The UAE has issued a new visa scheme that allows investors in properties worth Dh1 million and above to stay in the country for three years without having to leave the country.
The property-linked visas have been a major issue of contention over the last 15 years in the UAE. When large-scale real estate development started then, properties were promoted and sold on the premise that they automatically came with residence visas.
But in the last decade, when global demand for the UAE's real estate market was highest, there was a sudden reversal of the law. Those who lobbied for that reversal believed that investors no longer considered a residence visa a crucial factor in their investment decision.
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