Latest news with #GoldenResidence
Business Recorder
30-06-2025
- Business
- Business Recorder
Crackdown underway: Pakistan's FIA identifies investors with AED 2m real estate holdings in UAE
ISLAMABAD: The resident Pakistanis who have made a qualifying investment of at least 2.0 million AED in real estate in Dubai/ UAE have been identified from the immigration data maintained by the FIA at the airports, and a major crackdown under the income tax laws and anti-money laundering regulations is under way. As per sources, thousands of Pakistani residents are holding 10-year golden visas (Residence/ Iqama) of the UAE issued due to investment of at least AED 2.0 million. These Pakistanis use the Golden Residence card at the Pakistan immigration counters while travelling to the UAE, which is scanned and saved in the FIA Immigration portal. The residence card (Iqama) contains the following information: Pakistani passport number and name; Profession – Property owner; Sponsor – Self Sponsor; and Issue date/ Expiry date – 10 years. 'Dubai Unlocked': Pakistanis own properties worth $11bn in emirate city, report says From the above data, the property investor can easily be identified and it can be ascertained whether investment in UAE property has been declared in their wealth statement or not. As per sources, the majority of resident Pakistanis have neither declared this investment in UAE properties in their wealth statements nor the rental income/ capital gain in shown in the return of total income. Similarly, CVT on foreign assets is also not paid. When contacted for comments, Shahid Jami, tax consultant, explained that though there is a tax treaty between Pakistan and UAE, which includes an Article for exchange of information but UAE has reportedly not provided information to Pakistani tax authorities. Similarly, under the Automatic Exchange of Information treaty, financial data is not provided as bank accounts are opened in UAE by using the residence permit as an identity document instead of a Pakistani passport. Jami added that due to the aforementioned factors, there is a tendency not to declare the investment made. Similarly, for investment, the use of informal remittances is also available easily at an affordable cost. He stated that, therefore, those taxpayers who declared foreign assets under the amnesty scheme now feel that they have made a mistake, as those who did not declare are outside the radar without any fear of being caught. Jami explained that tax laws have become very stringent, and in respect of foreign assets, the erstwhile limitation of five years is not applicable. He advised the taxpayers not to suppress foreign assets and not to violate foreign exchange regulations. When asked how to make lawful foreign investment and legitimate tax-free earnings, he stated that tax planning schemes within the framework of law are available, and very few compliant taxpayers are already availing those. Copyright Business Recorder, 2025
Business Recorder
30-06-2025
- Business
- Business Recorder
Crackdown underway: FIA identifies investors with AED 2m real estate holdings in UAE
ISLAMABAD: The resident Pakistanis who have made a qualifying investment of at least 2.0 million AED in real estate in Dubai/ UAE have been identified from the immigration data maintained by the FIA at the airports, and a major crackdown under the income tax laws and anti-money laundering regulations is under way. As per sources, thousands of Pakistani residents are holding 10-year golden visas (Residence/ Iqama) of the UAE issued due to investment of at least AED 2.0 million. These Pakistanis use the Golden Residence card at the Pakistan immigration counters while travelling to the UAE, which is scanned and saved in the FIA Immigration portal. The residence card (Iqama) contains the following information: Pakistani passport number and name; Profession – Property owner; Sponsor – Self Sponsor; and Issue date/ Expiry date – 10 years. 'Dubai Unlocked': Pakistanis own properties worth $11bn in emirate city, report says From the above data, the property investor can easily be identified and it can be ascertained whether investment in UAE property has been declared in their wealth statement or not. As per sources, the majority of resident Pakistanis have neither declared this investment in UAE properties in their wealth statements nor the rental income/ capital gain in shown in the return of total income. Similarly, CVT on foreign assets is also not paid. When contacted for comments, Shahid Jami, tax consultant, explained that though there is a tax treaty between Pakistan and UAE, which includes an Article for exchange of information but UAE has reportedly not provided information to Pakistani tax authorities. Similarly, under the Automatic Exchange of Information treaty, financial data is not provided as bank accounts are opened in UAE by using the residence permit as an identity document instead of a Pakistani passport. Jami added that due to the aforementioned factors, there is a tendency not to declare the investment made. Similarly, for investment, the use of informal remittances is also available easily at an affordable cost. He stated that, therefore, those taxpayers who declared foreign assets under the amnesty scheme now feel that they have made a mistake, as those who did not declare are outside the radar without any fear of being caught. Jami explained that tax laws have become very stringent, and in respect of foreign assets, the erstwhile limitation of five years is not applicable. He advised the taxpayers not to suppress foreign assets and not to violate foreign exchange regulations. When asked how to make lawful foreign investment and legitimate tax-free earnings, he stated that tax planning schemes within the framework of law are available, and very few compliant taxpayers are already availing those. Copyright Business Recorder, 2025
Arabian Business
15-05-2025
- Business
- Arabian Business
Ajman real estate transactions leap over 24% in a month to $122m
Ajman recorded a 24.3 percent increase in real estate valuation transactions in April compared to March, with a total value of AED446.8m ($121.6m) generated through 189 transactions. Omar bin Omair Al Muhairi, Director-General of Ajman's Department of Land and Real Estate Regulation, said that the valuations covered residential, commercial, industrial and agricultural properties. He noted that residential properties represented the largest share of the total valuation, amounting to AED207.4m ($56.5m), ahead of commercial properties, which exceeded AED180m ($49m) in total value. Ajman real estate growth Al Muhairi added that the April report included personal valuations, judicial and institutional valuations, as well as valuations related to long-term Golden Residence permits for investors. A total of 154 such transactions were completed, reflecting a 21.3 per cent increase compared to March, with a combined value of AED303.3m ($82.6m).
Zawya
15-05-2025
- Business
- Zawya
Ajman real estate valuations reach $121.74mln in April
AJMAN - The Emirate of Ajman recorded a 24.3 percent increase in real estate valuation transactions in April compared to March, with a total value of AED446.8 million generated through 189 transactions. Eng. Omar bin Omair Al Muhairi, Director-General of Ajman's Department of Land and Real Estate Regulation, said that the valuations covered residential, commercial, industrial and agricultural properties. He noted that residential properties represented the largest share of the total valuation, amounting to AED207.4 million, ahead of commercial properties, which exceeded AED180 million in total value. Al Muhairi added that the April report included personal valuations, judicial and institutional valuations, as well as valuations related to long-term Golden Residence permits for investors. A total of 154 such transactions were completed, reflecting a 21.3 percent increase compared to March, with a combined value of AED303.3 million.
Al Etihad
02-05-2025
- Business
- Al Etihad
13 types of UAE work permits you should know about
2 May 2025 15:05 YOUSUF SAIFUDDIN KAPADIA (ABU DHABI)The UAE Labour Relations Law and its executive regulations have provided private sector establishments with various types of work permits to meet their workforce needs. This facilitates bringing in workers from abroad or contracting with those already within the country, thereby tapping into both local and global talents. Here's a list of the 13 types of permits for registered establishments and individuals: - A work permit to recruit a worker from outside the UAE- Transfer work permit: To transfer a foreign worker from one establishment to another- A work permit for a resident on a family sponsorship- A temporary work permit: To hire a worker to complete a job within a specific period- One-mission work permit: To recruit a worker from abroad to complete a temporary job, or a particular project for a specific period- A part-time work permit: To recruit a worker under a part-time contract where his working hours or days are less than his full-time contract. The worker can work for more than one employer after obtaining permission from the ministry- A juvenile permit: To recruit a juvenile between 15 and 18 years- Student training and employment permit: To employ a 15-year-old student who is already in the UAE, according to specific regulations and conditions that ensure a suitable training and work environment- UAE/GCC national permit: To employ a UAE or a GCC national- A golden visa holder permit: To employ a worker holding the UAE's Golden Residence visa- Private teacher work permit for workers who wish to obtain a work permit for private tutors in cooperation with the Ministry of Education- National trainee permit: To train a UAE national according to the accredited academic qualifications- A freelance permit issued to self-sponsored foreigners in the UAE, who provide services or perform tasks to individuals or companies (without being sponsored by a specific employer in the UAE and without having an employment contract)It is noteworthy that according to Article 6 of the Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations in the Private Sector, known as the 'UAE Labour Law', it is illegal for a person to work in the UAE without a valid work permit issued according to the procedures set out by Ministry of Human Resources and Emiratisation (MoHRE).The cost of issuing and renewing a work permit ranges from Dh250 to Dh3,450, depending on the company's classification: A, B or C. How to apply To apply for a work permit, the establishment must:- Have a valid trade licence- The application must be filed by the authorised signatory of the establishment MoHRE may refrain from issuing or renewing, or may cancel work permits if the establishment:- Provides incorrect documents- Is fictitious or does not exercise its registered activity - Is not compliant with the 'Wages Protection System' or any other system adopted for the regulation of the national labour market.
