RAK Developers Guaranteeing 3-Year Visas

Some property developers in the Ras Al Khaimah are guaranteeing a three year residence visa in exchange of buying a property in the emirate. Even though the federal law stresses on offering residential visa for only 6 months, however, provided a purchase of a property in UAE a 3 year residential visa will be given. A real estate developer from the Al Hamra Village is openly selling this scheme and he is also financing for Royal Breeze Direct Sea View Apartments. 100 percent ownership of the Al Hamra Village property is being offered by a sales representative.

The sales agent said: “You will get the visa from our sister company, which is Rakia. The visa is guaranteed once you purchase a property”. He further added: “You will get the title deed after paying in full. For the visa, we will arrange a trade license for you so you can get a residence visa. It will cost Dh5, 000 but that is a one-time payment. This visa is renewable every three years for Dh2, 000.”

According to the sales agent, the visa here in Ras Al khaimah is guaranteed as the laws here in this emirate are entirely different from the other emirates in the UAE. There is a different criterion for enjoying the interest free financing plans as the presence of 60 percent deposit has to be made for over a period of over 2 years. As per the UAE Federal law, the expatriates can hold the ownership of the property in UAE for a period of 6 months via multiple entry visa.

The law also states that there has to be a maximum value of the property which should be of Dh1 million and the owner of that property should have a monthly income of Dh10, 000. After every six months, the visa needs to be renewed for which you have to pay an amount of Dh2, 000.