The Peninsula reports:

Three foreign investors on The Pearl-Qatar have obtained Qatari residence permits, under the sponsorship of their properties, according to the new rule that allows non-Qataris to own real estate and residential property in the country…

Another eight investors on the Pearl have also applied for residence permits and more are expected to follow suit, Abdulrahim Al Ibrahim, director of the The Pearl-Qatar Central Authority Directorate (TCAD) said yesterday.

The residence permit has been granted for one year initially and will be extended for three years, renewable, he added. The beneficiaries would be able to hold their residence permit as long as they own the property.

“This announcement is considered a major achievement for The Pearl-Qatar and the United Development Company (UDC), because it provides security to those investors who are waiting to receive residency permits. Today’s announcement makes it clear that the process is now well underway,” said Al Ibrahim, addressing a press conference yesterday.

Residence permit is granted regardless of the number or size of property owned, and for the first time in the region, investors are able to sponsor their dependents and next of kin.

Property owners seeking residence permits under the new rule have to undergo the mandatory medical check up that are applicable to all foreign workers seeking the Qatari residence permit.

Read the full article here.

Does anyone else feel like this RP for property owners thing is taking a long time to get off the ground?

The Pearl has been promising RPs to property owners for years, and now they’re only handing out one-year visas that must be renewed.

What do you guys think?