laws

Ajman Emiri Decree No. 11/2005 grants the Ajman Real Estate Investment Establishment certain powers and competences. The establishment is given an independent juridical personality and is authorized to engage in various activities to fulfill its objectives. This includes entering into contracts and agreements, opening and operating bank accounts, borrowing money, and owning lands and real estate investments. The establishment is also empowered to sell real estate investments to third parties based on joint ownership and grant purchasers usufruct rights. Non-national purchasers may be granted residency within the state, which is guaranteed by the establishment, as long as they guarantee their family members themselves. The residency remains valid as long as the purchaser owns the real estate investment, and if the ownership is transferred to a new non-national purchaser, the guarantee is transferred with the approval of the establishment. Ajman Emiri Decree No. 11/2005 abrogates and replaces Article 4 of Ajman Emiri Decree No. 5/2002. The decree was issued by Humaid bin Rashid Al Nuaimi, the Ruler of the Emirate of Ajman, and was published in the Official Gazette of the Government of Ajman in 2005.