Sharjah Updates – Non-Emiratis can Acquire Full Real Estate Ownership
The Crown Prince and Deputy Ruler of Sharjah, Sheikh Sultan bin Muhammad bin Sultan Al Qasimi held an SEC (Sharjah Executive Council) meeting on 1st November 2022. As a result of this meeting, the SEC issued a path-breaking ruling. According to this judgment, an individual/entity from any country or nationality can own and use real estate in Sharjah.
This court ruling is a continuation of the administrative structure for real estate based on a law issued by the Crown Prince. Under the law, only GCC citizens and Emiratis can own real estate in Sharjah. However, there is an exception to this rule. The law makes an exception for real estate development areas and projects subject to SEC regulations.
The main objective of this court ruling is to encourage growth in the real estate sector. At the same, the rule also aims to provide ownership opportunities to people from various countries. Most importantly, the law will promote organized real estate growth while maintaining stability. What about the rights of owners and investors? Lay your fears to rest. The new law has provisions to protect owners’ and investors’ rights, regardless of nationality.
The decision-makers have also anticipated the changes in the mortgage market after the implementation of this law. Hence, the Sharjah Executive Council has issued a separate decree to regulate mortgage-related insurance in Sharjah.
How can NR Doshi and Partners Help you?
Setting up a new business in the UAE can take time and effort. How do you know which structure is best for you between offshore, onshore, and free zone company incorporation? You can research and talk to entrepreneurs, but you will still need to cover all the minute aspects. NR Doshi and Partners have been in the UAE financial market for over 35 years. Apart from business setup, our service suite includes auditing & assurance, bookkeeping, accounting, advisory services, and much more.
The UAE market attracts entrepreneurs and investors from all over the world. Conducting business in the UAE market is lucrative but the process involves many technicalities. Purchasing property in the UAE can help you obtain a residency visa along with your family members. NR Doshi’s experts can guide you with the kind of property to purchase, visa validity, paperwork, and other aspects.
Earlier, a residency visa used to be issued against residential properties only and in areas where foreigners can own freehold property. The criteria to obtain this visa is that the minimum property value must be 1 million dirhams. In the case of multiple partners, each partner’s take must be a minimum of 1 million dirhams.
Fast forward to 2019, a commercial property purchase can also be a tool to get a residency visa. This visa is valid for 2 years, post which you can opt for an extension. Our experts can help you choose the ideal residential or commercial property for your requirements. All you need to do is provide us with the required documents.
Understand that the property visa does not allow you to work in the UAE, but a company-sponsored visa gives you working rights. Regardless of your requirements, we will help you obtain the visa along with the property purchase process. Juggling multiple tasks (as a part of this process) may be challenging for you. A small mistake while filling out the form or during documentation may set you back by 6 months.
NR Doshi is well-connected with government officials in the UAE. So, we can complete the registration, documentation, and other legal formalities without any hassle. We can handle the property and visa-related formalities so that you can focus on business growth and expansion. After you assign us the responsibility, you will have to visit the relevant authority’s office only once while being accompanied by one of our managers.
Later, our employees will handle the rest. Over the years, we have built an extensive network of affiliates and partners, resulting in a formidable presence in over 92 countries. We have the resources, workforce, and experience to make your business set-up and property purchase dreams come true. Call us at +971 4 352 8001 or email us at email@example.com.
There are no comments