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.
■ 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
■ 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
■ 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
■ Five year renewable residency visa
■ Five year visa for spouse and children
■ Five year visa for one executive director and one advisor
■ Owning a project (minimum value of Dh500,000 with accreditation certificates from the government)
■ Five year visa, which can be upgraded to investors visa
■ Six month validity entry visa with permits for multiple travels (extendable for another six months)
■ Five year visa for three executive directors.
■ Existence of a valid work contract and with specialisation in fields that are prioritised in the country
■ 10 year renewable visa
■ 10 year visa for spouse and children
OUTSTANDING STUDENTS - 5 YEAR VISA
■ Student should have at least 95 per cent in secondary school with a distinction of 3.75 GPA upon graduation from any university
■ Five year renewable visa
■ Five year renewable visa for his family
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