UAE -Ras Al Khaimah developer offers 12-year visa and business license to property buyers
Investors buying Al Hamra’s properties are also eligible for an additional partner visa and a flexi-desk along with other benefits.
Real estate developer Al Hamra is offering investors a 12-year residence visa and a business licence when they purchase a ready residential property in Al Hamra Village or Bab Al Bahr.
These are two of its master communities in Ras Al Khaimah. As part of the package, investors can also secure an additional partner visa and a flexi-desk. Other benefits include 100 per cent ownership of the business, 100 per cent repatriation of capital and profits, no corporate tax and zero personal tax, the developer said in a statement on Monday. The offer is being made in partnership with Ras Al Khaimah Economic Zone.
“We are offering an extraordinary opportunity for investors to buy into Al Hamra as well as set up a company under their own business licence,” said Benoy Kurien, group chief executive of Al Hamra. “The new package aims to attract entrepreneurs, freelancers, consultants and seniors, anyone looking to live and work in the UAE.”
Currently, anyone who owns a property in the UAE worth more than Dh1 million is eligible for a two-year property visa, which can be renewed. Those who own property worth Dh5m or more are eligible for a five-year residency visa. The UAE government announced several initiatives this year to boost the local property market.
The country introduced retiree visas for those wishing to retire in the UAE. It grants non-Emiratis over the age of 55 the ability to stay in the country, provided that they have an investment property worth at least Dh2m, or financial savings of Dh1m, or an active monthly income of Dh20,000 or more.
The visa is valid for five years with the possibility of automatic renewal if the retirees still meet the eligibility criteria. The UAE also expanded the 10-year golden visa scheme – a move that is expected to support the property market.
Meanwhile, Dubai launched a remote-working programme to allow professionals to live in the emirate while employed by companies overseas. The price of a freehold apartment in Al Hamra Village and Bab Al Bahr starts from Dh292,000. Investors can make the payment over five years after paying 20 per cent of the property value upfront.
The developer said investors can expect to receive an estimated annual yield of up to 8 per cent on properties in Al Hamra. Al Hamra Village and Bab Al Bahr feature an 18-hole championship golf course, a marina and yacht club, clubhouse, the Al Hamra Mall and luxury hotels.