Multiple-entry visas for expatriate property owners, who meet the eligibility criteria, will be issued from June 1.
Speaking at a press conference, Brigadier Nasser Al Awadhi Al Minhali, Acting Director-General of Naturalisation and Residency Department, said: "The multiple entry visas for expatriate property owners will be issued from June 1, based on the conditions stipulated by the ministerial decree issued on May 2."
In an unprecedented move, the Interior Minister issued a decree to better regulate the real estate sector by allowing expatriate property owners to obtain multiple entry visas valid for six months. Up until now, the regulations have been different in each emirate in the absence of federal regulation.
The decree, which applies across all emirates, aims at standardising the rules and stimulating the domestic economy, said Brigadier Al Minhali.
The investors will need to meet a set of requirements put forth by the authorities. According to the ruling, the property should be worth at least Dh1 million, it should be ready for the investor to move in, it should be wholly owned by the investor and the investor must have a monthly income no less than Dh10,000 or equivalent in foreign currencies.
It also mentions that the apartment or villa must be comfortable to accommodate the family of the investor, without giving any specifications.
The investor is required to obtain the title of the property from the registration authority in the respective emirate, before he could be granted the visa.
The multiple-entry visas may be renewed, but the investor must remain out of the UAE for at least one month. "The maximum permitted stay at once is six months," he said.