The UAE Cabinet announced February 3 as the starting date of the implementation of the new long-term residence visa for investors, entrepreneurs, specialized talents, and outstanding students, among others.
The new system will allow expat residents to live, work, and study in the UAE without the need of a national sponsor and with 100 percent ownership of their business on the UAE’s mainland.
These visas will be issued for 5 or 10 years and will be renewed automatically.
As listed on the UAE government’s website, the following are the eligibility requirements for the longterm visa.
The following expats are entitled to apply for a 10-year residence visa in the UAE
1.Investors in public investments of at least AED 10 million
Classifications:
● A deposit of at least AED 10 million in an investment fund inside the country
● Establishing a company in the UAE with a capital of not less than AED 10 million
● Partnering in an existing or a new company with a share value of not less than AED10 million
● Having a total investment of not less than AED 10 million in all areas mentioned, on condition that the investment in sectors other than real estate is not less than 60 per cent of the total investment.
Conditions:
● The amount invested must not be loaned
● The investment should be retained for a least three years
● There should be a financial solvency up to AED 10 million
Benefits
● Visa can be extended to include business partners, on the condition that each partner contributes AED 10 million
● The long-term visa could include the spouse and children, as well as one executive director and one advisor
● Investors from abroad may apply for a multiple-entry permit for a six-month period.
2. Persons with specialized talents including:
● Scientists (must be accredited by Emirates Scientists Council or holders of the Mohammed Bin Rashid Medal for Scientific Excellence)
● Creative individuals in culture and art (must be accredited by Ministry of Culture and Knowledge Development)
● Inventors (must obtain a patent of value, which adds to the UAE’s economy. Patents must be approved by Ministry of Economy)
● Exceptional talents (must be documented by patents or a scientific research published in a world class journal)
● Executives (must be owners of a leading and internationally recognized company or holders of a high academic achievement and position)
● Doctors and specialists (must have two of the following: a Ph. D. degree from one of the top 500 universities in the world; an award or certificates of appreciation in the field of the applicant’s work; contribution to a major scientific research in the respective field of work; published articles or scientific books in distinguished publications in the respective field of work; membership in an organisation related to the field; a Ph. D. degree, in addition to 10-year professional experience in his field; specialisation in areas of priority to the UAE)
Meanwhile, the government will also offer five-year visas for the following expats
1. Investors in the UAE real estate market
Conditions:
● The investor must invest in a property of a gross value of not less than AED 5 million.
● The amount invested in real estate must not be on loan basis.
● The property must be retained for a least 3 years.
2. Entrepreneurs
Classifications
● Those having an existing project with a minimum capital of AED 500,000
● Those who have the approval of an accredited business incubator in the country
Benefits
● Allowed a multi-entry visa for six months, renewable for another six months
● The long-term visa includes the spouse and children, a partner and three executives.
3. Exceptional students
Classifications
● Outstanding students with a minimum grade of 95 per cent in public and private secondary schools
● University students within and outside the country having a distinction GPA of at least 3.75 upon graduation
