is currently Dh1,100. It is not clear whether they need to leave the UAE each time and certain aspects vary by emirates. In this case the relevant authority is the Department of Naturalization and Residency (DNRD). In certain cases, in Dubai only, it is possible to get a two-year property visa, but only if the property is owned outright without any mortgage. In all cases these property-related visas permit residency only and not the right to work.
Keren Bobker is an independent financial adviser with Holborn Assets in Dubai, with over 20 years of experience. Contact her at firstname.lastname@example.org. Follow her on Twitter at @FinancialUAE.
Follow us on Twitter @TheNationalPF
Published: December 27, 2014 04:00 AM