1. From the article it seems a property purchaser can be issued with a visa, valid for only 6 months, if they have purchased, and fully paid for, a property in the UAE. The property must be worth more than 1,000,000 dirhams and the purchaser must also show evidence of income of more than AED10,000 per month.
2. The visa expires after 6 months. The visa holder must then leave the UAE and will only be allowed to return after meeting "the required conditions". The "required conditions" are, as expected, not specified, nor is there any mention of how long the renewed visa is for or if there will be a limit on the number of visa renewals that will be granted.
3. The visa does not give the holder the right to work in the UAE.
This seems to be the green light from the government to return to the days of visa runs down to Hatta and back.------------------------------------------
Foreigners buying a home in the UAE valued at more than 1 million dirhams will be eligible for a six-month renewable residency visa under a new federal law announced on Saturday. A statement issued by the Ministry of the Interior said the move underlines the government’s commitment to serving the interests of all people who view the country as 'an oasis of stability and peace'. ''By allowing individuals to bring in their wives and children, it is also showing its keeness to ensure family stability''' it added.
In view of the resolution, a new para will be added to article 33 of the executive regulations of the law for entry and residency of foreigners. It will read:''Owners of built-in properties can stay for six months from the date of entry into the country. On the expiry of this period, the owner pledges to depart for his homeland or any of the GCC countries. He will only be allowed to enter the country again after meeting the required conditions''.
To meet the qualification the owner should obtain title to the property from the property registration authority in the emirate. The unit, be it a house or an apartment, should be wholly owned by the person concerned. Owners of vacant land are not included. The structure must also be suitable for living and appropriate to the size of the family for an individual wishing to bring his family over.The owner must also show proof of a ''fixed income of not less than Dh 10,000'', equivalent in foreign currency whether inside or outside the country.
The visa does not give the owner of the property the right to work inside the country.