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New UAE law enables expatriates to own their real estate property

UAE - October 7, 2018

The UAE government announced in last May, plans to introduce an investment law allowing 100% foreign ownership this year, as well as a new 10-year visa for international investors and talented professionals. As UAE developers unveiled another raft of projects at Cityscape Global this week.

Zisha Rizvi, a partner at STA Law Firm said that, there is a growing interest both from investors around the world and expatriate professionals in many sectors who are anxiously awaiting the government’s draft regulations. Also the new visa rules will change the trend for the UAE’s traditionally transient expatriate population to simply come and go. They’re saying that they will be far more inclined to stay, contribute to the economy on a long-term basis, and invest in property.

Fatima Al Sakkaf the associate at STA said that, they have been receiving a growing number of investor enquiries in recent weeks ahead of the draft regulations being announced. There is great interest from many parts of the world, not just India, Europe and the USA.

Enquiries are coming from professionals from many different sectors, including oil and gas, telecom, engineering and healthcare.

She stated that the one question most investors ask concerns the value of the property they must own in order to qualify for a 10-year visa

Al Sakkaf pointed out that the UAE is already a lucrative jurisdiction for overseas investors, but the new laws will attract more investment by providing a greater level of social security.

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