There was excitement in the air early last week when reports surfaced that Emaar will start giving 10-year residence visas to buyers of its properties.
The UAE developer has now moved to stop those rumours in their tracks.
In a statement released to UAE daily Gulf News, the developer said: “Emaar refutes the report by a section of the media that it will provide 10-year visas to investors.”
“The issuance of visas falls under the purview of the concerned authorities and Emaar does not have any role regarding the same.
“This is to clarify any misunderstanding that might have been created by the said reports.”
According to Gulf News, the rumours started with a report in an Arabic language newspaper and the visa would have applied only to certain developments, including Dubai Creek Harbour, Arabian Ranches 2 and Emaar Beachfront.
Dubai has been shaking up its visa rules in recent months, which may have given rise to these latest rumours.
In May, it was reported that 10-year residence visas will be given to people with skills in the medical, scientific, research and technical fields.
Five-year residency visas will be granted to overseas students studying in the UAE, with 10-year visas granted to exceptional students.
At the start of last week, a new five-year retiree visa was announced. Eligibility for the visa depends on age and the value of your income and assets. You can get the visa if you’re above 55 and own a property in the UAE worth more than AED 2 million.
That represents a fairly small section of the UAE population, however, so most property owners will still have to go the normal route of either having a job or owning a stake in a business.