One of my friends have been told by a Developer that Residence Visas are issued only to those who have completed all payments for the property, ie, those who have taken them on Mortgage are not eligible for a Residence Visa unless the mortgage has been fully paid up and the property is registered in their name.
This seems quite absurd ! Can anyone clarify this?

Good question, need to find out, will try to find out from my side.

Regards

Roshan

According to my understanding, the mortgage company will pay the developer as per the payment plans required by them For eq. 10% downpayment, 30% after 3 months,60% after possession. And the owner of the Apt. will pay the mortgage company as per their agreement and tenure. So I dont think this question arise as the developer's payment is always made as per their plan and they should not be having any problem issuing the residence visas.

Plz. clarify if I am wrong.

alwaysQUOTE=sval;57205]One of my friends have been told by a Developer that Residence Visas are issued only to those who have completed all payments for the property, ie, those who have taken them on Mortgage are not eligible for a Residence Visa unless the mortgage has been fully paid up and the property is registered in their name.
This seems quite absurd ! Can anyone clarify this?[/quote]

[quote=vishal73;57255]According to my understanding, the mortgage company will pay the developer as per the payment plans required by them For eq. 10% downpayment, 30% after 3 months,60% after possession. And the owner of the Apt. will pay the mortgage company as per their agreement and tenure. So I dont think this question arise as the developer's payment is always made as per their plan and they should not be having any problem issuing the residence visas.

Plz. clarify if I am wrong.

Yes; but according to the current Residence Visa rules, a buyer is eligible for a Visa only after the Property is registered in his name - which can happen only when the mortgage is paid off.

[quote=sval;57259]From what I know ( correct me if I am wrong ). Irrespective of taking a mortgage or not. The title deed will be registered in your name at the time of handing over.

The owner is bound to the mortgage company by the tri partite agreement that he has signed and has nothing to do with a residence visa part of it.

Thanks Sval, a very important and a very valid question.

Regards

Roshan

If you are not from Iran,Pakistan, or Iraq then you shouldn't have too much difficulty with obtaining a resident visa. The make you pay for the visa and it neither cheap or permanent as you have to keep on renewing it and keep on paying. This visa thing is sort of like a tax for non-locals who wish to stay in Dubai.

When I bought my unit here in Dubai I was told that I along with my wife and daughter would be eligible for a resident visa and when I went over to apply for a visa I was told that only one person was eleigible for the visa and that my wife had to give up that righ if I wanted to apply for a resident visa. I was told that I coulkd sponsor her and my daughte rafter but that would require sponsoring them under my company and that would be extra. Basicall they want to find a way to squeeze more money out of you

I think they may be doing some ethnic cleansing with this visa thing these days as Americans and Europeans get the resident visa quite easily but ones from Pakistan, Iran and Iraq are subject to review and approval

I have heard recently that if you travel to Dubai as a visitor you will now have to pay for a visa from 1/8/2008?. Previously it was free for a UK Citizen. Does anyone know if a UK Citizen travelling to Dubai say for 1 month to complete on a property purchase after 1/8/2008 will still be required to pay for a visa? How much? Or will the residency visa from the property developer mean we dont pay anything? Would appreciate any responses from anyone who knows the answers to my questions?

sap001

Hi there Sval very good question,

It is to my knowledge that in the sense of taking out a mortgage that the company would have paid off the developer upon the completion of the apartment and then you the consumer paying the finance company back the balance at a higher rate.
Because you do not own the property outright but the finance company does until you complete on your mortgage they technically will be the bearer of the title deed's.
I know in the area of the U.A.E mortgatges have generally not been that common as finance in the region tends to be relatively exspensive, so the developers and Sheihks in the region may have not factored in for this eventuality as of yet.

But your best bet I believe would be to phone up the U.A.E foreign commision of the National Dubai Bank and I am sure they will be able to give you a more definitive answer than any of us can

Regards
Paul

UK and US Citizens are most likely still ok. These fees depend on which country you come from

Hello stylinexpat,

I would like to point to: Dubai Real estate, Properties in Sharjah, Ajman, Rasalkaimah and article dated 12/6/2008 which gives details about UAE Visas. It does not make any distinction between UK/USA citizens and citizens from elsewhere. Any comments?

Regards
sap001