The UAE’s decision last November to initiate a long-term visa system for investors, entrepreneurs, researchers, specialised professionals, creative talents of culture and arts and outstanding students became effective last week.
The new system, with visa durations of five or 10 years to be renewed automatically, allows foreigners to live, work and/or invest and study in the UAE without having a national sponsor, and with 100 per cent ownership of their businesses in the UAE.
The new visa system with its extended provision of residence is a departure from standard norm and is aimed to strengthen the historical symbiosis between the UAE and its expatriate population.
The long-term residency visas for expatriates from five selected categories has come into force, enabling them to stay in the UAE for up to 10 years, implementing the UAE Cabinet Decision No. 56 for the year 2018. It allows long-term stay in the country to investors, real estate investors, entrepreneurs, talented people like doctors, researchers, innovators and outstanding students.
Applicants under all the above mentioned five categories will be granted a renewable residency visa and will be permitted to sponsor their spouses and children.
New Long-term Visa Categories
Investors – 10 Year Visa
Conditions:
- Public investment via deposit or company (not less than Dh10 million)
- Non-real estate investments (minimum of 60 per cent of total investments)
- Investor should hold full ownership. Alternatively, the investor can prove that he reserves rights of investments for three years as minimum.
- Asset should not be encumbered by claims that impair the appropriateness of the financial value of Dh10 million
Benefits:
- 10-year visa is renewable
- Possibility of having partners (under the condition that each partner should invest Dh10 million)
- Visa for spouse and children valid for 10 years
- 10-year visa for one executive director and one advisor
- Six-month validity entry visa with permits for multiple travels
Real Estate Investors – 5 Year Visa
Conditions:
- Total investment in real estate should not be less than Dh5 million
- Investor should hold full ownership – not loan. Or he/she can prove that he reserves rights of investments for three years as minimum
- Financial asset should not be encumbered by claims that impair the appropriateness of the financial value
Benefits:
- Five-year renewable residency visa
- Five-year visa for spouse and children
- Five-year visa for one executive director and one advisor
- Six-month validity entry visa with permits for multiple travels
Entrepreneurs – 5 Year Visa
Conditions:
- Owning a project (minimum value of Dh500,000 with accreditation certificates from the government
Benefits:
- Five year visa for spouse and children
- Six month validity entry visa with permits for multiple travels (extendable for another six months)
- Five year visa for three executive directors.
Researchers/Scientists, Doctors, Innovators – 10 Year Visa
Conditions:
- Existence of a valid work contract and with specialisation in fields that are prioritised in the country
Benefits:
- 10-year renewable visa
- 10-year visa for spouse and children
Outstanding Students – 5 Year Visa
Conditions:
- Student should have at least 95 per cent in secondary school with a distinction of 3.75 GPA upon graduation from any university
Benefits:
- Five-year renewable visa
- Five-year renewable visa for his family