The UAE Cabinet approved long-term visa system for investors, entrepreneurs, researchers in the fields of science, and outstanding students to create an attractive environment for the business sector and facilitate hiring of top talents in the country.
The decision of the Cabinet follows the previous decision approved earlier this year to grant investors ten-year residency visa.
Specialists in the field of medicine and science, as well as those with creative talents in arts and culture–including their spouses and children–may be granted up to 10-year visa.
The decision includes the terms and conditions for obtaining long-term visas.
It defines two categories for investors: Investors in a property of a value of 5 million dirhams or more will be granted a residence for five years, and investors in public investments through a deposit, an established company, business partnership of 10 million dirhams or more, or a total investment of not less than 10 million dirhams in all areas mentioned as long as non-real estate investments are not less than 60% of the total investment, will be granted a renewable residency visa every 10 years.
The Cabinet decision outlines the following conditions for both categories:
– The amount invested shall be wholly owned by the investor and not loaned, and should be proven by supporting documents,
– Investment retention for at least 3 years A standard financial liability with a financial solvency not exceeding Dh10 million The long-term visa could also be extended to include business partners, provided that each partner contributes Dh10 million, the spouse and the children, as well as one executive director and one advisor. The decision allows investors to enter the country for a six-month period, multiple entry, to apply for the long-term visa requirements.
Entrepreneurs:
The decision also includes the terms to grant long-term visa to two categories of entrepreneurs; having a previous project with a minimum of Dh500,000, or having the approval of an accredited business incubator in the country. Entrepreneurs will be granted a 5-year visa with a possibility for upgrading to an investor’s visa provided they meet the requirements.
The benefits of the entrepreneurial visa include entrepreneurs, partners, three executive directors, spouse and children. The entrepreneur is allowed entry into the country for six months, multi-entry visa period, with renewal for another six months.
For those with talents and researchers in the fields of medicine and science, the decision also includes provisions granting a 10-year visa.
All categories mentioned are required to have a valid employment contract in the UAE. The conditions for each category are defined as follows:
Doctors and specialists:
– Requires at least 2 of the conditions mentioned below:
– Holder of a PhD degree from one of the top 500 universities in the world
– Holder of an award or certificates of appreciation for the work in the applicant’s jurisdiction
– Contribution to a major scientific research related to the work of the applicant
– Published articles or scientific books in distinguished publications in the field of work of the applicant
– Membership in an organization related to the work of the applicant, which requires excellent work to accept membership
– A PhD degree in addition to 10-year professional experience in the applicant’s field of work.
– Specialization in areas of priority to the UAE (additional requirement for the doctor)
Scientists:
-To be accredited by the Emirates Scientists Council.
– Holders of the Mohammed bin Rashid Medal for Scientific Excellence.
Creative individuals in culture and arts:
– Accredited by the Ministry of Culture and Knowledge Development Inventors:
– Obtain a patent of value added to UAE’s economy with the approval of the Ministry of Economy Exceptional Talents:
– Those who have exceptional talents that are documented by patents or scientific research published in world-class journals.
Executives:
– Owners of leading, well-known and internationally recognized companies
– Holders of high academic achievement, professional experience, and position (eg, an engineer in a rare specialty with a university degree and working in a private company in the UAE). The inclusion of this category aims at maintaining current competencies and attract new competencies.
Outstanding students The decision also includes provisions for granting a 5-year visa to outstanding students with a grade of at least 95% in public secondary schools in public and private schools, and a distinction of at least 3.75 GPA upon graduation from universities within and outside the country. Benefits include families of the outstanding students.
