Residency Visas for Pilot & Family in Dubai

[Muffetology]

My family and I are contemplating a move to Dubai if I get the job with EK.

Would my family and I be eligible for a residency visa even if we do not purchase a property initially? Does EK sponsor residency visa applications for foreign pilots?

Any info on the matter is much appreciated.

Here's wishing everyone a Happy 2008!

[Wizofoz]

Does EK sponsor residency visa applications for foreign pilots?

Yes, and you than sponsor your family. Standard process we've all been through.

[Muffetology]

Thanks

WizofOz,

Thanks for the prompt reply. I understand the UAE does not grant PRs to foreigners. So can I say that the residency visa is equivalent to a PR status then?

Cheers Mate!

[Muffetology]

Property purchases & 99 year visas

Thylakoid,

Thanks for the info. Will be interested in buying my own place if I do get to Dubai. The 99yr visa sounds more like a PR as compared to the 3yr renewable one.

Does anyone know how soon the 99yr visas are approved once you purchase a property? Also, do you have to spend above a minimum amount to qualify for the 99yr visas? Called Nakheel up the other day but couldn't get the info I wanted.

Also surfed the HSBC.ae site yesterday. Correct me if I'm wrong but I gathered that mortgage financing typically does not exceed 80%, with tenures maxing out at 20-25 yrs. With interest rates around 7 to 7.15% and capital gains seen in the Dubai market over the past few years, I suppose the rental/utilities allowance paid by EK doesn't suffice in covering most mortgages for villas & 3 bdrm apartments.

Cheers!

[Dune]

If you buy a house, the government will issue you a residence visa for 99 years, I guess, as long as you fulfill other visa requirements.

This is technically incorrect. I believe you are confusing the 99 year lease period on certain property in the UAE with residency visas......a totally different thing.

When you are employed by Emirates they sponsor you as their employee. Emirates (as your sponsor) provides you with both a residency visa and a work permit (they take care of the application process and pay the fees).

Once you have your residency visa you can sponsor your wife/kids. Should your wife decide to work she would have to apply for a work permit for herself (this is normally done by the employer who she would be working with so it isn't normally a big deal).

When you buy property it will come with a "promise" of a residency visa. This visa will be similar to the current residency visa (required to be renewed every 3 years at your own expense) but will not allow you to work within the UAE (will not come with a work permit). This visa associated with the purchase of real estate purchase is the same whether you have purchased a "freehold" or "99 year lease" property.

Hope this helps?

[Dune]

Also surfed the HSBC.ae site yesterday. Correct me if I'm wrong but I gathered that mortgage financing typically does not exceed 80%, with tenures maxing out at 20-25 yrs. With interest rates around 7 to 7.15% and capital gains seen in the Dubai market over the past few years, I suppose the rental/utilities allowance paid by EK doesn't suffice in covering most mortgages for villas & 3 bdrm apartments.

-your are correct. Mortgage financing normally does not exceed 80% but there are certain projects that have offer up to 97% financing. Note this developments are "off plan" stuff that won't be built for 3-4 years; hence the reason they offer the extended financing to attract investment.

-max tenures are generally 15-25 years depending on the bank or finance company. Note this will be reduced by your age and time to forced retirement; ie if you are currently 46 and the EK retirement age is 65 the bank will only extend the term period of the mortgage to 19 years.

-interest rates are higher than 7-7.15%. Most offer finance on resale property (ie. stuff that you will be able to actually live in over the next year or so) at EIBOR (Emirates Interbank Rates) + "X" amount. The "X" is normally 2.0-2.5% on a floating rate. EIBOR is currently at 5.5% so the current rates are around 7.5-8.0%.

-you are correct. Unless you are able to put down a significant downpayment the EK allowance will not cover the mortgage payment on either a 3 bedroom apartment or a villa at current prices.

[Muffetology]

EK "Retirement" fund & Housing for F/O's with kids

Dune,

Very informative stuff. Thanks a bundle!

Thanks to all who've replied to this thread as well.

Would appreciate some info on some other points:-

1) Could someone tell me whether EK's "retirement" fund requires employee contribution? If so, what percentage does an employee contribute? Also, does it pay any interest yearly?

2) My wife & I have a 2 yr old son. As an FO, would we be eligible for an apartment or a villa?

Cheers!

[Wizofoz]

Provident fund- 5% employee contribution (manditory). Company contribution of 12% until 10 years service, then 17%. You choose how it is invested from a range of funds. Doesn't set the world on fire but "normal" investment returns (10-12ish%) are achievable. On leaving you get your contributions, plus all the company contributions provided you've served 7 years.

F/Os with children get a Villa.

[Muffetology]

Sounds good to me

Wiz of Oz,

Thanks again for the info .

How do the guys at EK feel about the company provided villas? I suppose with the high interest rates, inflated prices, and high utility costs, company accomodation might be the preferred option for many these days.

From what I gather, seems like road traffic is a major concern as well. My wife is already insisting she wants a Hummer if we get to Dubai (there goes my fuel budget!).

Cheers & Safe Flying to all!