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Multi-visit Permit Likely for Property Buyers
DUBAI — The UAE will soon unveil a new residency law that includes a long multi-visit permit to help foreigners who buy property in the emirates, His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said on Saturday.
Shaikh Mohammed, in his first media e-session with journalists through the Prime Minister’s official Website, also sought to allay fears about a move to introduce income tax as a potential measure to fund UAE’s budget deficit. “My reply is: No income taxes,” he said while answering questions on a wide range of issues.
The Vice-President said offering residency for foreigners who buy property was “absolutely far beyond the jurisdiction” of any real estate company. “It is a sovereign issue governed by laws and regulations.”
However, the government is very keen to ensure convenient conditions for expat property owners. “We will be issuing a new law that includes a long multi-visit permit soon,” Shaikh Mohammed said.
He said the UAE’s success in facing the global financial crisis and alleviating its impact on the national economy was the most conspicuous evidence of its numerous strengths.
“I can confidently say that the UAE is very well positioned on the recovery path, thanks to our domestic policy measures — such as the fiscal stimulus, easing monetary policy, and increasing liquidity in the system.”
He said Dubai’s model, which is part of the UAE model, lies in the success of the economy’s diversification.
“Dubai is about providing the highest international standards in education and health systems,” Shaikh Mohammed said. Dismissing notions about bubbles in the economy, he maintained that the UAE has overcome the crisis with the least amount of losses.
He stressed government’s firm concern about good corporate governance and its commitment to sound accounting principles, rules of governance and transparency. “No one is above the law in the UAE, and whoever crosses the line will be sought by judicial authorities and legally tried.”
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