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| Visa Extensions To Boost UAE Property Market |
by Lorys Charalambous, Tax-News.com, Cyprus
Friday, July 01, 2011
Commentators predict a boost in the property market after the UAE Federal Government this week extended the visa period for real estate investors from six months to three years. This decision has been long awaited since UAE property prices took a nosedive at the start of the recession, and developers hope that there will now be an upturn in the market.
Under current law, foreign owners of property worth more than AED1m (USD272,000) have to renew their visa every six months at a cost of AED2,120. They also have to provide proof of a minimum monthly income of AED10,000 and medical insurance. It is not yet known what the new requirements will be.
The decision was one of a number of measures taken at the meeting chaired by Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, where he promoted the importance of a balanced economy and stressed the need to use financial resources to better serve the country’s citizens.
The Cabinet also announced that the UAE would be signing a double taxation agreement with Cyprus, and another agreement with Azerbaijan on cooperation in customs matters.
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