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 Sydene Helwick - Jeremy Scott
According to Article 33 of Ministerial Decision No. (281) of 2009 a visa shall be issued for six months where a purchaser has purchased a property valued at over AED 1 million. After the 6 months the visa holder must leave the country either to his own country or to any GCC country.
The following conditions related to the Property will apply:
- The property must be completed. Owners of plots and off-plan properties do not qualify for a residency visa.
- The value of the property must be a minimum of AED one million.
- The property must be suitable in size to house all family members.
- The property, whether a house or an apartment, must be wholly owned by the applicant. Joint ownership is not permitted except ownership between husband and wife, and in such cases the husband as an applicant will be eligible with his family members for residency visas
The Conditions related to the Applicant will apply:
- A title deed issued by the competent authority in the Emirate in the name of the applicant.
- Valid medical insurance for the duration of the stay in the United Arab Emirates.
- The wife and children of the applicant can be included in the visa.
- The applicant must have a minimum fixed monthly income of AED 10,000, whether generated inside or outside the United Arab Emirates.
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Further details...
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Legal Q&A: How can I protect myself from future legal changes? Are the laws dated?
Sometimes when laws or regulations are published they apply to matters arising only from date of publication and sometime they apply retrospectively (to matters arising before the date of the law). Therefore no-one can protect themselves against future legal changes because the government may publish laws and regulations at any time which apply to transactions which arose before the date of publication.
All laws and regulations are dated and specify whether they apply from the date of publication or whether they apply retrospectively.
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Legal Q&A: How can I stop payments if work on the property project has not even begun?
Whether you can legally stop payments when these are due under your contract on the grounds that there are construction delays by the developer will depend on the terms of your contract and may also turn on the extent of the delays. You should always seek legal advice prior to stopping any payments.
The Land Department has also issued guidelines whereby developers should not demand payments beyond 30% of the purchase price of the property where they have not commenced construction.
The Land Department also prefer that developers specify that payments correspond with the developer attaining construction milestones. It is important to note however that these are guidelines only and not strict legal requirements at this stage.
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Legal Q&A: How do I sell a property that still has a mortgage?
The mortgage has to be cancelled in the Real Property Register maintained by the Land Department before you can transfer title to the purchasers name. Therefore you will need to apply to your bank for settlement figures and make arrangements with your bank as to how the mortgage will be settled pending transfer of title.
In the event your property is registered in the Interim Real Estate Register you will need to follow the same procedure aforementioned in compliance with your financing documents you signed with your bank.
You will not be able to sell the property until appropriate arrangements have been made with your bank to cancel the mortgage.
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Legal Q&A: Can we have multiple owners of a single property? Are there any pitfalls?
Yes properties may be multiply owned. It is important however that adequate consideration be given as between the owners as to how they may make decisions in relation to the property and a property sharing agreement may be required. There are also inheritance issues to consider.
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Legal Q&A: I bought an apartment in 2008, but haven't registered it yet with the land department. I would like to sell my property this summer. Am I required to register it first, or does it depend on my bank's regulations?
Yes you will be required to register this. The Land Department requires all units in developments to have titles on completion.
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