Foreign nationals who purchase property and settle in Rasmale under the agreement with UAE-based Eagle Hills will be eligible for a special visa that requires periodic renewal, Attorney General Ahmed Usham has said.
Usham made the remarks during a meeting with religious scholars. According to audio from the meeting, the arrangement is intended to follow the model of Malaysia’s My Second Home (MM2H) programme, under which investors can obtain a multi-year visa after meeting financial thresholds.
Usham indicated that the visa for Rasmale residents would be distinct from the government’s planned Pearl Residency programme, which is being developed with Henley & Partners. He said Eagle Hills was not willing to participate in the Pearl Residency framework.
The government is preparing amendments to the Immigration Act to create a Corporate Residence Visa for those settling in Rasmale. Usham said the details of the visa category are still under discussion.
The Rasmale project has drawn public and political attention over questions of foreign residency, land ownership and national identity.
