Get Residency VISA with Freehold Property - It's Back?

It has been reported that the UAE plans to implement a law granting visas to owners of freehold property within a year. The proposal will allow owners to obtain a six-month renewable visa, regardless of their nationality or the size and value of their property, said Brig Gen Nasser al Minhali, the acting director general of the federal Department of Naturalixation and Residency. He said the new law aims to create a unified visa system related to property purchases.

At lot of people involved in the real estate industry believe that a 6 month renewable visa is just too short and accordingly feel that this should be reviewed and extended to a 2 or 3 year renewable visa.

Marmooka Capital - Bought Out

The Ajman Real Estate Investment Establishment, owned by the Ajman Government, has bought Marmooka Capital's stake in the Marmooka City project in Ajman, it has now become the sole owner of the project and the projects consultant office has been contacted to speed up construction of the infrastructure.

Introduction to Marmooka City, Ajman, UAE

Located on Emirates Road, Marmooka City comprises residential and commercial buildings of 14 to 25 floors, which will include a 23,000 sq metre shopping mall, school, 5 star hotels, mosques, recreational zones, community centres as well as medical facilities.

All this is set amongst lush gardens and lakes in a completely self-contained zone which provides its residents with all the conveniences of modern living on your doorstep and is due for completion in 2011.

Location

Ajman, the smallest emirate of the UAE at just 259 sq. km., is situated between the emirates of Umm Al Quwain and Sharjah and extends along the coast of the Persian Gulf over a distance of 16 kms.

Why Invest in Marmooka City?

• Owned and Master Developed by Real Est Investment Est - Ajman Government.
• Prices currently up to three times cheaper than in Dubai
• Property sold is on a 100% freehold ownership basis
• Demand matching records set by previous Ajman Developments
• 25 minutes from Dubai International Airport and Dubai City
• 10 minutes from Sharjah Airport
• New Ajman Airport (completed by 2011) will cater for 2 million passengers per year
• Residency Visas available on purchase of property
• Thriving free zones are attracting strong investment from overseas investors
• Fully serviced by hotels, shopping mall, hospital, schools and recreational areas.

Escrow (Trust) Account - Explained

Escrow or Trust Accounts are Bank Accounts set up in the name of the project, a client purchases a unit, the bank receives and manages clients' money and only pays out to the individual contractors during construction progress.

Under the Escrow Account Law, the developer must obtain approval from the Land Department to open an escrow account in connection with any off- plan sales for a project. A separate escrow account is required for each project.

Escrow accounts for each project must be managed by financial or banking institutions approved by the Land Department.

Payments from purchasers must be paid into the relevant project escrow account.

The Escrow Account Law requires that 5% of the total value of the relevant escrow account be retained by the Bank after receipt of a certificate of completion in respect of the project. The retained amount must be held by the bank for one year after the date on which all units in the project are registered in the names of the relevant purchasers. The retention amount gives purchasers security for the developer's obligation to rectify any defects in construction that are discovered during that period.

The misuse of escrow account funds or other failure to comply with the Escrow Account Law is punishable by substantial fines.

The Escrow Account Law is a positive step toward increasing consumer confidence as purchasers are now safeguarded against any potential misuse by developers of funds paid to them prior to and for a period after handover of the completed unit.

ESCROW ACCOUNT OPEN! - CONTRACTS READY! Visit our website: Emerald Court

Vispiron Properties

M : +971 50 5543244

E: info@vispiron.com

P.O. Box 215869,
Dubai Marina,
Dubai, UAE

T: +971 4 4206224
F: +971 4 4206225

www.vispiron.com

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